What Happened: Following the conviction of Sam Bankman-Fried, former CEO of FTX, renowned investor Peter Schiff has called for accountability from the politicians and regulators who he claims were complicit in Bankman-Fried’s fraudulent activities. Schiff, a known critic of Bitcoin (CRYPTO: BTC) and advocate for gold, made his views known via a tweet on Wednesday.

The tweet comes in the wake of Bankman-Fried’s conviction on seven counts of criminal fraud, which could potentially result in a 115-year prison sentence for the ex-FTX chief. Key witnesses in the court proceedings included Bankman-Fried’s ex-girlfriend Caroline Ellison, former Alameda head, and Gary Wang, FTX co-founder, all of whom pled guilty to multiple charges.

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Why It Matters: Schiff’s call for accountability extends beyond Bankman-Fried and implicates the regulators and politicians who he claims allowed such fraudulent activities to take place. As per Schiff’s tweet, he believes that the free markets are more adept at regulation than these entities.

This is not the first time Schiff has commented on Bankman-Fried’s legal troubles. Prior to Bankman-Fried’s conviction, Schiff had questioned the timing of the charges against the FTX founder, suggesting that the U.S. government had potentially done him a favor by charging him prior to his scheduled testimony before Congress.

As a long-standing Bitcoin critic, Schiff’s views on cryptocurrency regulation and the perceived failings of the regulators and politicians involved are of significant interest to investors and stakeholders within the cryptocurrency market.

Photo Courtesy: Wikimedia Commons

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