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After much speculation, the former FTX CEO will be one of only a handful of witnesses to testify for his defense in the criminal fraud case. 3911 Total views 9 Total shares Listen to article 0:00 Breaking news Join us on social networksFormer FTX CEO Sam SBF Bankman-Fried will testify as part of his defense case, said attorney Mark Cohen.

In an Oct. 25 telephone conference between SBFs lawyers, prosecutors and Judge Lewis Kaplan, Cohen said following the prosecution completing the presentation of its case on Oct. 26, his team planned to call three witnesses as well as Bankman-Fried to the stand. Judge Kaplan said he would allow the case to go straight through on Oct. 26, moving directly from the prosecutors final witness to the defenses first one.

According to Cohen, the defense is not expected to take more than three days to question the three potential witnesses, which included an attorney based in the Bahamas, Joseph Pimbley from litigation consulting firm PF2 Securities, and an individual to testify on the titles and responsibilities of former FTX employees. By Kaplans estimation, the defense case could take perhaps an hour, excluding SBFs testimony.

Subscribe to our 1 Minute Letter NOW for daily deep-dives straight to your inbox! ?? Be the first to know every twist and turn in the Sam Bankman-Fried case! Subscribe now: https://t.co/jQOIYUv6IW #SBF pic.twitter.com/gp7zJu5sgy Cointelegraph (@Cointelegraph) October 5, 2023

The United States government is expected to wrap up its case against SBF on the morning of Oct. 26, with defense attorneys likely finishing the following day. Prosecutors added they were uncertain whether rebuttal witnesses would be necessary depending on Bankman-Frieds testimony. Closing arguments could be held before Oct. 31.

Related: Sam Bankman-Frieds trial is telling a story of classic financial deceit

Kaplan questioned whether the court would consider pursuing a special verdict in the case.The situation is one in which the jury gives its findings on factual issues in the case, without necessarily stating which party should win,” according to Cornell Law School’sLegal Information Institute.

[T]he government has a single substantive wire fraud count related to customers, and the theory is that the defendant [SBF] made false representations and was in a trust relationship with depositors and took money, said Assistant U.S. Attorney Nicolas Roos. I think there is certainly an element to which these are very intertwined to the extent that the false representations created an impression of trust and confidence amongst the victims of the crime.

The possible testimony of Bankman-Fried would follow statements from former FTX and Alameda executives, including Caroline Ellison, Gary Wang and Nishad Singh, all of whom admitted to committing crimes on the stand often at the direction of SBF. The criminal case alleged SBF was responsible for Alameda using FTX funds from customers without their knowledge.

Its unclear what information Bankman-Fried could provide to the jury that would counter the narrative put forth by other witnesses so far. The trial has been on hiatus since Oct. 19 but is expected to resume on Oct. 26.

Magazine: Can you trust crypto exchanges after the collapse of FTX? # Law # Court # Crimes # Sam Bankman-Fried # FTX # Regulation

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Add reaction Read more UKs FinProm a welcome change, but challenge persists Transak compliance head Will Sam Bankman-Fried fix his case when he takes the stand? Caroline Ellison blames Sam Bankman-Fried for misuse of FTX user funds at trial

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Politics

Starmer refuses to rule out manifesto-breaking tax rises in budget

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Starmer refuses to rule out manifesto-breaking tax rises in budget

The prime minister has refused to rule out manifesto-breaking tax hikes in next week’s budget while speaking to Sky News political editor Beth Rigby.

Sir Keir Starmer was interviewed by Rigby while the pair were in South Africa for a meeting of the G20 group of nations.

Despite the government last year indicating it was not going to raise more taxes, it appears that Wednesday’s fiscal event will involve substantial increases in levies.

The 2024 Labour manifesto said: “We will ensure taxes on working people are kept as low as possible.

“Labour will not increase taxes on working people, which is why we will not increase national insurance, the basic, higher, or additional rates of income tax, or VAT.”

At the start of their interview, the prime minister was asked by Rigby if it was important for politicians to “stick to their word”.

Sir Keir said: “Yes, it is important that politicians stick to their word.

More on Budget 2025

“They have to make decisions against a political backdrop. And, we’ve also got big decisions to make in the budget that’s coming in just a few days time.”

