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

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The conviction of former cryptocurrency mogul Sam Bankman-Fried for stealing at least $10 billion from customers and investors is the latest black mark for the crypto industry.

Lowest price on the web! This all-in-one PDF app is $70 for lifeFILE - A man passes by a screen showing the prices of bitcoin at a virtual currency exchange office in Seoul, South Korea, Tuesday, Jan. 16, 2018. When cryptocurrencies collapsed and companies failed last year, Congress considered multiple approaches for how to regulate cryptocurrencies in the future.

Without Congress, federal regulators like the Securities and Exchange Commission have stepped in to take their own enforcement actions against the industry, including the One big stumbling block in the Senate has been Sen. Sherrod Brown, D-Ohio, chair of the Senate Banking Committee. “Americans continue to lose money every day in crypto scams and frauds,” Brown said in a statement after Bankman-Fried was convicted. “We need to crack down on abuses and can’t let the crypto industry write its own rulebook.”

 

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