Sam Bankman-Fried Could Face Up to 115 Years in Prison on Crypto This Week
What Happened in the Crypto Industry & NOBI During the Past Week?
Hi, NOBIs! A lot of important events happened in the crypto industry during the past week. For starters, it arose from the development of the FTX incident, in which the former CEO was finally sentenced to 15 years in prison. Then there’s Indonesia’s crypto market policy, which states that the crypto market is now formally regulated by the OJK. What else? We recap what’s been happening in the crypto industry during the past week!
1. Sam Bankman-Fried Could Face Up to 115 Years in Prison
Sam Bankman-Fried (SBF), the founder and former CEO of the crypto trading platform FTX, was detained by the Bahamas police on Monday (12/12/2022) local time. The arrests were made after closed charges were issued by prosecutors for the Southern District of New York to the Bahamian government.
The New York Times reported that the accusations dropped by the Southern District of New York prosecutors included conspiracy and financial fraud involving the use of telecommunication or information technology (wire fraud), securities fraud, and money laundering. The US Securities and Exchange Commission (SEC) is also rumored to be imposing different charges against SBF, that is “violating securities laws”, as quoted by CNBC.
2. 12 Years Since Satoshi Nakamoto Was Last Active on Bitcointalk
It’s been 12 years since Satoshi Nakamoto last logged on to the bitcointalk.org forums, and left the Bitcoin community for good. Satoshi Nakamoto was last active on the popular and veteran bitcointalk forum on December 13th which is exactly 12 years ago. Nakamoto didn’t want to become a “mysterious shadow figure.” Instead, the creators of the world’s largest crypto asset want to focus on open-source projects and give more credit to dev contributors.
3. OJK’s New Commissioners to Monitor Crypto Market
The explosion of the crypto market makes the government inevitably have to immediately enact regulations that oversee and protect investors. The government and the House of Representatives (DPR) agreed to regulate digital financial assets, including crypto assets, in the Draft Law on the Development and Strengthening of the Financial Sector (P2SK). The P2SK Bill was passed into law (UU) on Thursday (15/12/2022).
In the elucidation of the P2SK Law, the government and the DPR revealed that the Indonesian financial sector faces challenges from the emergence of complex and high-risk financial instruments, such as cryptocurrencies and the assessment of governance and law enforcement of the financial sector in various recent assessments is also low.
4. Thai SEC to Tighten Up Rules for Crypto, Focus on Investor Protection
Thailand joins a list of countries seeking to revise their crypto regulations after the FTX collapse. And, as most of these countries have done, they intend to tighten guidelines for the industry and focus on protecting investors. According to a report from the Bangkok Post published on December 13, the Securities and Exchange Commission of Thailand (SEC) is preparing for stricter regulations on digital assets “to reflect the global market.”
5. Charles Hoskinson Says Solana (SOL) Could Become Sidechain of Cardano (ADA), Here’s Why
Charles Hoskinson thinks the Solana smart contract protocol (SOL) could theoretically be a sidechain of the Cardano network (ADA). During a recent YouTube AMA session, Hoskinson laid out what a sidechain partnership at Cardano looks like.
The Cardano founder says a sidechain can have its own computational model, its own notion of data availability, its own network stack, and its own consensus algorithm. Hoskinson believes that Solana would be in a much better position to work with Cardano.
That wraps up for Crypto This Week. We’ll see you at the next one!