In a surprising twist in the world of digital assets, former FTX exchange General Counsel, Ryne Miller, has launched his own law firm, Miller Strategic Partners. The firm is planning to offer strategic and regulatory guidance to blockchain firms. He announced this newly-minted venture on LinkedIn, revealing that law veteran William Schroeder, a professor at Rutgers and Hofstra Universities, will be joining him as a partner. This development comes on the heels of Miller’s departure from FTX earlier this year.
Curiously, FTX has been riddled with legal troubles recently. The exchange, which was founded by Sam Bankman-Fried, had filed for Chapter 11 bankruptcy protection. Apparently, many FTX executives are now opting for plea deals. For instance, former co-CEO of FTX Digital Market, Ryan Salame, last week made known his intentions to plead guilty to charges related to FTX’s collapse with a hearing set for September 7. Additionally, key FTX figures like former Alameda Research CEO Caroline Ellison, FTX’s previous chief technology officer Gary Wang, and the former director of engineering, Nishad Singh, have pleaded guilty to criminal charges.
However, it’s worth noting that FTX’s founder, Sam Bankman-Fried, refutes all these allegations and has maintained a plea of not guilty.
In light of the ongoing turmoil surrounding FTX, there exists concerns regarding the handling of their significant crypto holdings. Indeed, the platform reportedly holds assets totalling to $7 billion, including $560 million in Bitcoin (BTC), and a staggering $1.16 billion worth of Solana (SOL) tokens. Notably, a recent ruling by a judge in Delaware’s US Bankruptcy Court permits FTX to sell and invest these crypto assets to repay its creditors.
In a fascinating turn of events, Justin Sun, founder of Tron Network, has expressed interest in bidding for FTX’s assets, attempting to sustain growth in the sector while reducing the potential market impact of the assets’ sale.
The development of Miller’s new law firm vis-à-vis the impending FTX debacle could be seen as a bold step into the turbulent crypto waters or a strategic pivot, given the increasing regulatory scrutiny in the sector. Nonetheless, only time will tell the repercussions of these separate, yet intertwining events. The engagement of the law firm Miller Strategic Partners promises to highlight the convoluted interplay between legal conformance and innovative technologies like cryptocurrencies. As countless digital asset enthusiasts keep their eyes glued on these developments, precautions should be taken to ensure the prudent and ethical stewarding of these influential markets.
Source: Cryptonews
