Crypto community reacts to SBF’s second trial termination: injustice
The US Department of Justice's decision not to pursue a second trial against Sam Bankman-Fried is sparking protests in the crypto space. In a late Dec. 29 letter, prosecutors argued that strong public interest in the case “requires an immediate resolution of this case.”
The decision bars Bankman-Fried from further charges of conspiracy to make illegal campaign contributions. “Speaking of additional evidence that could be presented at the second trial was presented at the first trial and the court may consider the defendant's sentencing in March 2024,” the document says.
Among crypto enthusiasts, however, the strategy has been widely criticized. Coinbase Chief Legal Officer Paul Grewal called the announcement “a travesty”.
“The public interest in publicly airing allegations is always important. Campaign finance payments are at the top of this list. Politicians and others know what critical questions need to be answered and when.”
Simon Dixon, founder of BnkToTheFuture.com, an online investment platform, said the decision would protect US politicians from further scrutiny of their campaign contributions and weaknesses in the 2024 election season.
#SBF Sam Bankman-Fried lost $8 billion in #FTX client money.
100 million of stolen customer money for American politicians.
The U.S. government is suing the fraud, but it will end the political campaign finance violations and possibly hold the politicians accountable for the victims.
pic.twitter.com/HJnGwvZ9 No
— Simon Dixon (@SimonDixonTwitt) December 30, 2023
Bankman-Fried He admitted to being a “significant donor” to both political parties ahead of the 2022 midterm elections. According to the court case, he donated more than 100 million dollars to politicians.
During a hearing in October, he said the donation in his name came from a loan from Alameda Research — FTX's sister company — to influence the US government's policy to regulate cryptocurrencies. In the year Before the FTX collapse in November 2022, Bankman-Fried expected to make $1 billion in political donations by 2024.
It is very convenient that one of the charges they are making against SBF is campaign finance violations.
I wonder why?
— Coin Bureau (@coinbureau) December 30, 2023
In addition to political donations, Banman-Fried was acquitted of charges of conspiring to bribe Chinese officials. According to prosecutors, a second trial would not affect his US sentencing range.
Bankman-Fried was found guilty by a jury of seven counts of wire fraud, wire fraud, securities fraud, securities fraud and money laundering conspiracy at his trial. He faces a maximum sentence of 115 years on March 28, 2024.
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