US DOJ Wants to Postpone Sam Bankman-Fried’s Trial, Will Bail Be Revoked Again?

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The trial of Sam Bankman-Fried (SBF), the former CEO of the now-defunct crypto exchange FTX, is fast approaching, with potential consequences of up to 100 years in prison if he is found guilty. Here are the key developments to note as the trial draws near:

DOJ Charges Against SBF

The U.S. Department of Justice (DOJ) framed SBF with seven counts of fraud, including wire fraud against FTX customers, conspiracy to commit wire fraud, wire fraud involving Alameda Research lenders, securities fraud on FTX investors, commodities fraud on FTX customers, and money laundering. SBF has maintained his innocence, and his legal team employs various tactics to delay trial proceedings.

Reason Behind DOJ’s Request for Trial Extension

The DOJ has submitted a request to Judge Lewis A. Kaplan, urging an extension of the trial’s duration in the case of Sam Bankman-Fried. The trial is set to commence on October 3, but prosecutors argue that more time is needed in the first week to ensure efficient witness hearings and trial proceedings. Their request seeks to include October 6 as part of the trial’s first week. The DOJ is more focused on accommodating the travel schedules of out-of-town witnesses and maintaining an efficient pace to make the most of the jury’s time. The defense, however, opposes this extension, citing the need for ample time to prepare for trial.

What’s with SBF’s Bail Situation? A New Controversy Looping?

Following allegations of witness tampering, SBF’s bail was revoked, and Judge Kaplan recently denied his request for pretrial bail. SBF’s legal team and prosecutors will present their arguments regarding his potential release to a three-judge panel of the 2nd U.S. Circuit Court of Appeals in the coming days. Ahead of SBF’s bail request, the FTX has initiated a lawsuit against SBF’s parents, Allan Joseph Bankman and Barbara Fried. The case aims to recover millions of dollars allegedly transferred and misappropriated by SBF’s parents during the early years of FTX.

Crypto Reaction to DOJ’s Role

According to John Deaton, this all comes from a PAC. He fearlessly pointed fingers towards the Department of Justice’s (DOJ) compromised approach to the case, much like the SEC and other federal agencies, which needs a proper cleansing.

Deaton pointed out that some more significant political influence shielded SBF’s parents. So far, he openly called out Senator Elizabeth Warren and some prominent democratic party involvement.

As Sam Bankman-Fried prepares to face trial in October, these developments underscore the significant legal challenges and controversies surrounding the case.