November 03, 2023

Brown Statement on Sam Bankman-Fried’s Conviction

WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, issued the following statement on the conviction of FTX founder Sam Bankman-Fried:

“This verdict is a victory for everyone fighting fraud and scams in crypto. In this trial, we saw how crypto companies like FTX think the law doesn’t apply to them, gamble with consumers’ money, and lie to the public. Americans continue to lose money every day in crypto scams and frauds. We need to crack down on abuses and can’t let the crypto industry write its own rulebook.” 

Earlier this year, Brown held a hearing on the crypto crash, and called for tougher financial safeguards to be applied to the crypto industry. Brown has also raised the alarm about crypto’s role in illicit finance, and highlighted how poor disclosures in crypto markets impact consumers. Previously, Brown held multiple hearings on the risks cryptocurrencies present to consumers, including a hearing on the FTX collapse and a hearing on fraud and scams in the crypto markets.