The arrest of the former FTX CEO Sam Bankman-Fried (SBF) by the Bahamian authorities served as a cue for anti-crypto proponents to reignite discussions around the dangers of cryptocurrencies. While some political leaders blame the crypto ecosystem for SBF’s frauds, others find no point in blaming an entire industry for one man’s action.
During an FTX hearing in front of the House Financial Services Committee, Congressman Brad Sherman did not see a difference between SBF and an industry that once boasted a $2 trillion market cap.
On the other hand, Congressman Tom Emmer distanced the FTX fallout from the institution of cryptocurrencies while speaking at the U.S. House Committee on Financial Services. Instead, Emmer disclosed how the immutable nature of blockchain technology helped the crypto community uncover the FXT Token.
While naysayers try to link SBF’s actions with the idea of crypto and blockchain, the case for decentralization grows stronger. Public blockchain-based crypto ecosystems not only allow for traceability but can also help authorities with anti-money laundering initiatives.
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