Damian Williams, the United States Attorney for the Southern District of New York, announced on November 25 that he will resign from his position effective December 13.

Williams, who led the conviction of FTX founder Sam Bankman-Fried after the collapse of the crypto exchange, is stepping down following a tenure marked by high-profile prosecutions.

Williams Secured Bankman-Fried Conviction After FTX Scandal

Appointed by President Joe Biden in 2021, Williams played a central role in prosecuting major cases, including the fraud trial of Sam Bankman-Fried.

The 2023 trial lasted just over a month and featured testimony from former executives of FTX and Alameda Research, culminating in Bankman-Fried’s conviction on all charges.

This case is considered a pivotal moment for the digital asset industry, establishing a framework for future federal crypto prosecutions.

Williams also secured convictions in other high-profile cases, such as the corruption trial of New Jersey Senator Bob Menendez.

His record as U.S. Attorney has been recognized for its rigor and commitment to legal accountability.

In his resignation statement, Williams praised the office’s culture, saying, “Today is a bittersweet day for me, as I announce my resignation as United States Attorney for the Southern District of New York. That success is due to the career attorneys, staff members, and law enforcement agents of this office.”

Transition to New Leadership

Williams’ resignation takes effect on December 13, and Deputy United States Attorney Edward Y. Kim is set to take over the role.

Kim, a seasoned prosecutor, is expected to carry on the office’s legacy of handling complex federal cases.

Meanwhile, President-elect Donald Trump has nominated former SEC Chair Jay Clayton as the next U.S. Attorney for the Southern District of New York.

Clayton, who led the SEC during Trump’s first term, has extensive experience in digital asset regulation.

In a Truth Social post on November 14, Trump stated, “Jay Clayton, of New York, the Chairman of the U.S. Securities and Exchange Commission during my first term, where he did an incredible job, is hereby nominated to be the U.S. Attorney for the Southern District of New York.”

What Williams’ Departure Means for the Future of the SDNY

Williams’ resignation marks the end of a consequential tenure in one of the nation’s most prominent prosecutorial offices.

With Edward Y. Kim set to assume leadership and Jay Clayton potentially taking on the role in the near future, the Southern District of New York will remain a key player in tackling complex legal challenges, including those in the cryptocurrency industry.

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Pantera Capital reported an extraordinary milestone for its Bitcoin Fund, which has grown more than 1,000x since its launch in 2013.

The fund’s performance reflects Bitcoin’s (BTC) surging value, now exceeding $90,000 per coin, with a projected long-term trajectory suggesting continued upward momentum.

The Pantera Bitcoin Fund launched when Bitcoin was priced at $74, marking the lowest point in over a decade. As of Nov. 24, the fund’s value reached $97,392 per Bitcoin, representing a 1,313x return for early investors.

Pantera CEO Dan Morehead emphasized the fund’s remarkable compound annual growth rate (CAGR) of 88% over its 11-year history, illustrating Bitcoin’s unique position as a high-growth asset class.

Bitcoin outpaces global giants

Pantera’s analysis compared Bitcoin’s market capitalization to some of the world’s largest corporations. With a $2 trillion valuation, Bitcoin ranks as the fifth-largest asset globally, surpassing tech giant Meta and automotive leader Tesla.

Bitcoin now trails only NVIDIA, Apple, Microsoft, and Amazon in market size.

According to Morehead:

“The global financial ecosystem is at an inflection point.”

He attributed Bitcoin’s growth to increasing regulatory clarity and institutional adoption, led by firms such as BlackRock and Fidelity introducing accessible investment vehicles.

Pantera highlighted recent developments accelerating Bitcoin’s adoption, including US regulatory advancements and growing institutional interest.

According to Morehead, these factors could unlock trillions in additional capital inflows.

He said:

“Blockchain’s 15-year regulatory headwinds are turning into tailwinds.”

Morehead predicted that Bitcoin’s market cap could swell to $15 trillion within the next decade, potentially driving the price to $740,000 per coin. He noted:

“The transition from 5% adoption in 2024 to mass-market accessibility is just beginning.”

Morehead also reflected on the broader implications of blockchain technology, saying:

“We believe every major investment firm will soon have dedicated blockchain teams and permanent allocations.

Long-term vision

Despite its monumental growth, Bitcoin’s journey has been fraught with volatility. Morehead recalled the skepticism Pantera faced during Bitcoin’s 87% decline in 2013.

He said:

“It was hard to see the long-term vision back then. But as we’ve seen time and again, these cycles of doubt often precede transformative growth.”

Pantera’s early commitment, including its acquisition of 2% of all Bitcoin in circulation, positioned the fund as a pioneer in blockchain investing. Bitcoin’s ascent reflects its growing role in democratizing finance. Morehead likened Bitcoin to gold in 1000 B.C., noting that 95% of global wealth has yet to adopt the asset.

He said:

“Blockchain represents the first global, borderless payment system. Its potential is orders of magnitude beyond anything we’ve seen in the traditional financial system.”

As Bitcoin continues to mature, Pantera remains bullish on its ability to reshape the global economy. Morehead said:

“We’re not just betting on Bitcoin. We’re betting on the future of financial inclusion and the promise of blockchain technology.”

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