The man responsible for putting the wheels in motion for the 2008 stock market crash – Jeffrey Skilling – has finally been released from jail and is now looking to make his way into the crypto and blockchain world. Skilling was the man behind Enron, a leading American energy company, who manipulated the markets by bribing power plants to shut down, forcing the price of power higher and higher. He was responsible for the California blackouts in 2000 and 2001 as a result of his market manipulation. Letting Skilling hold any key position within a regulated cryptocurrency exchange or blockchain platform could seriously damage the industry.
A Limited Pool of Options
When Skilling was convicted and sentenced to 12 years behind bars for insider trading, fraud, and conspiracy, the US Securities and Exchange Commission (SEC) banned him from ever holding an executive level position in a public company. This means that his options are rather limited, as such blockchain and crypto could provide a window for Skilling to get back to work. Skilling has allegedly already met with a number of key contacts who are willing to back his new business idea – a blockchain based oil and gas trading platform.
As most blockchain and cryptocurrency companies are still private – and are likely to remain that way for the foreseeable future – Skilling is free to roam the industry holding whatever position he likes without infringing the SEC ruling.
Oil Turning to Blockchain for Help
Skilling is right on the money with his new idea, as the oil and gas industry is already looking into utilizing blockchain technology. Back in December 2018, VAKT – a blockchain-based oil trading platform – went live, giving oil traders a quick and efficient way to trade oil stores between companies while receiving payment in real time – rather than the months it took under the old system. Shell is also looking to join the blockchain revolution and has gone on a blockchain analyst hiring spree.
The oil and gas industries heavily rely upon antiquated platforms to move oil around the globe and handle remittance, so blockchain is helping the industry become more efficient – a crucial factor that will impact the bottom line as the world looks to move away from oil-based products.
Skilling to Thrive in Blockchain
Whether Skilling’s time in jail has helped him become a better human is yet to be seen, but he has a shrewd mind for business and he is likely to thrive in the blockchain world. His pool of backers is likely to be limited, as not many people will want to publicly be seen dealing with Skilling, but if he can get the funding his oil and gas blockchain platform is likely to be a huge success. Now we know the signs of market manipulation and insider trading, the world will quickly be able to catch Skilling out the second time around!
Do you think Skilling is a danger to the crypto and blockchain world? Would you invest in a project that he stands behind? Let us know in the comments below!