Picking the wrong goalposts: instead of asking "was it a crime" those downplaying ask "is it possible that he did not understand that it was a crime", as if that made a difference of tipping point scale. Is it possible that he did not understand? Certainly. And given the amount of self-respect depending on him not understanding perhaps even likely. Self-delusion is a powerful force. But it's the wrong question to ask of course.

On the other hand I haven't seen any media downplaying, here in Germany it's all haughty "Americans being Americans again" ("let's not talk about Wirecard for a few minutes, can we?") and what I read through the hn filter isn't downplaying either. Perhaps what you are perceiving is a subset of media motivated by the crypto angle?