The jury is currently in the process of deliberating in the trial against Sam Bankman-Fried, and there is speculation about the potential impact of the verdict on the cryptocurrency industry. John Jay Ray III, an attorney known for recovering funds from troubled companies, is overseeing the bankruptcy of FTX. If an Amended Plan proposed by FTX debtors is approved by the U.S. Bankruptcy Court, customers could receive over 90% of the distributable value worldwide. Former Alameda Research CEO Caroline Ellison, FTX CTO Gary Wang, and FTX head of engineering Nishad Singh testified against Bankman-Fried under a cooperation agreement with the U.S. government. The outcome of the trial will determine the fate of these co-conspirators and their potential sentences. Bankman-Fried's case has shed light on the lack of regulation in the crypto industry, particularly in the United States. The trial also coincides with the expected approval of the first spot bitcoin exchange-traded fund by the U.S. Securities and Exchange Commission. Bankman-Fried's extravagant spending on high-profile endorsement deals has led to litigation involving the celebrities who endorsed FTX. The defense claims that Bankman-Fried acted in good faith, but the prosecution argues that he used the exchange as a personal piggy bank. The jury is currently considering seven charges against Bankman-Fried, and if convicted, he could face a lengthy prison sentence.
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