 Technology |
Technology |
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Bankman-Fried sentenced to 25 years in prison |
FTX founder Sam Bankman-Fried, the one-time face of the cryptocurrency industry, was sentenced to 25 years in prison. |
© Yuki Iwamura, Associated Press |
The disgraced crypto mogul was convicted last fall in the Southern District of New York on federal fraud and conspiracy charges related to his role in the collapse of his crypto exchange firm FTX in November 2022, our colleague Taylor Giorno reported. "A lot of people feel really let down, and they were very let down, and I am sorry about that," Bankman-Fried told the court Thursday before he received his sentence, according to CNN. "I am sorry about what happened at every stage. And there are things I should've done and things I shouldn't have." The collapse marked a dramatic fall from grace for Bankman-Fried, who became the face of the burgeoning crypto industry in Washington and notched high-profile celebrity endorsements from stars, including NFL legend Tom Brady and NBA star Steph Curry. A jury found Bankman-Fried illegally used FTX depositor funds to bankroll a lavish lifestyle, purchasing luxury properties and private planes and making massive political donations. Campaign finance charges against the former publicly Democratic mega-donor were dropped, but Bankman-Fried admitted he also made "dark" contributions to Republicans. Prosecutors had recommended a sentence of 40 to 50 years. Bankman-Fried's lawyers had asked for a more lenient sentence of 63 months to 78 months, arguing the maximum 100-year sentence was "barbaric" and "grotesque" and that FTX investors were expected to get their money back. Read more in a full report from TheHill.com. |
Welcome to The Hill's Technology newsletter, we're Rebecca Klar and Julia Shapero — tracking the latest moves from Capitol Hill to Silicon Valley. |
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How policy will be impacting the tech sector now and in the future: |
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Former Secretary of State Hillary Clinton argued Thursday that major tech companies should no longer receive widespread legal immunity for content posted on their websites under Section 230. Section 230 of the Communications Decency Act broadly protects social media platforms from being sued over the material people post to their sites. However, Clinton said these expansive protections no longer make sense. "They were … |
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| Rep. Nancy Mace (R-S.C.) took issue Wednesday with some of the community notes on the social media platform X over her voting record. "The @CommunityNote — y'all are so dumb. Go look up the NDAA, WRDA and PACT Act, all of which I voted for. I delivered for the lowcountry and will always continue to do so. Oh and do better. #LowcountryFirst," she wrote on X, the platform formerly known as Twitter. Mace was responding … |
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The White House on Thursday morning released its first government-wide policy aimed at mitigating the risks of artificial intelligence (AI), requiring agencies to take further action to report the use of AI and address risks the technology may pose. Federal agencies will be required to designate a chief AI officer, report how they use AI and add safeguards as part of the White House memo. The announcement builds on commitments … |
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News we've flagged from the intersection of tech and other topics: |
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Analysis links Russian campaign to royal conspiracies |
An analysis by British security experts found social media accounts linked to a Russian disinformation campaign Catherine, Princess of Wales, adding alarm over threats of disinformation leading up to global elections this year, NBC News reported. |
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How YouTube is paying creators to rival TikTok |
Google subsidiary YouTube is paying tens of thousands of dollars to some of its top creators on its short-form video feature in order to stay competitive with rival social media company TikTok, CNN reported. |
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Branch out with other reads on The Hill: |
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BEIJING (AP) — Xiaomi, a well-known maker of smart consumer electronics in China, is joining the country’s booming but crowded market for electric cars with a sporty high-tech sedan. The tech company began accepting orders in China via an app on Thursday night, after founder Lei Jun wrapped … |
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Two key stories on The Hill right now: |
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Former President Trump — in lashing out against the daughter of hush money trial Judge Juan Merchan — pointed to a social media account that is no … Read more |
| Speaker Mike Johnson (R-La.) and House Republican impeachment managers informed Senate Majority Leader Chuck Schumer (D-N.Y.) in a letter Thursday … Read more |
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Opinion related to tech submitted to The Hill: |
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