The fraudulent scheme led by Sam Bankman-Fried, the founder of the now-defunct crypto exchange FTX, lasted as long as it did due to interests from top investors, according to Elon Musk and market analyst Mario Nawfal. Musk highlighted the oddity of the situation, as prominent tech founders were debanked by the government while SBF committed fraud. Marc Andreessen accused the U.S. Democratic Party of attacking the crypto industry and debanking tech startups involved in cryptocurrency. Nawfal pointed out that FTX's success and protection came from its powerful backers, including BlackRock and SoftBank, who invested in the platform. Musk and Nawfal argue against the establishment's clampdown on crypto, using FTX as an example of its relative success. This analysis emerges as comparisons are made between the Biden and Trump administrations regarding their stance on cryptocurrency.



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