FTX-SBF charges valid despite lack of crypto laws, DOJ says

Department of Justice rejects FTX ex-CEO’s defense, insists lack of regulations doesn’t excuse criminal charges and trial ongoing.
FTX-SBF charges valid despite lack of crypto laws, DOJ says
FTX-SBF charges valid despite lack of crypto laws, DOJ says

Sam Bankman-Fried, the former CEO of FTX, requested clarification and a reevaluation of the criminal allegations brought against him. On October 4, the US Department of Justice (DOJ) submitted a response.

SBF’s attorneys claimed that their client was “not guilty” since he adhered to the regulations for FTX US and that FTX was not controlled in the US.

The DOJ refuted this claim, saying that a person is still subject to criminal prosecution even if there are no particular laws in place.

They argued that although if laws and rules can create legal responsibilities, their absence has no bearing on whether the defendant’s activities were harmful to other people.

The DOJ further pointed out that Bankman-Fried’s assertion that there were no laws barring the misuse of customer funds was false, as such actions are already prohibited by law.

In the purported “absence of clearly applicable laws or regulations,” the DOJ claims that it makes no difference whether the defendant, SBF, made materially misleading statements or omissions.

The theft of customer funds and various counts of wire fraud are currently brought against SBF. He had previously served time in prison for defying the terms of his release on bail and trying to sway possible witnesses.

The jury trial for SBF started on October 3 and is scheduled to last up to six weeks.

Read Also: What’s Happening Today at First Day of Sam Bankman-Fried (SBF) Trial

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