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What's next after Sam Bankman-Fried's conviction in fraud trial: CNBC Crypto World

A jury of twelve found FTX founder Sam Bankman-Fried guilty of all seven criminal charges brought against him. The question of how long he’ll remain in prison, however, is one that Judge Lewis Kaplan will spend the next few months deliberating by himself.

The no-nonsense 78-year-old judge is a veteran of the Southern District of New York and has presided over some of the biggest cases to roll through the courthouse at 500 Pearl Street in downtown Manhattan.

Kaplan is straightforward and has no patience for pageantry in his courtroom. If a witness is deliberately avoiding a question, or an attorney is being redundant and sloppy in his cross-examination, Judge Kaplan is quick to admonish the offender and set the conversation back on course. He also has no problem calling out members of the gallery for chewing gum in his courtroom.

The judge’s lack of patience with Bankman-Fried during the defendant’s four days on the stand was obvious to anyone who was there — or who later read the transcript.

The 31-year-old graduate of Massachusetts Institute of Technology was a sight to behold on the stand. Under direct examination, he would sometimes rush through convoluted, repetitive and contradictory sentences.

“So I should preface this by saying I’m not a lawyer,” Bankman-Fried began one answer.

“I’m not giving a legal interpretation of this. I’m just giving, as best I can, what my memory is. And the parts of this that jibe with that, I, you know — I’m not trying to give a definitive legal ruling on what this does or doesn’t say. The — I’m not sure that I would quite answer yes to the question as you most recently phrased it. I’m going to try as best I can to give the answer that I believe, which is that the — as — at least as I remember understanding it at the time, FTX either itself or I think as actually happened, without FTX as an intermediary, customers’ fiat funds would be sent to Alameda bank accounts, FTX would retain a — effectively a debt from Alameda for those and a — in the lien section here, a lien on Alameda’s assets as security for that ongoing liability, that it would be repayable on direction from FTX in the return section here, and — and in the payment directive section.”

Later, on cross-examination, Bankman-Fried suddenly clammed up, replying with “Yup,” and “I don’t recall,” hundreds of times. After several dozen of these instances, the government often presented evidence that would either directly refute the defendant’s testimony or offer an answer to the question Bankman-Fried had dodged.

Multiple litigators told CNBC that Bankman-Fried’s combative attitude toward Assistant U.S. attorney, Danielle Sassoon, wasn’t a good look for the jury or judge either.

So now, the question of prison time goes to Judge Kaplan. The sentencing date is March 28 at 9:30 a.m. ET.

Government exhibit in the case against former FTX CEO Sam Bankman-Fried.

Source: SDNY

Decades behind bars

Bankman-Fried was convicted of wire fraud and conspiracy to commit wire fraud against FTX customers and against Alameda Research lenders, conspiracy to commit securities fraud and conspiracy to commit commodities fraud against FTX investors, and conspiracy to commit money laundering.

That the jury was able to reach a unanimous verdict in a just few hours suggests that they were truly convinced and that there were no holdouts that needed to be coaxed, Yesha Yadav, law professor and Associate Dean at Vanderbilt University, told CNBC.

“This overwhelming consensus should give the judge confidence to follow the jury’s decisiveness by imposing a more severe sentence than a lighter one,” continued Yadav.

In this case, the statutory maximum sentence is around 115 years, but there is a sliding scale for sentencing according to recommended guidelines given the scale of the crimes and the criminal history of the defendant.

“I wouldn’t be surprised if SBF spends the next 20 or 25 years of his life in prison,” Renato Mariotti, a former prosecutor in the U.S. Justice Department’s Securities and Commodities Fraud Section, told CNBC.

“The sheer scale of his fraud was immense, he was defiant and lied on the witness stand, and Judge Kaplan had very little patience for his antics while out on bond. He will have more sympathy for the victims than he has for Bankman-Fried,” added Mariotti.

Caroline Ellison, former chief executive officer of Alameda Research LLC, leaves Manhattan Federal Court after testifying during the trial of FTX CEO Sam Bankman-Fried, on October 10, 2023 in New York City. 

Michael M. Santiago | Getty Images

In August, Judge Kaplan revoked Bankman-Fried’s bail and sent him back to jail for witness tampering.

“The federal sentencing guidelines will likely be sky high, but they are just that — guidelines — and the judge is required to consider all of the circumstances surrounding SBF and his offense,” said Mariotti.

Yadav added that the issue of sentencing is governed by guidelines that look to factors such as how many have been harmed and the overall dollar quantum, as well as the seriousness of the damage a defendant has inflicted.

“Here, there are some factors that could push the judge toward a very lengthy prison term, possibly close to the 110 years that the sentencing guidelines suggest,” said Yadav.

The sentence will come down to what the judge believes is sufficient to punish Bankman-Fried, deter others, and promote respect for the law, he added.

Former Assistant U.S. Attorney Kevin J. O’Brien, who specializes in white-collar criminal defense in NYC, agreed, saying that, “Since judges have discretion even under the Guidelines, I believe his sentence will be in the 15 to 20 year range.”

O’Brien added that given Bankman Fried’s age, he thinks the judge will be inclined to give him a chance to live a full life after his prison term.

Bankman-Fried’s case has been compared with that of Elizabeth Holmes, founder of medical device company Theranos, which ceased operations in 2018.

Holmes, 39, was convicted in early 2022 on four counts of defrauding investors in Theranos after testifying in her own defense. She was sentenced to more than 11 years in prison, and began serving her punishment in May at a minimum-security facility in Bryan, Texas.

