Republished with full copyright permissions from The San Francisco Press.

Before the highly anticipated crypto trial unfolded, doubts lingered in the air. Could a jury of twelve ordinary individuals truly grasp the complexities of cryptocurrencies and the alleged intricate manipulations orchestrated by Sam Bankman-Fried? Yet, as the trial progressed, these concerns dissipated, and the jury’s ability to comprehend the case became evident. Bankman-Fried, a prominent figure in the crypto world, had seemingly met his match in the unassuming teachers, nurses, mailmen, retired corrections officers, train conductors, unemployed social workers, and a former investment banker who comprised the jury.

Even though Bankman-Fried’s defense rested partially on his accusers being beguiled by his explanations, the jury remained resolute. They were not swayed by circumlocutions or charismatic defenses. Instead, within a remarkably short deliberation time, they arrived at unanimous decisions, indicating that this trial would culminate swiftly.

The trial exposed the 31-year-old Bankman-Fried, scion of two esteemed Stanford legal scholars and a Massachusetts Institute of Technology graduate, as guilty of wire fraud and conspiracy charges. The counts included alleged manipulation of FTX’s prices, fraudulent actions against several FTX customers and Alameda Research lenders, securities fraud conspiracy, commodities fraud conspiracy, and money laundering conspiracy. The moment the guilty verdicts were pronounced, Bankman-Fried’s attorney, Mark Cohen, requested a juror poll, with each juror confirming the accuracy of the verdict.

U.S. District Judge Lewis Kaplan granted the prosecutors until February 1 to decide whether to proceed with additional charges, such as foreign bribery and bank fraud. Considering the smooth progress of the trial’s initial phase, it seems likely they will. However, it won’t be until much later, two months after the initial deadline, that the court will determine the duration of Bankman-Fried’s potential 110-year prison sentence.

The sentencing date has been set for March 28 at 9:30 a.m. ET.

The outcome of this trial, which saw Bankman-Fried found guilty on all seven criminal fraud counts, has sent shockwaves through the crypto community. The reverberations of this significant event will continue to shape the landscape of litigation, regulation, deals, and financial services for months to come.