FTX Executives Face SEC Punishments
Three former executives at FTX and its affiliates have accepted final punishments from the U.S. Securities and Exchange Commission.
Caroline Ellison, the former CEO of Alameda Research, will face a 10-year restriction from serving as officers or directors in other companies.
The others, Zixiao “Gary” Wang and Nishad Singh, will get eight-year bans.
SEC Resolves Enforcement Cases
The U.S. Securities and Exchange Commission said it’s resolved its cases against three of the top figures in the FTX collapse.
The former FTX executives will face certain limits on their professional lives under the agreements, assuming they’re approved in court.
The SEC said the complaints alleged that Bankman-Fried, Wang, and Singh, with Ellison’s knowledge and consent, had exempted Alameda from the risk mitigation measures.
Former Executives Agree to Consent Judgments
Caroline Ellison, Gary Wang, and Nishad Singh agreed to consent judgments to resolve enforcement actions filed in 2022 and 2023.
They’re also subject to five-year “conduct-based injunctions,” the agency said.
Ellison had been given a two-year prison sentence for her role in the FTX fraud, though she’s recently been released from prison early.
Other Notable News
Senator Cynthia Lummis, a dedicated friend to crypto causes, has decided to exit the Senate after her first term.
Lummis said in a statement that she doesn’t have another six years in the tank, but she intends to deliver major legislation to President Donald Trump’s desk next year.
Citi is still a believer in crypto stocks despite bitcoin being rocked to end the year.
Bitcoin Price Update
Bitcoin battles $89,000 price ceiling as bulls try to break U.S. sell pattern.
Bitcoin gets ‘base case’ price target of $143,000 at Citigroup.
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