Sam Bankman Fraud: Inside the Collapse of FTX’s Hollow Empire
The Breakdown
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The DCCPA and Cryptocurrency Regulation
The DCCPA is the Digital Commodities Consumer Protection Act. It was a proposed bill that would have created broad industry regulation with the CFTC at the head seat of the table. Sam Bankman Fried wrote and published a 4,000 word piece called Possible Digital Asset Industry Standards on October 19th. For many in the crypto space, SPF's willingness to compromise around the idea that every US DeFi front end needed to comply with OFAC sanctions was tantamount to Sam saying screw DeFi might as well just use a centralized service anyway.
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