The worst bank manager in history has been arrested and is now facing up to 150 years in jail.
I think they are going to throw the book at him to set an example for the rest of the Crypto industry.
The financial sector needs to deter other Crypto companies from ignoring basic financial principles. (e.g. supply/Demand and collateral).
This guy is still a kid. He was hailed as a genius, but according to the new caretaker CEO - Fried had no business skills.
He was just running a pyramid chain. There was no diligence at all, it was just riding on the wave of Crypto.
You can't just print money, otherwise, it will just become worthless and create the worst inflation ever.
The speed at which the chip spins is irrelevant... It is not a magic currency that ignores hundreds of years of established financial practices.
The whole industry is probably going to be hit with excessive compliance legislation to ensure that it does not collapse, and push the economy into further recession.