This caveat matches the expectations that a range of taxes are going to be increased so the government can keep its spending pledges and increase its fiscal headroom amid worsening economic headwinds.

There was chaos last week after the increase in income tax that many had expected to be on the way was revealed to no longer be on the cards.

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Why has chancellor U-turned on income tax rises?

Asked specifically on the manifesto commitment on tax, Sir Keir told Rigby that decisions will be made “against a very difficult backdrop”.

In total, the prime minister refused 12 times to rule out tax rises.

He added it was “important to take the right decisions for our country”.

Rigby pointed out in the lead-up to the 2024 Budget, the prime minister was more unequivocal, saying income tax, national insurance and VAT would not all go up.

The prime minister declined to make the same promise, saying the decisions on tax will be announced on Wednesday.

Read more:
Did Reeves pull of something extraordinary?
Government borrowing higher than expected
Will energy bills be made cheaper?

However, Sir Keir said the budget will be guided by “principles”, including “fairness”.

The prime minister said the three areas he is “bearing down on” are the NHS, cutting national debt and dealing with the cost of living crisis.

One tax rise that has not been ruled out is what is known as a “stealth tax rise” of freezing income tax thresholds.

Rigby highlighted that in last year’s budget, Rachel Reeves said freezing thresholds will “hurt working people” – and asked the prime minister if he agreed.

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Sir Keir said: “We are going to set out our decisions.

“We will have absolutely in mind that the cost of living is the number one issue for people across the country.”

Pushed again, if working people will have their taxes increased, the prime minister instead mentioned he has people who are “struggling with the cost of living” in mind when making decisions.

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UK

BBC board member resigns – and criticises ‘governance issues’ at top of corporation

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BBC board member resigns - and criticises 'governance issues' at top of corporation

A BBC board member has resigned after criticising “governance issues” at the top of the corporation.

Shumeet Banerji confirmed the news in a letter on Friday, according to BBC News.

It comes after the corporation’s director-general Tim Davie and chief executive of BBC News Deborah Turness resigned earlier this month after a row over the editing of a Panorama documentary on Donald Trump.

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You can receive breaking news alerts on a smartphone or tablet via the Sky News app. You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.

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Politics

Ex-Coinbase lawyer announces run for New York Attorney General, citing crypto policy

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Ex-Coinbase lawyer announces run for New York Attorney General, citing crypto policy

Khurram Dara, a former policy lawyer at cryptocurrency exchange Coinbase, officially launched his campaign for New York State Attorney General.

In a Friday notice, Dara cited his “regulatory and policy experience, particularly in the crypto and fintech space” among his reasons to try to unseat Attorney General Letitia James in 2026.

The former Coinbase lawyer had been hinting since August at potential plans to run for office, claiming that James had engaged in “lawfare” against the crypto industry in New York.

Law, Politics, New York, Elections
Source: Khurram Dara

Until July, Dara was the regulatory and policy principal at Bain Capital Crypto, the digital asset arm of the investment company. According to his LinkedIn profile, he worked as Coinbase’s policy counsel from June 2022 to January 2023 and was previously employed at the crypto companies Fluidity and Airswap.

James, who took office in 2019, has faced criticism from many in the crypto industry for filing lawsuits against companies on behalf of affected New Yorkers, including Genesis, KuCoin and NovaTech. Whoever assumes the role of New York’s attorney general would have significant discretion over whether to file charges against crypto companies.

Related: New York AG urges Congress to bolster protections in crypto bills

Dara, who said he plans to run as a Republican, also echoed Mayor-elect Zohran Mamdani’s recent winning campaign, citing New Yorkers’ concerns about the cost of living and affordability. Cointelegraph reached out to Dara for comment, but had not received a response at the time of publication.

The lawyer who represented XRP holders is also running for office again

As the deadline approached for candidates for various offices to announce their runs, former Massachusetts senatorial candidate John Deaton said he would try to unseat a Democrat again. 

Deaton ran against Senator Elizabeth Warren in 2024, losing by about 700,000 votes. On Nov. 10, however, he announced he would run as a Republican again, attempting to unseat Senator Ed Markey in 2026.