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Home»ETHEREUM NEWS»Crypto Twitter This Week: Coinbase’s Legal Drama, Sam Bankman-Fried
ETHEREUM NEWS

Crypto Twitter This Week: Coinbase’s Legal Drama, Sam Bankman-Fried

By Crypto FlexsApril 1, 20244 Mins Read
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Crypto Twitter This Week: Coinbase’s Legal Drama, Sam Bankman-Fried
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Illustration by Mitchell Preffer for Decrypt

Legal intrigue was the topic of the week, keeping Crypto Twitter on the edge of its seats and booing and cheering in equal measure.

A federal judge on Monday refused to be fired The U.S. Securities and Exchange Commission (SEC) has found most of the regulator’s key claims in its ongoing lawsuit against Coinbase to be “valid,” and there is general agreement that the SEC has jurisdiction over much of the cryptocurrency industry.

Coinbase executives, as expected, were quick to dismiss the ruling and made it clear that this does not mean a loss for the cryptocurrency exchange, merely that the case is now proceeding to trial.

The court today decided that the SEC lawsuit will proceed on most of the claims, but dismissed the claims against Coinbase Wallet. We’ve been preparing for this, and look forward to discovering more about the SEC’s internal views and discussions on cryptocurrency regulation. 1/6

– paulgrewal.eth (@iampaulgrewal) March 27, 2024

But legal experts say the judge in the case once He seemed persuaded. Coinbase’s argument found that much of the logic supporting the SEC’s argument was sound.

I didn’t expect a complete layoff. But CB’s best legal arguments aren’t gaining any traction. And that’s embarrassing.

— Scott Johnson (@SGJohnsson) March 27, 2024

The buzz surrounding this ruling grew so much that even Edward Snowden commented on it. It dismissed the ruling as meaningless and predicted that other rulings, political developments and legal structures in the United States would eventually force the SEC to halt its enforcement campaign against the massive financial institutions. Cryptocurrency industry.

This doesn’t bother me. If the SEC continues to act in bad faith, they will lose so hard in court that they will never be able to do this to anyone again. Remember when the SEC came under so much fire that Gensler had to tear up and approve the BTC ETF? Yes https://t.co/XWOwmoaICN

— Edward Snowden (@Snowden) March 27, 2024

Of course, the biggest legal news this week came on Thursday when FTX founder Sam Bankman-Fried was disgraced. sentenced to 25 years in prison Sentenced to federal prison for alleged involvement in criminal fraud on cryptocurrency exchange.

Details of the sentencing hearing were filtered primarily from the Manhattan courtroom and relayed around the world through a single Twitter account.Inner City Press-any We often live-tweet New York City trial transcripts.

Bankman-Fried’s sentencing transcript was filled with gems that immediately went viral. The former billionaire’s lawyer praised him as a “beautiful enigma” and the judge in the case, Lewis Kaplan, called the cryptocurrency founder’s testimony the worst he had ever seen. The defendant has been on the bench for nearly 30 years.

Mukasey: He’s an awkward math nerd. He is into vegetarianism. He has intelligence that is off the charts. He is a beautiful puzzle. He can analyze words better than a Talmudic scholar. He was a billionaire who had no interest in material possessions.

— Inner City Press (@innercitypress) March 28, 2024

Judge Kaplan: Even when he wasn’t lying, he was evasive by tossing his head and trying to get the prosecutor to repeat the questions to him. I have been doing this for nearly 30 years. I have never seen a performance like that.

— Inner City Press (@innercitypress) March 28, 2024

Many cryptocurrency users voraciously consuming live tweets of sentencing hearings were more accustomed to tracking constantly fluctuating cryptocurrency prices than engaging in hours-long legal proceedings. Nearly two hours have passed since the hearing began, with Bankman-Fried, his attorneys, the FTX victims, and Judge Kaplan all giving lengthy speeches. Some Twitter users were pushed to their limits, desperate for headlines about the defendant’s sentence.

Brother in Christ, just say the word.

— CR1337 (@cryptonator1337) March 28, 2024

Go, I’m already dying here.

– OverHere (@overHere_gg) March 28, 2024

It wasn’t long before news arrived. And when it did, Crypto Twitter was split between those who had hoped Bankman-Fried had received a harsher sentence and others who had been sentenced to 25 years in prison. Probably a rough federal prison For the first time, appropriate punishment is being meted out to non-violent offenders.

SBF got off really easily considering the severity of the crimes he committed and the number of victims.

— Hashoshi | Crypto Over Coffee ☺️ (@hashoshi4) March 28, 2024

I know some of you would like to see SBF get a longer sentence, but 25 years in prison is not an “easy get off” or a “slap on the wrist.”

— Molly White (@molly0xFFF) March 28, 2024

But arguably Bankman-Fried’s sentencing was a historic and cathartic milestone for the cryptocurrency industry, one that quickly became immortal. usually dark A provocative creation by digital artist Beeple.

Edited by Ryan Ozawa.

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