Crypto News: Former FTX CEO Sam Bankman-Fried’s Lawyers Seek Dismissal of Most Criminal Charges
Lawyers representing Sam Bankman-Fried, the former CEO of crypto exchange FTX, have filed a motion to dismiss most of the 13 criminal charges against him. Bankman-Fried’s counsel argued that FTX had weathered the industry-wide downturn during the “crypto winter,” unlike many of its competitors.
They also accused the government of improperly seeking to turn civil and regulatory issues into federal crimes. Bankman-Fried’s lawyers sought reprieve from all charges except conspiracy to commit securities fraud, securities fraud, and conspiracy to commit money laundering.
Bankman-Fried’s lawyers argued that several charges were outside the scope of the specific offenses for which he is being prosecuted.
They also claimed that four of the charges were not included in the original agreement between the US and the Bahamas, from where Bankman-Fried was extradited.
Bankman-Fried’s former colleagues have already pleaded guilty to charges, while he is set to face trial on October 2.
The motion to dismiss will be heard by US District Judge Lewis Kaplan on June 15, and the prosecution has until May 29 to respond.
Bankman-Fried has been under house arrest at his parents’ home in Palo Alto since December, with limited access to technology due to concerns that he may try to tamper with witnesses.
Related News: Coinbase Urges SEC to Revise Proposed Rule for Safeguarding Client Assets
