U.S. Congressman Labels Crypto Industry 'Garden of Snakes'

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Congressman Brad Sherman delivered a scathing assessment of the cryptocurrency industry in the wake of FTX founder Sam Bankman-Fried's fraud conviction

The incendiary comments followed the recent conviction of cryptocurrency exchange FTX founder Sam Bankman-Fried, on fraud charges. Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, has been found guilty on all seven criminal fraud counts brought against him. The dramatic end to a monthlong trial that captivated the financial world saw Bankman-Fried convicted of wire fraud, securities fraud, commodities fraud, and conspiracy to commit money laundering.

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