Sam Bankman-Fried’s lawyers push for temporary release, object to prosecutors’ p...
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Sam Bankman-Fried’s lawyers push for temporary release, object to prosecutors’ proposed deal
The U.S. Justice Department has produced “millions of pages of documents” related to SBF’s criminal case, which his lawyers claimed was too much to access from jail before trial.
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Lawyers representing former FTX CEO Sam Bankman-Fried, or SBF, have claimed the “extraordinary accommodations” offered by authorities were insufficient in order for him to prepare for his criminal trial in October.
In an Aug. 25 filing in the United States District Court for the Southern District of New York, SBF’s legal team said the plan proposed by prosecutors to allow the former FTX CEO access to discovery materials before trial was inadequate. Lawyers said the U.S. Justice Department produced roughly four million pages of discovery materials on Aug. 24, and there were “millions of pages of documents and terabytes of data” left for SBF to review for his criminal trial.
“We do not believe that anything short of temporary release will properly address these problems and safeguard Mr. Bankman-Fried’s right to participate in his own defense,” said the filing. “Before his bail was revoked, Mr. Bankman-Fried was spending 80-100 hours a week reviewing the voluminous discovery and creating detailed analyses that he could update constantly and share with his attorneys.”
Bankman-Fried had been free on a $250 million bond for roughly eight months following his extradition from the Bahamas and arraignment in the U.S. in December 2022. However, following allegations of witness intimidation of former Alameda Research CEO Caroline Ellison, a federal judge revoked his bail. Since Aug. 11, roughly two months before the start of his first criminal trial, SBF has been remanded to the Metropolitan Detention Center in Brooklyn.
Since his bail was revoked, SBF’s legal team has been pushing for fewer restrictions, allowing him time outside jail in order to prepare for trial. A judge ruled on Aug. 21 that SBF be allowed roughly seven hours in the New York courthouse cell block attorney room on Aug. 22, and later issued an order giving him access to the same space with one laptop and wifi-enabled device on a seemingly unlimited basis provided his lawyers gave 48 hours notice.
“Mr. Bankman-Fried needs constant access to an internet-enabled computer that allows him to review documents from discovery, look up relevant context for the evidence online, draft and edit work product analyzing the documents and data, and share these documents and analyses with his attorneys,” claimed his legal team. “The Government’s current plan [...] comes nowhere close to this.”
Related: Superseding indictment against Sam Bankman-Fried includes using $100M for campaign contributions
SBF’s first of two trials is scheduled to begin on Oct. 3, in which he will face seven charges related to fraudulent activities involving user funds at FTX and Alameda Research. The second trial, scheduled for March 2024, will include five other criminal charges.
According to court filings, Bankman-Fried’s legal team may pursue a defense claiming the former CEO acted “in good faith” on the advice of lawyers from Fenwick & West and FTX’s in-house counsel. These allegedly illegal actions included SBF directing that certain communications between FTX and Alameda employees be automatically deleted.
Magazine: Can you trust crypto exchanges after the collapse of FTX?
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Crypto Biz: Coinbase-Circle realignment, Binance fiat hurdles and USDC on Shopify
This week’s Crypto Biz explores the latest on Binance’s global on-ramps and off-ramps, Coinbase-Circle re-alignment, Shopify’s take on USDC and China’s blockchain data exchange.
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Global regulatory landscapes are again proving to be a turning point for crypto companies, demanding constant adaptation to navigate the choppy waters of regulation, particularly in the United States.
In recent developments, Coinbase and Circle decided to dissolve the Centre Consortium in a strategic realignment driven by demand for regulatory clarity on stablecoins, possibly as an anticipation of upcoming legislation coming from the U.S. Congress.
A legal alternative to remaining operational was also sought by Binance.US this week. The exchange announced a partnership with MoonPay featuring the dollar-pegged stablecoin Tether as its new “base asset” for all transactions, allowing a path for users to transact in U.S. dollars while possibly sidestepping potential regulatory hurdles.
