Former FTX CEO Sam Bankman-Fried lost his appeal to overturn his fraud conviction and 25-year prison sentence, as the 2nd US Circuit Court of Appeals unanimously rejected his bid. The panel described the government's case as robust, noting that Bankman-Fried used FTX as a personal piggy bank. Bankman-Fried is now seeking a presidential pardon from Donald Trump, though Trump previously stated he had no plans to grant one. Meanwhile, TRM Labs warned that crypto scammers are exploiting the 2026 FIFA World Cup with fake ticketing sites, fixed-match betting schemes, and event-themed promotions. The FBI also issued warnings about spoofed FIFA websites. In regulatory news, the SEC proposed scrapping two market rules regarding order protections and price quotes. Galaxy Digital's head of research Alex Thorn said this could remove major barriers for tokenized US stocks, as it would allow automated market makers in DeFi to operate without violating trade-through rules. The proposal is open for 60 days of feedback.

Key facts

• SBF's appeal for fraud conviction and 25-year sentence denied by unanimous panel.
• TRM Labs warns of crypto scams using fake World Cup tickets and betting schemes.
• SEC proposal to scrap order rules could enable tokenized stock trading on AMMs.
• FBI warns of spoofed FIFA websites targeting fans.