Sam Bankman-Fried, the founder and former CEO of FTX, has been charged with fraud by the SEC, the Justice Department, and the Commodity Futures Trading Commission.
According to TradingView, a community of traders and investors, the market capitalization of all cryptocurrencies has dropped by over 70% so far this year (YTD).
Bankman-Fried regularly lauded Solana and is anticipated to plead a plea to criminal accusations that he deceived investors and stole billions of dollars in client monies at FTX next week.
As the cryptocurrency industry saw a substantial slowdown in the first few months of 2022, cryptocurrency crime has decreased in volume by 15% year over year, according to Chainalysis.
The value of cryptocurrency investments would vanish in the absence of U.S. regulation, according to hearing witness and law professor Hilary Allen of American University.