Last year, Securities and Exchange Commission chair Gary Gensler vowed that the regulator would be the “cop on the beat” policing the “Wild West” of the cryptocurrency industry. The SEC would go on to file dozens of civil lawsuits against some of the sector’s largest players, including exchanges Binance and Coinbase and leading crypto lenders Genesis and Celsius.
But the headlines in 2023 were stolen by another arm of the US government, as the Department of Justice swooped in with high-profile criminal prosecutions that produced rapid resolutions.
In less than 12 months, prosecutors had won the conviction of FTX’s Sam Bankman-Fried — who faces potentially decades behind bars — and dethroned Changpeng Zhao, or CZ, the former head of Binance.
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