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NEW YORK – In a significant development for the cryptocurrency industry, the Southern District of New York has decided to drop additional charges against FTX founder Sam Bankman-Fried. The decision, announced today, means that Sam Bankman-Fried will not be charged with foreign bribery, bank fraud or illegal political donations. This decision by Damian Williams’ office aims to ensure a speedy sentencing, scheduled for March.
The case has attracted widespread attention, with figures including Robert F. Kennedy Jr. and Paul Grewal, Coinbase’s chief legal officer, raising concerns about how the situation was handled. In particular, they raised the issue of a lack of oversight over Bankman-Fried’s use of client funds, which reportedly include some $100 million in political donations.
Despite these concerns, details of Caroline Ellison’s testimony about Alameda Research’s misconduct were presented in court. However, this will not result in further trials for Bankman-Fried. The crypto community is now closely watching the proceedings, as final sentencing for Bankman-Fried is set for March 28, 2024. The outcome of this high-profile case is expected to have far-reaching implications for the regulatory landscape of the cryptocurrency market.
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