Summary
TLDR: FTX founder Sam Bankman-Fried faces sentencing for fraud and conspiracy, with prosecutors recommending 40-50 years in prison. In other news, DeFi scores a court win for Coinbase, and the crypto market is exploring tangible and useless projects. The NEAR Foundation’s post about a conference incident involving NVIDIA founder Jensen Huang generates mixed reactions.
Key Points
1. FTX founder Sam Bankman-Fried faces a maximum sentence of 110 years for seven counts of fraud and conspiracy, with the government recommending a sentence of 40 to 50 years while the defense team asked for only 6.5 years.
2. Victims and fans of Bankman-Fried were submitting letters to the court up until last night, with the hearing kicking off at 9:30 am ET.
3. The court ruled in favor of Coinbase in a lawsuit against the SEC, protecting self-custody wallets and ensuring innovation in the onchain ecosystem.