A federal judge has granted a motion from the legal team for Sam Bankman-Fried (SBF) allowing the former FTX CEO to wear business attire during his first criminal trial.
In a Sept. 27 order filed in United States District Court for the Southern District of New York, Judge Lewis Kaplan said the United States Marshals Service and the Metropolitan Detention Center in Brooklyn would make arrangements for SBF to wear business attire for the duration of his criminal trial starting in October. Authorities will be responsible for “accept[ing] and maintain[ing]” 3 full suits, 4 dress shirts, 3 ties, 1 belt, 4 pairs of socks, 2 pairs of shoes, and “appropriate undergarments”.
Bankman-Fried wearing a suit and tie will stand in sharp contrast to many of his public appearances prior to his arrest in December 2022. The then FTX CEO was well known for donning a T-shirt or hoodie, cargo shorts and sneakers. In hearings following his arrest, Bankman-Fried often came to court wearing a suit, though not always a tie.
The judge’s order came with less than 7 days until the start of Bankman-Fried’s criminal trial in New York, scheduled for Oct. 3. He will faces 7 counts related to fraud during his time at FTX and Alameda Research, and 5 additional counts in a separate trial scheduled for March 2024. Bankman-Fried has pleaded not guilty to all charges.
In a Sept. 26 pretrial ruling, Judge Kaplan said prosecutors will be allowed to provide the jury with details of SBF’s political donations related to existing fraud charges. Officials had originally indicted Bankman-Fried with violations of campaign finance laws, but were forced to drop the charge due to U.S. “treaty obligations to the Bahamas”, from where the former FTX CEO had been extradited in December 2022.
The Bank of France’s governor called for crypto oversight to be given to the European Securities and Markets Authority, and for tightening MiCA’s rules on stablecoin issuance.
There’s no question that Kemi Badenoch’s on the ropes after a low-energy first year as leader that has seen the Conservative Party slide backwards by pretty much every metric.
But on Wednesday, the embattled leader came out swinging with a show-stopping pledge to scrap stamp duty, which left the hall delirious. “I thought you’d like that one,” she said with a laugh as party members cheered her on.
A genuine surprise announcement – many in the shadow cabinet weren’t even told – it gave the Conservatives and their leader a much-needed lift after what many have dubbed the lost year.
Image: Ms Badenoch with her husband, Hamish. Pic: PA
Ms Badenoch tried to answer that criticism this week with a policy blitz, headlined by her promise on stamp duty.
This is a leader giving her party some red meat to try to help her party at least get a hearing from the public, with pledges on welfare, immigration, tax cuts and policing.
In all of it, a tacit admission from Ms Badenoch and her team that as politics speeds up, they have not kept pace, letting Reform UK and Nigel Farage run ahead of them and grab the microphone by getting ahead of the Conservatives on scrapping net zero targets or leaving the ECHR in order to deport illegal migrants more easily.
Ms Badenoch is now trying to answer those criticisms and act.
At the heart of her offer is £47bn of spending cuts in order to pay down the nation’s debt pile and fund tax cuts such as stamp duty.
All of it is designed to try to restore the party’s reputation for economic competence, against a Labour Party of tax rises and a growing debt burden and a Reform party peddling “fantasy economics”.
She needs to do something, and fast. A YouGov poll released on the eve of her speech put the Conservatives joint third in the polls with the Lib Dems on 17%.
That’s 10 percentage points lower than when Ms Badenoch took power just under a year ago. The crisis, mutter her colleagues, is existential. One shadow cabinet minister lamented to me this week that they thought it was “50-50” as to whether the party can survive.
Image: (L-R) Shadow business secretary Andrew Griffith, shadow environment secretary Victoria Atkins and shadow housing secretary Sir James Cleverly. Pic: PA
Ms Badenoch had to do two things in her speech on Wednesday: the first was to try to reassert her authority over her party. The second was to get a bit of attention from the public with a set of policies that might encourage disaffected Tories to look at her party again.
On the first point, even her critics would have to agree that she had a successful conference and has given herself a bit of space from the constant chatter about her leadership with a headline-grabbing policy that could give her party some much-needed momentum.
On the second, the promise of spending control coupled with a retail offer of tax cuts does carve out a space against the Labour government and Reform.
But the memory of Liz Truss’s disastrous mini-Budget, the chaos of Boris Johnson’s premiership, and the failure of Sunak to cut NHS waiting lists or tackle immigration still weigh on the Conservative brand.
Ms Badenoch might have revived the room with her speech, but whether that translates into a wider revival around the country is very hard to read.
Ms Badenoch leaves Manchester knowing she pulled off her first conference speech as party leader: what she will be less sure about is whether it will be her last.
I thought she tacitly admitted that to me when she pointedly avoided answering the question of whether she would resign if the party goes backwards further in the English council, Scottish parliament and Welsh Senedd elections next year.
“Let’s see what the election result is about,” was her reply.
That is what many in her party are saying too, because if Ms Badenoch cannot show progress after 18 months in office, she might see her party turn to someone else.