DOJ readies witnesses in Bankman-Fried trial, highlights FTX asset management
The Department of Justice (DOJ) has confirmed its intention to summon former FTX clients, investors and staff as witnesses in the upcoming trial involving Sam Bankman-Fried, the former FTX CEO.
The DOJ submitted a letter motion in limine on Sept. 30 describing the witnesses it intends to call concerning FTX’s treatment of customer assets.
The testimonies intend to provide perspectives on the interactions between the accused and the witnesses. It also aims to get the witnesses’ understanding of Bankman-Fried’s remarks and conduct, particularly regarding FTX’s asset management. The DOJ intends to highlight the experiences of retail and institutional clients who entrusted substantial assets to FTX, believing that the platform would safeguard them securely.
Furthermore, a situation has emerged concerning one of the DOJ’s witnesses, “FTX Customer-1,” who resides in Ukraine. Given the ongoing conflict in Ukraine, traveling to the U.S. to provide testimony is associated with difficulties. The DOJ has suggested using video conferencing as a viable alternative. However, Bankman-Fried’s defense has not yet approved this proposal.
Nonetheless, the legal team representing Bankman-Fried, led by lawyer Mark Cohen, has voiced concerns about the jury questions put forth by the DOJ. According to Bankman-Fried’s defense, these interrogations insinuate guilt on Bankman-Fried’s part, potentially undermining the principle of “innocent until proven guilty.“
Related: Sam Bankman-Fried’s lawyer challenges US gov’t proposed jury questions
Additionally, the defense contends that these inquiries may not effectively uncover the jurors’ inherent biases, especially related to their encounters with cryptocurrencies. Moreover, specific questions could inadvertently guide the jury’s perspective instead of eliciting authentic insights, possibly compromising the trial’s impartiality.
With the jury selection scheduled to start on Oct. 3, closely followed by the trial, the spotlight is on this high-stakes legal confrontation.
Magazine: Deposit risk: What do crypto exchanges really do with your money?
A watch-list for potential ministerial resignations over Labour’s welfare reforms is in place, Harriet Harman says.
Speaking to Sky News political editor Beth Rigby on the Electoral Dysfunction podcast, Baroness Harman reckons there could be resignations over the matter.
While this week’s spending review was taking up most of the headlines, the government told their MPs that controversial reforms to disability benefits would go ahead.
The measures – headed up by Work and Pensions Secretary Liz Kendall – have proved mightily unpopular in Labour circles.
More than 100 MPs from government benches are thought to have concerns about the plans to cut nearly £5bn from the welfare bill by restricting personal independence payments (PIP) and the health top-up to Universal Credit.
Spiralling welfare costs, particularly in the wake of the pandemic, have been singled out as an area where the government could save money.
Sir Keir Starmer has said he wants more people returning to the “dignity” of work.
Asked by Beth if resignations could be on the cards, Baroness Harman said: “There might be. But I don’t think, not cabinet.”
She added: “There is people on a watch list at the moment, but not cabinet ministers.”
Read more:
Disability benefit reforms will go ahead
What is PIP and how is it changing?
Liz Kendall is heading up the reforms. Pic: PA
A report released by a House of Lords committee earlier this year revealed that around 3.7 million people of working age get health-related benefits, 1.2 million more than before the pandemic.
It also found that the government spends more (£65bn as of January) on incapacity and disability benefits than on defence.
It added that if 400,000 people out of the workforce were able to find employment, it would save the government around £10bn through tax income and lower spending on benefits.
Another area is the number of PIP claims being made – PIP is a benefit to help disabled people with the increased costs of day-to-day living.
Rebel MPs have concerns about making this harder to access.
The SEC has withdrawn over a dozen rules the agency proposed under Joe Biden, including two crypto-related rules targeting DeFi and digital asset custody.
CFTC acting chair Caroline Pham says the agency won’t ease up on crypto just because the Trump administration has pledged to support the industry.
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