The trial of Sam Bankman-Fried, founder of the collapsed crypto exchange FTX, has begun. He is accused of a multi-billion dollar cryptocurrency fraud. The trial's outcome could shape crypto regulation for years to come. The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission are both vying for oversight of the crypto market. The SEC has begun operating under the definition that all forms of digital assets are securities. This has led to a crackdown on major crypto exchanges and companies, including Binance and Coinbase Global Inc (NASDAQ:COIN).