During jury selection in the ongoing federal fraud trial of the dethroned crypto kingpin Sam Bankman-Fried, one prospective juror worried out loud about his lack of knowledge of cryptocurrencies, despite his son’s efforts to explain them to him. “I still don’t understand how it works,” the would-be juror said. Lewis A. Kaplan, the sharp-tongued U.S. District Court judge overseeing the trial, responded: “You probably have a lot of company in this court.”
The confusion is understandable. More than a decade after cryptocurrencies were launched, the promise of these alternative currencies has amounted to little more than broken dreams. Nascent technologies can only remain the next big thing for so long. At some point, regular people need to start using them, which most certainly isn’t happening with crypto. So, while a jury in New York won’t return a verdict on the fate of Bankman-Fried for weeks, the judgment on crypto already is clear: It is a solution in search of a problem.
‘Enforcement 40’ for 2020
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