Former FTX CEO Sam “SBF” Bankman-Fried addressed a New York courtroom under oath without the 12-member jury present.
According to reports from the courtroom on Oct. 26, SBF’s highly anticipated testimony kicked off in a hearing with defense attorney Mark Cohen questioning the former FTX CEO on his use of the messaging app Signal and retention of communications data at the crypto exchange. Bankman-Fried reportedly claimed he acted in accordance with company policies on records, and none of the media set to “auto-delete” were “channels for decisions.”
“Why did you turn off auto-delete?” Cohen asked Bankman-Fried.
“I had heard from regulators,” he replied.
Cohen pressed the former FTX CEO on the creation of North Dimension, an alleged “shadowy entity” used to launder customer funds from the crypto exchange through Alameda Research. According to SBF, former chief regulatory officer Dan Friedberg provided him with the papers setting up the firm, which he signed without question.
“Did you believe taking FTX deposits through Alameda was legal?” Cohen asked SBF.
“I did,” he replied.
“I was CEO of both at that time,” said Bankman-Fried on establishing North Dimension under Alameda and FTX. “FTX didn’t have a bank account.”
One of the key issues in the U.S. government’s case against SBF centers around allegations the former FTX CEO used customer funds from the crypto exchange to make investments through Alameda without users’ knowledge. Bankman-Fried testified that he communicated with Friedberg, law firm Fenwick & West, and FTX former general counsel Can Sun regarding the investments.
“I thought, only to futures trading,” said Bankman-Fried on whether he believed parts of FTX’s terms of services concerned the use of customer funds. “And Alameda was authorized to do that.”
Bankman-Fried will be the last witness to take the stand after more than three weeks in court laying out details of the alleged commingling of funds between FTX and Alameda. According to Kaplan, the jury will “decide in the first few days of next week” without hearing the entirety of the former FTX CEO’s testimony.
SBF has pleaded not guilty to all seven charges in his criminal case, but he is expected to face five more counts in a second trial scheduled to start in March 2024.
Wes Streeting “crossed the line” by opposing assisted dying in public and the argument shouldn’t “come down to resources”, a Labour peer has said.
Speaking on Sky News’ Electoral Dysfunctionpodcast, Baroness Harriet Harman criticised the health secretary for revealing how he is going to vote on the matter when it comes before parliament later this month.
MPs are being given a free vote, meaning they can side with their conscience and not party lines, so the government is supposed to be staying neutral.
But Mr Streeting has made clear he will vote against legalising assisted dying, citing concerns end-of-life care is not good enough for people to make an informed choice, and that some could feel pressured into the decision to save the NHS money.
Baroness Harman said Mr Streeting has “crossed the line in two ways”.
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“He should not have said how he was going to vote, because that breaches neutrality and sends a signal,” she said.
“And secondly… he’s said the problem is that it will cost money to bring in an assisted dying measure, and therefore he will have to cut other services.
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“But paradoxically, he also said it would be a slippery slope because people will be forced to bring about their own death in order to save the NHS money. Well, it can’t be doing both things.
“It can’t be both costing the NHS money and saving the NHS money.”
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2:09
Review into assisted dying costs
Baroness Harman said the argument “should not come down to resources” as it is a “huge moral issue” affecting “only a tiny number of people”.
She added that people should not mistake Mr Streeting for being “a kind of proxy for Keir Starmer”.
“The government is genuinely neutral and all of those backbenchers, they can vote whichever way they want,” she added.
Prime Minister Sir Keir Starmer has previously expressed support for assisted dying, but it is not clear how he intends to vote on the issue or if he will make his decision public ahead of time.
The cabinet has varying views on the topic, with the likes of Justice Secretary Shabana Mahmood siding with Mr Streeting in her opposition but Energy Secretary Ed Miliband being for it.
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The Terminally Ill Adults (End of Life) Bill is being championed by Labour backbencher Kim Leadbeater, who wants to give people with six months left to live the choice to end their lives.
Under her proposals, two independent doctors must confirm a patient is eligible for assisted dying and a High Court judge must give their approval.
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2:30
Labour MP Kim Leadbeater discusses End of Life Bill
The bill will also include punishments of up to 14 years in prison for those who break the law, including coercing someone into ending their own life.
MPs will debate and vote on the legislation on 29 November, in what will be the first Commons vote on assisted dying since 2015, when the proposal was defeated.
Former CFTC Acting Chair Chris Giancarlo said he’s “already cleaned up earlier Gary Gensler mess,” shooting down speculation he’d replace the SEC Chair.