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Former FTX executive Salame sentenced to over 7 years in prison

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Former FTX executive Salame sentenced to over 7 years in prison

Another former executive of FTX has been jailed over his part in the cryptocurrency giant’s implosion in late 2022.

Ryan Salame, who was the co-CEO of FTX’s Bahamian subsidiary, was sentenced to 90 months in prison, US federal prosecutors said.

Salame – who was a top lieutenant to Sam Bankman-Fried, the bankrupt crypto exchange’s founder – pleaded guilty in September last year to violating political campaign finance laws and operating an illegal money-transmitting business.

Earlier this year, Bankman-Fried was sentenced to 25 years in prison for stealing $8bn (£6.3bn) from FTX customers.

“Salame’s involvement in two serious federal crimes undermined public trust in American elections and the integrity of the financial system,” Damian Williams, US Attorney for the Southern District of New York said in a statement.

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A jury found Salame guilty in November last year on seven fraud and conspiracy counts stemming from FTX’s failure. Prosecutors have called it one of the biggest financial frauds in US history.

Salame’s sentence was longer than the five to seven years that prosecutors sought.

In addition to the prison term, he was sentenced to three years of supervised release and ordered to pay more than $6m in forfeiture and more than $5m in restitution.

Salame was one of four former top executives from Bankman-Fried’s companies to plead guilty to charges, along with former Alameda chief executive officer Caroline Ellison, former FTX technology chief Gary Wang and former FTX engineering chief Nishad Singh.

FTX was one of the world’s largest crypto exchanges before its demise, turning Bankman-Fried into a business celebrity and attracting millions of customers who used the platform to buy and trade cryptocurrency.

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Rumours of financial trouble sparked a run on deposits in 2022, precipitating the firm’s implosion and exposing Bankman-Fried’s crimes.

He was convicted by a New York jury last year on charges including wire fraud and conspiracy to commit money laundering, after a trial that detailed how he had used customers money to buy property, make political donations and put toward other investments.

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Senate Urged to Vote on CLARITY Act Before August Recess as Lawmakers Return July 13

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Senate Urged to Vote on CLARITY Act Before August Recess as Lawmakers Return July 13

Key Takeaways

Limited July Schedule Raises Urgency for Floor Vote

Efforts to pass a federal crypto market-structure bill have entered a critical phase as the Senate remains in recess until July 13. The advocacy group Stand With Crypto on July 1 urged supporters to contact Senators and push for a floor vote on the Digital Asset Market Clarity Act, or CLARITY Act, before lawmakers leave for the August recess.

The timeline leaves a narrow window for action following months of committee work and industry lobbying. Supporters say the bill would reduce regulatory uncertainty by establishing clearer federal rules for digital asset issuers, trading platforms, developers, and market participants.

“The Senate is in recess. The clock on Clarity is running,” Stand With Crypto noted on X, adding:

“The window before the August recess is short, and when Senators return on July 13, they can vote on the Clarity Act to end years of regulatory guesswork. Don’t let the window close. Call your Senators to schedule a vote on Clarity.”

The legislation advanced in June when the Senate Banking Committee approved H.R. 3633 in a bipartisan 15-9 vote. The bill outlines agency oversight, registration pathways for crypto firms, consumer protections, and compliance standards across digital asset markets.

Lawmakers return to Washington on July 13 after the Independence Day recess, leaving Congress with just eight legislative business days before the planned August recess. The compressed schedule gives lawmakers limited time to consider the CLARITY Act alongside annual defense and government funding legislation.

Industry Groups Increase Pressure on Senate Leadership

Industry advocacy has intensified as the legislative calendar tightens ahead of the 2026 midterm elections. More than 200 organizations, including Coinbase, Ripple, Kraken, Circle, Binance.US, Uniswap Labs, Paradigm, Andreessen Horowitz, and Stand With Crypto chapters, have urged Senate leaders to bring the bill to the floor.

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Mason Lynaugh, policy director at Stand With Crypto, said:

“There’s a limited window to get this done, with few remaining days left in the current Congress before the midterm elections. If Senate leaders don’t schedule a CLARITY Act vote in the coming weeks, an enormous amount of bipartisan work, compromise, and progress, could be wasted.”

Ripple has also promoted the effort in Washington, D.C., including a branded CLARITY truck near Capitol Hill to raise visibility as lawmakers consider crypto legislation.

Stand With Crypto cited polling showing nearly three-quarters of surveyed crypto owners in Senate battleground states are more likely to support candidates who favor clearer cryptocurrency rules. The group also reported that more than one-third of respondents use digital assets for personal transfers, while 21% use them for monthly expenses.

Despite the momentum, analysts remain cautious. Galaxy Research lowered its 2026 passage estimate for the CLARITY Act to 50-50 from 60%, citing the absence of a scheduled Senate floor vote, no motion to proceed, and no unified text between Senate committees.

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Trump denies conflict of interest over crypto. And, Vatican excommunicates rebel group

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Trump denies conflict of interest over crypto. And, Vatican excommunicates rebel group

Good morning. You’re reading the Up First newsletter. Subscribe here to get it delivered to your inbox, and listen to the Up First podcast for all the news you need to start your day.

