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

The future of money is in the realm of decentralization. Can BlockFi really take over the banking industry? Click here to find out.

Why BlockFi Could Be the Bank of the Future

BlockFi has no account minimum and charges no trading fees. Read this review to know if the lending and saving platform is safe. You will also find a referral c

BlockFi Review (12% APY): Is It Really Safe and Worth It?

In the following post we present the top 3 alternatives to BlockFi

3 BlockFi Alternatives That Offer A Higher RoI on Your bitcoin

...and he did so by using stolen FTX customers' funds to 'rescue' other industry players like Blockfi, per lawsuit

Crypto winter did not spare FTX or Alameda, although SBF pretended that it didn't

Earning interest on your crypto can be an effective way to increase your cryptocurrency holdings

7 Best Crypto Saving Accounts to Earn Up To 12% Bitcoin Interest

Opening yourself up to the cryptocurrency market, a crypto savings account also allows for the benefits of a standard bank account. Learn the benefits of this.

Are Crypto Savings Accounts Safe to Use?

Crypto lending is a growing market that started only a few years ago. Unless you're new to cryptocurrency, you probably have heard this term at some point. Crypto lending works similarly to peer-to-peer lending, where borrowers are connected with lenders via an online crypto lending platform with cryptocurrency as the currency of trade instead of fiat money. Technically, the more appropriate term is crypto-secured lending because not all loans are denominated in cryptocurrencies. 

Types of Crypto Lending Platforms: Centralized and Decentralized Finance

A major roadblock for on-boarding new crypto users is that they don’t think there’s any real-world application for their Bitcoin. Even for seasoned crypto investors, it’s hard to find trusted and reputable places to use, trade, and spend their bitcoin. The ultimate goal of the industry is to make crypto a part of people’s everyday lives. By providing consumers and professionals a way to transact which is cheaper and more global than ever before, bitcoin is creating a new landscape which takes power away from financial institutions and puts it back in the hands of the individual. There are already a number of market-leading companies making it easy to buy, spend, earn, and use cryptocurrency as a part of your everyday&nbsp;life.

The Best Ways to Buy and Spend Your Bitcoin

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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