Sam Bankman-Fried wanted to make cryptocurrency look legitimate. He only added to the evidence that it's not to be trusted, writes columnist hiltzikm.
Through it all, Bankman-Fried projected a boyish aw-shucks persona, evenbefore an August audience at a Bloomberg crypto conference with his trademark shock of unkempt curly hair and wearing a T-shirt and shorts.
Now, as it happens, Bankman-Fried and his companies are the ones angling for a bailout, with financial catastrophe looming should they fail. Bankman-Fried’s personal fortune has been immolated over only a few days of turmoil. Bloomberg estimates it currently at about $1 billion, based on the eradication in value of FTX, Alameda and their self-created virtual currency token, FTT.
Existing laws and regulations on the books of the Securities Exchange Commission, Consumer Financial Protection Board, Commodity Futures Trading Commission and other government agencies should be sufficient to rein in the excesses of crypto firms, Shrago says; what Congress should do is provide those regulators with the financial resources they need to keep tabs on the industry.
To characterize Bankman-Fried as a Morgan-like savior is to acknowledge that the crypto system is, at its core, a dysfunctional and distinctly consumer-unfriendly Wild West.
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