Today’s top stories

President Trump’s financial disclosures reveal that he and his family earned more than $1 billion through cryptocurrency ventures and other businesses last year, according to a 927-page report filed with the Office of Government Ethics. The report shows that more than $500 million came from the cryptocurrency venture “World Liberty Financial,” which was co-founded by Trump family members. The sale of souvenir “meme” coins featuring Trump’s image generated more than $600 million. Other income included more than $50 million from settlements with media companies and millions in profits from Trump-branded products like Bibles, sneakers and watches. These earnings, which have outpaced his real estate business, have sparked concerns about potential conflicts of interest. The White House released a statement denying any conflicts of interest, and spokesperson Anna Kelly applauded Trump for making the U.S. “the crypto capital of the world.”

President Trump walks to board Air Force One as he departs Bismarck Municipal Airport on July 1, 2026, in Bismarck, North Dakota. Trump traveled to North Dakota to attend the Theodore Roosevelt Presidential Library dedication.

Andrew Harnik/Getty Images


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  • 🎧 Democrats have had a lot to say regarding the president’s earnings, NPR’s Linda Kenyon tells Up First. Sen. Adam Schiff of California suggested Trump has earned more money in the first year of his current term than in the rest of his life combined. Rep. Jason Crow of Colorado referred to the president’s cryptocurrency earnings as another example of what he described as “grift and corruption.” Crow also highlighted that the president took his first flight yesterday on a brand-new Air Force One, a gift from a foreign government valued at roughly $400 million.

The Vatican this morning formalized the excommunications of the bishops and priests of the conservative group known as the Society of St. Pius X, declaring that it has entered schism and broken communion with the pope and the Catholic Church. The group, known as SSPX, celebrates the traditional Latin Mass and opposes some modern church reforms. In the Catholic Church, the appointment of new bishops is the responsibility of the pope. But yesterday, the group defied Pope Leo XIV by consecrating four bishops without his approval. The Society framed its actions as a defense of Catholic tradition. During the ceremony, the Rev. Davide Pagliarani, head of the Society of St. Pius X, described the consecrations as an act of service rather than rebellion. Two of the excommunicated men teach in the U.S., where the group’s membership has been growing, according to the society.

A little over a week has passed since rare double earthquakes struck Venezuela. Thousands of people are feared dead as the official death toll continues to rise and hope diminishes for finding survivors in the rubble. Yesterday, the number of people killed by the quakes reached 2,295, and more than 11,200 people were injured, said Jorge Rodríguez, the president of Venezuela’s National Assembly. Tens of thousands of people remain unaccounted for. The number of people left homeless could be staggering. An analysis of satellite data by Corey Scher and Jamon Van Den Hoek from Oregon State University estimated that 58,870 buildings were likely damaged or destroyed by the earthquakes. The U.N.’s International Organization for Migration has reported that up to 6.8 million people could be affected by the disaster, needing shelter, water, sanitation, healthcare and other relief items. Here are the most significant developments since the tragedy occurred.

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Robert Kiyosaki Says Spiritual Mission Led Him to Financial Education

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Robert Kiyosaki Says Spiritual Mission Led Him to Financial Education

Key Takeaways

The Question That Changed Robert Kiyosaki’s Path

Robert Kiyosaki, author of the best-selling personal finance book Rich Dad Poor Dad, said the turning point began years ago while listening to an Indian guru. The guru told him, “Your body’s mission is to fulfill your spirit’s mission,” Kiyosaki wrote on X on July 1. He added that the sentence forced him to examine whether his work matched a deeper purpose.

“His words shook me. At the time my body was busy making money,” Kiyosaki said. That conflict became the central issue in his reflection: whether financial success alone could define a life’s work.

Why Teaching Became the Mission

Kiyosaki said the answer took years to understand. “It finally came to me that my spirit’s mission was to teach what my body was to do was to be a teacher… which was the last thing I thought I would ever become… just because I failed in school and hated school.”

He said the realization prompted him to leave manufacturing more than 50 years ago and begin teaching lessons he learned from his “rich dad,” shifting his career from manufacturing to financial education. Instead of focusing on producing goods, he redirected his energy toward sharing financial principles he believed were missing from traditional education.

The acclaimed author said he was ridiculed for years for teaching ideas such as “Savers are losers” and “Debt can make you rich.” Despite the criticism, he said he continued teaching because he believed traditional schools failed to educate people about money.

“My life changed.”

What Question Does Kiyosaki Leave Open

Kiyosaki said one way to find purpose is to ask, “What does my heart want to do to serve humanity?” He said he began teaching for free before the work became commercial.

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“That free education turned into a multimillion-dollar business and expanded throughout the world,” he wrote. He closes by encouraging readers to reflect on their own purpose, asking:

“What is your spirit’s mission?”

Beyond discussing purpose, Kiyosaki’s recent posts have continued to focus on economic risks. He has warned of a possible market downturn, advocated owning assets such as gold, silver, bitcoin, and ethereum, and said he is waiting for lower prices before making additional purchases.

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