Bankman-Fried’s trial exposed crypto fraud but Congress has not been eager to regulate the industry

By FATIMA HUSSEIN and KEN SWEET
The Associated Press

PALM SPRINGS, Calif. (AP) — The conviction of former cryptocurrency mogul Sam Bankman-Fried for stealing at least $10 billion from customers and investors is the latest black mark for the crypto industry. But in Washington, there seems to be little to no interest in pushing through regulation. When cryptocurrencies collapsed and a number of companies failed last year, Congress considered multiple approaches for how to regulate cryptocurrencies. However, most of those efforts have gone nowhere, especially in this chaotic year that has been dominated by geopolitical tensions, inflation and the upcoming 2024 election. Ironically, the failure of Bankman-Fried’s FTX and his subsequent arrest late last year may have contributed to the momentum for regulation stalling out.