Sam Bankman-Fried’s trial exposed crypto fraud but US Congress has not been eager to regulate the industry

A man passes by a screen showing the prices of bitcoin at a virtual currency exchange office in Seoul, South Korea. When cryptocurrencies collapsed and companies failed last year, Congress considered multiple approaches for how to regulate cryptocurrencies in the future. However, most of those efforts have gone nowhere, especially in this chaotic year that has been dominated by geopolitical tensions, inflation and the upcoming 2024 election. — AP

PALM SPRINGS, California: The conviction of former cryptocurrency mogul Sam Bankman-Fried for stealing at least US$10bil (RM46.65bil) from customers and investors is the latest black mark for the cryptocurrency industry, but in Washington, there seems to be little to no interest in pushing through regulation.

When cryptocurrencies collapsed and a number of companies failed last year, US Congress considered multiple approaches for how to regulate the industry in the future. However, most of those efforts have gone nowhere, especially in this chaotic year that has been dominated by geopolitical tensions, inflation and the upcoming 2024 election.