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US Department of Justice: Sam Bankman-Fried will not be able to escape responsibility

On October 3, 2023, FTX founder Sam Bankman-Fried’s fraud trial began. The US Department of Justice did statement regarding the regulation of cryptocurrencies and political donations by SBF.

“The lack of a clear legal framework for cryptocurrencies in the United States is not an obstacle to bringing fraud charges against FTX founder Sam Bankman-Fried,” the document says.

The statement said the lack of regulation had no bearing on whether FTX clients’ money was given to the defendant.

“There are prohibitions on appropriation of client assets. These are the very laws that the defendant is accused of violating,” the Justice Department said.

Additionally, prosecutors rejected Bankman-Fried’s arguments that the pooling and redistribution of client funds was “a common occurrence in the crypto industry.” This is applicable only in the case of legal practice, the department believes.

The Justice Department also said Bankman-Fried could tell jurors about her charitable activities. However, to do this, he needs to discuss this decision with the court.

The department will take into account information that Bankman-Fried organized illegal and indirect donations to political candidates. According to preliminary data, he could spend about $100 million on them. In addition, SBF planned to give Donald Trump $5 billion for refusing to participate in the elections.

According to the information provided, this information was not included in the original extradition deal from the Bahamas, where Bankman-Fried was arrested.

Previously, some lawyers suggested that Bankman-Fried would spend 10 to 20 years in prison.

Source: Cryptocurrency

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