Proof of State is the Wednesday edition of Fortune Crypto where Leo Schwartz delivers insider insights on policy and regulation. Sam Bankman-Fried isn’t going away. Physically, he’s likely going to prison, but his specter will haunt the crypto industry for years to come.

The Sam Bankman-Fried trial is an indictment of the crypto industry

Representations of cryptocurrencies are seen in front of displayed FTX logo in this illustration taken November 10, 2022. REUTERS/Dado Ruvic/Illustration

Crypto's string of bankruptcies – Reuters

USDC issuer said that retail users can no longer mint the stablecoin from Circle—they'll need to buy tokens from exchanges or brokerages.

Retail Investors Can No Longer Mint USDC Directly Through Circle

In a move that's been called a 'Hail Mary,' Sam Bankman-Fried is testifying in his own defense in his fraud trial. But mostly he seems to be dodging questions.

SBF Speaks: The Founder of Failed Crypto Exchange FTX Claims to Recall Very Little on the Stand

On Tuesday, crypto lender BlockFi came out of bankruptcy, stating that it will slow down functions and start returning crypto assets to customers nearly a year after it was damaged by the turmoil in the cryptocurrency industry amid the collapse of FTX.

Prison Reform, BlockFinale, Safety Dance, and Hello and Goodbye

Fallen crypto lending firm BlockFi announced on Tuesday that it has “emerged” from bankruptcy, making its bankruptcy recovery plan effective as of October 24. Emergence is when a firm that previously entered bankruptcy successfully reorganizes its balance sheet so that its ready to repay its creditors.

F|T: The FinTech Times – Is open banking in Canada dead?

The global digital asset market dropped by is trading under constant selling pressure. The cumulative market cap has dropped by another 2.5% over the past day. It now stands at $819 billion. However,

Crypto News Live Update Nov 28: Bitcoin Miners To Capitulate Again? Here's What Report Says – CoinGape

The crypto market valuation, that spiked by 0.03 percent in the last 24 hours, now stands on the mark of $1.27 trillion (roughly Rs. 1,05,73,111 crore), as per CoinMarketCap.

Crypto Price Today: Bitcoin Holds Ground Above $34,000, Stablecoins Tumble Alongside Tron, Leo

The Motley Fool is a financial services company dedicated to making the world smarter, happier, and richer. The Motley Fool reaches millions

Why Bitcoin, Ethereum, and Dogecoin Are Rising Today – The Motley Fool

SBF testified a second time before the jury, and Solana came up as a discussion and how Alameda Research finances intermingled with the purchase.

SBF bought Solana at $0.20 using Alameda’s profits

BlockFi

FTX + SBF Chapter 11 (Bankruptcy) Court Filing by John J. Ray III, Nov 17, 2022 is part of HackerNoon’s Legal PDF Series. This is Part 6/20: the dotcom silo

FTX handled $15 billion USD in assets, or '~10% of global volume for crypto trading', claimed SBF 

FTX + SBF Chapter 11 (Bankruptcy) Court Filing by John J. Ray III, Nov 17, 2022 is part of HackerNoon’s Legal PDF Series. Part 3/20: the WRS Silo

'I do not have confidence in it', says John Ray re/ FTX US Financials

We provide the wealth management products crypto investors need, all powered by blockchain technology. Currently, we service clients worldwide and in all U.S. states, with USD loans backed by crypto, interest earning accounts, and trading. 

Learn more about our products, company, and team at BlockFi.com.

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