- Better Markets chief executive Dennis Kelleher called the crypto industry “lawless.”
- Kelleher said that FTX executives deserve to spend their whole lives behind bars.
- The Better Markets CEO also believes that crypto has no legitimate use case.
The collapse of FTX, a prominent cryptocurrency exchange, which led to the subsequent sentencing of its co-founder, Sam Bankman-Fried, has raised multiple questions regarding the legitimacy of such platforms. Notably, Better Markets CEO, Dennis Kelleher, called for former FTX executives to face jail time and potentially be banned from financial markets.
In a recent interview with Bloomberg, Kelleher described the cryptocurrency industry as “lawless” with “no legitimate use case.” His remarks reflect growing concerns among regulators and industry observers regarding the lack of oversight and accountability within the crypto space.
Interestingly, Bankman-Fried, found guilty of money laundering and fraud connected to the collapse of FTX, received a 25-year jail term. This ruling, delivered by Judge Lewis A. Kaplan in Manhattan federal court, made several headlines.
However, Bankman-Fried, at just 32 years old, narrowly escaped a potentially much longer sentence of up to 110 years. The disgraced entrepreneur is considered to be the reason for FTX’s downfall, a platform that once boasted a peak valuation exceeding $30 billion.
Additionally, Gary Gensler, the Chairman of the United States Securities and Exchange Commission (SEC), shares a similar belief. He recently said that crypto markets could benefit from “sunlight and disinfectant.”
Gensler also highlighted the trend of crypto projects limiting the information available to investors. He noted that disclosing more information will lead to an inflow of more consistent investment.
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