In the meantime, Binance continues facing challenges with on and off-ramps. Almost 30 days before Paysafe ends its support for fiat transactions in Europe, its users in the region are reporting difficulties with fiat withdrawals.
In this environment, fast adaptation is more than a strategy; it’s a survival skill. For now, crypto firms dance to songs that are yet to be written.
This week’s Crypto Biz explores the latest on Binance’s global on-ramps and off-ramps, Coinbase-Circle re-alignment, Shopify’s take on USDC and China’s blockchain data exchange.
Binance limits withdrawals in Europe, cites payment processor issues
Customers of crypto exchange Binance are allegedly facing troubles with fiat withdrawals in Europe due to issues related to Single Euro Payments Area transfers. The news comes a few months after Binance informed users that its euro banking partner, Paysafe Payment Solutions (SEPA), would discontinue support for the crypto exchange by Sep. 25. After this date, users will have to update banking information and may be required to accept new terms and conditions to continue using SEPA services, the exchange said. Meanwhile, in the United States, Binance.US announced a new partnership with crypto payments firm MoonPay to make the dollar-pegged stablecoin USDT its new “base asset” for all transactions, allowing a path for users to transact in U.S. dollars. Binance.US recently suffered a breakdown with its banking partners in the country, which saw fiat deposits on the exchange disabled since June.
Today, we're excited to introduce a new $USD on-ramp!
— Binance.US (@BinanceUS) August 22, 2023
✔️ Buy $USDT on https://t.co/AZwoBOgsqS through payment partners like @moonpay, which supports debit & credit card, Apple Pay, and Google Pay.
✔️ Sell USDT for USD to withdraw via bank transfer.
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Coinbase takes equity stake in Circle as Centre Consortium shuts down
Coinbase and Circle have redefined their relationship as the Centre Consortium is being shut down for “growing regulatory clarity for stablecoins” in the United States. The two organizations jointly launched the USD Coin stablecoin in 2018 and have, since then, governed the token through the Centre Consortium. As the organization ends, Circle will have enhanced responsibilities, including holding smart contract keys and regulatory compliance, while Coinbase will take an equity stake in Circle. Interest revenue will continue to be shared between them based on their stablecoin holdings. USDC is also set to launch into Polkadot, Optimism, Near, Arbitrum and Cosmos networks to expand its chain reach.
1/ Some major news from @circle and @coinbase on the future of $USDC in this joint blog post from @brian_armstrong and I (@jerallaire). https://t.co/uHuxeRJtiI
— Jeremy Allaire (@jerallaire) August 21, 2023
Shopify to accept USDC payments with Solana
E-commerce giant Shopify has added Solana Pay to its pool payment options, allowing millions of merchants to use the platform to accept crypto transactions, kicking off with USDC stablecoin payments. Solana reportedly plans to add other altcoins to the platform in the coming months, including its native Solana token and the meme token Bonk (BONK). Shopify estimates that 10% of all e-commerce transactions in the U.S., or $444 billion of the world’s e-commerce market, are made through its platform. The network’s average charge is $0.00025 per transaction, while credit card fees range from 1.5% to 3.5%. In the last epoch, Solana’s users paid an average transaction fee of 0.000009664 SOL.
China launches blockchain-powered data exchange
Chinese government officials unveiled a new data exchange powered by blockchain technology with over 300 enterprises — including Alibaba Cloud and Huawei — participating in the exchange’s debut. According to local news reports, the new Hangzhou Data Exchange will facilitate the trading of enterprise information technology data, ensuring exchange trades are immutable and traceable. Despite cracking down harshly on private blockchain enterprises for much of the year, China is a staunch supporter of government-controlled Web3 initiatives.
Crypto Biz is your weekly pulse of the business behind blockchain and crypto, delivered directly to your inbox every Thursday.
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