Katherine Snow is head of legal at Messari.
This promises to be a month of reckoning in the world of crypto as Sam Bankman-Fried, the former cargo-clad-golden-geek turned alleged crypto-hustling fraudster, appears in court to face conspiracy and fraud charges. With the media spotlight firmly fixed on the unfolding courtroom drama, there’s a real risk that legitimate crypto businesses will be tempted to weigh in on deception and bad actors rather than focusing on their customers and business strategy.
Bankman-Fried’s trial is igniting a media spectacle – from FTX’s customers and investors suffering staggering losses, to his own swift ascent and descent as the world’s youngest billionaire, and the scandalous whispers of drug-fueled Bahamian benders and polyamory. Piling on will be at least eight Hollywood projects, affiliated books , and podcasts about FTX that have been waiting in the wings for this moment.
The crypto industry has rapidly shifted from the periphery to the forefront in D.C. in a remarkably brief span. The sector has established a host of trade associations, think tanks, and political action committees, enlisted a significant cadre of seasoned lobbyists, and formed in-house policy teams. These initiatives have attracted the attention and engagement of policymakers and regulators, underscoring the undeniable promise of blockchain technology and the passion of its proponents.
This is a turning point. The industry can’t afford to let the Bankman-Fried trial divert its focus. The crypto community must recognize the gravity of the moment and respond decisively. It’s a rallying cry for all industry players – developers, protocols, investors, startups, and established firms alike.
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