Nov 6, 2023

Columbia Business School adjunct professor and former Paxos Head of Portfolio Management Austin Campbell explains why Sam Bankman-Fried's guilty verdict is "positive for the industry."

Video transcript

I think it's largely a positive for the industry. If you look around, there have been sort of hysterical narratives on both sides. Some people believing that crypto is a magical shield against illegal conduct. Other people believing essentially all of this is just crime. I think SPF being found guilty specifically in the way he was kind of strips away both of those, which is if you look at what the prosecutors alleged and what apparently the jury found pretty easy to decide this is just regular way fraud. You can't lie to people take their money and then do things you are not supposed to with it. And I don't think it's actually more complicated than that. What do you think this means for the industry moving forward? Then? Do you think that it had as much of an impact on the industry as some might say? I think what you're going to find moving forward is this creates a roadmap for prosecutors looking at other bad conduct here. So I think in particular, as we look at fraud around many of these centralized entities, if you look at things like say the Celsius of the world or maybe what happened with Terraform labs or three arrows. This probably has pretty negative implication for people of that sort or conduct of that sort going forward.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.