Former US SEC official warns SBF convictions are just ‘tip of the iceberg’

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The former head of internet enforcement at the U.S. Securities and Exchange Commission (SEC) said the conviction of former FTX CEO Sam Bankman-Fried (SBF) was “just the tip of the iceberg” for the entire electronic money industry.

Electronic money

John Reed Stark – Former Director of Internet Enforcement at the U.S. Securities and Exchange Commission

This is just the tip of the iceberg

Former SEC official John Reed Stark spoke about the cryptocurrency industry following the conviction of former FTX CEO Sam Bankman-Fried (SBF) in an interview on Friday. The jury reached its verdict. Thursday’s ruling after a month-long trial found Bankman-Fried guilty of all seven counts.

Stark currently serves as president of cybersecurity firm John Reed Stark Consulting. He founded the SEC’s Office of Internet Enforcement and served as its director for 11 years. He also served as SEC Executive Counsel for 15 years. He said on Friday that Bankman-Fried’s swift conviction was “in a sense a metaphor for all cryptocurrencies,” warning:

“This is just the tip of the iceberg. If you look at cryptocurrencies, Web3, blockchain – they are all meaningless.”

The former SEC official also claimed that cryptocurrencies, including Bitcoin, cannot help the unbanked.

“This is part of a Ponzi scheme. If you look at Web3, all you see is marketing bullshit. You look at cryptocurrencies, it’s math, but it’s nonsense calculations. It doesn’t mean anything. There’s no cash Flow, no revenue, no balance sheet, nothing in it. Cryptocurrency is not innovation…The iPhone is innovation. The Internet, the cloud, artificial intelligence are all innovation.”

Stark has repeatedly warned that the cryptocurrency industry is at risk of collapse. In June, he advised investors to leave the platform immediately.

“I couldn’t have said it any clearer. I believe we now know for sure that cryptocurrency exchanges are under siege from US regulators/law enforcement and this is just the beginning.”

He also warned that the attack on cryptocurrency regulation will never end. Additionally, he recently called on the U.S. Department of Justice (DOJ) to take action against cryptocurrency companies, suggesting that “cryptocurrency grinders” need to “face the threat of DOJ prosecution (i.e., jail time).”

However, the SEC’s former internet enforcement director predicts regulations will change exponentially after Election Day.

“If a Republican is elected president, Chairman Gensler may resign, and a Republican-appointed commissioner (in this case, famed “crypto mom” Hester Pierce) may take over,” he predicted.

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