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Sam Bankman-Fried applying for a presidential pardon isn’t the real story. Trust is. The FTX collapse wasn’t just a failed company. It was a reminder of what happens when customer funds, leverage, and centralized control become concentrated in one place. Every time SBF returns to the headlines, the industry is forced to revisit the same lesson: Transparency matters. Proof of reserves matters. Custody matters. Risk management matters. The market has largely recovered in price terms since the FTX era. Trust takes longer. Crypto’s next phase won’t be defined by bigger narratives alone. It will be defined by stronger foundations. Because capital follows opportunity. But it stays where trust exists.