The US DOJ has recently filed a motion that claims the charges against the ex-CEO of the infamous cryptocurrency exchange, FTX, are valid regardless of the lack of crypto laws. The Department of Justice made the decision to file the motion in response to the defendant’s request for clarification along with the reconsideration of these charges.
The attorneys representing the disgraced CEO argued that their client was innocent as the FTX exchange was not exactly regulated within the US, and followed all rules concerning FTX US.
However, the DOJ dismissed the request called the argument irrelevant, and claimed that the existence of legislation might be necessary to prove a legal obligation, but its absence does not affect whether or not the defendant’s victims committed money to him. The DOJ also pinpointed the defendant’s claims concerning the lack of regulations regarding the usage of customer funds. The body was quick to brush these claims off and clarified that these claims are false as there are existing rules against them.
The Criminal Trial of FTX’s SBF Begins
The DOJ further continued to argue that existing laws prevent companies from stealing the funds of their customers and the ex-CEO of FTX has been charged under the same. Not only did FTX’s SBF actively commit misrepresentations to customers, but also stole their money. The DOJ has argued that it is irrelevant whether or not the defendant made misstatements along with omissions as a result of the absence of laws.
The criminal trial of FTX’s former CEO started on October 4. SBF has spent the previous seven weeks jailed in the Brooklyn Metropolitan Detention Centre. However, SBF’s lawyers tried to get his bail approved, and even cited a lack of internet connectivity hindering his defense preparations, along with no availability of vegan meals.
Right after the selection of the jurors, an assistant US attorney read out a list of potential witnesses which included the names of former FTX executives. At the same time, several institutions along with other crypto firms were also listed. The masses believe that the trial is expected to last for up to almost six weeks, with many of them arguing that the trial would come to a conclusion in a much shorter time.