But former federal prosecutor Paul Tuchmann tells CNBC that he expects harsher terms for the former FTX CEO, because “the amount of losses that were suffered is simply staggering.”

Tuchmann compared Bankman-Fried’s case to that of Bernie Madoff, who was sentenced to 150 years in prison.

“Like Madoff, a lot of the losses in this case were small investors. They weren’t all large institutions, which really tends to create a greater pressure for a significant sentence,” said Tuchmann.

“Certainly, there may be some mitigation here. Sam Bankman-Fried is very young. The judge may take that into consideration. Bernie Madoff went to jail for 150 years when he was obviously much older – with limited productive years left,” Yadav said of the Madoff comparison.

“Sam Bankman-Fried still has an opportunity to make some kind of positive contribution during his lifetime. His crimes are also not violent in nature,” continued Yadav.

Another wild card is the fact that the Department of Justice may bring a second, entirely different case with separate charges against Bankman-Fried in Mar. 2024. The government has until Feb. 1 to let the court know if it plans to still proceed. 

“A further issue here is that sentencing will take place in March 2024 – very close to the second criminal trial that Sam Bankman-Fried faces for campaign finance violations and bribery of foreign officials,” said Yadav. “The prosecution is likely to feel very confident going into this next trial. In other words, if he is also found guilty on these additional charges, he may see an even longer sentence potentially than the multiple decades worth of time (at least) that he is looking at presently.” 

Prosecution in Sam Bankman-Fried trial wrapping up in coming days

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Tenways AGO T mid-drive e-bike at $2,399 low, DJI Power 2000 station hits new $999 low, EcoFlow 48-hour flash sale, tools, more

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July 15, 2025

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Tenways AGO T mid-drive e-bike at ,399 low, DJI Power 2000 station hits new 9 low, EcoFlow 48-hour flash sale, tools, more

Today’s Green Deals are headlined by the low price on Tenways’ AGO T Premium Mid-Drive Urban e-bike that comes with a free front carrier ($50 value) for $2,399, among other models seeing discounts during this sale. We also spotted DJI’s recently released Power 2000 Portable Power Station hitting a new $999 low, as well as EcoFlow’s latest four 48-hour flash sale offers that include two power stations, a WAVE 3 bundle, and a DELTA Pro 3 expansion battery at up to 53% off starting from $1,199. From there, we have Greenworks’ 40V 20-inch Cordless Pole Hedge Trimmer kit at its $114 low alongside the Worx Aerocart 8-in-1 Yard Cart down at $169.50. Plus, there’s all the hangover Prime Day savings in our Prime Day Green Deals hub at the bottom of the page, as well as yesterday’s EcoFlow phase 3 Prime Day Sale, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Tenways AGO T mid-drive e-bike with a 62-mile range and $50 in free gear at $2,399 low in latest sale

Tenways has launched a new Summer Sale that is taking up to $600 off its e-bike lineup while also offering an additional $300 savings when buying two models together. Among the offers this time, we’re seeing the lowest price to date continuing on the AGO T Premium Mid-Drive Urban e-bike for $2,399 shipped while also getting a free front carrier valued at $50. Normally, this higher-end model would cost you $2,699 at full price, which we saw brought down to the $2,399 low for the first time during the brand’s July 4th Sale. Now you’re getting another chance at that $300 markdown here while the savings last, dropping the costs back to the best price we have tracked. As always, there is an extra $150 savings available for medical providers, first responders, military personnel, and teachers with verification through ID.me on any of the e-bikes’ landing pages.

Aside from Tenways’ new CARGO ONE e-bike that recently released, the AGO T Urban e-bike is the highest-end of the brand’s models, cruising into view with a Bafang M420 mid-drive motor coupled with a 504Wh battery to provide up to 62 miles of pedal-assisted travel at up to 20 MPH top speeds. It shouldn’t be surprising that this premium model also comes with a superior torque sensor to support its PAS capabilities, with the settings controlled via the TFT LCD color display screen.

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There’s plenty of high-quality features you’ll be getting here too, like a hydraulic front lockout fork, the hydraulic disc brakes, puncture-resistant tires with fenders over each, a Gates CDX carbon belt drive, an Enviolo stepless shifting hub, an integrated rear cargo rack, integrated front and rear lighting, a suspension seat post, and more. There are even connectivity options through its companion app, the standout of which is the ability to cast directions from your phone onto the bike’s display for more seamless navigation.

If you want to check out the full lineup of e-bike deals that we’re seeing in this current sale, be sure to check out our original coverage here.

DJI Power 2000 Portable power station

Score DJI’s latest Power 2000 2,048Wh LiFePO4 station with $900 savings at a new $999 low

By way of its official Amazon storefront, DJI is giving folks a lower-than-ever price on its new Power 2000 Portable Power Station at $999 shipped, after using the promo code DJIPOWER2000 at checkout. This model was just released at the top of the month, with it waiting no time before dropping from its original $1,899 price tag to $1,299, which held out all of last week until falling to $1,099, with the promo code taking things even further. You’re looking at a combined 47% markdown that gives you $900 off its tag, landing it at a new all-time low price. You can also alternatively pick up its Power 1000 predecessor at $549 shipped right now, after redeeming the on-page coupon.

If you want to learn more about this all-new backup power solution, be sure to check out our original coverage here.

EcoFlow DELTA Pro power station

EcoFlow flash sale takes up to 53% off two power station offers, a WAVE 3 bundle, and an extra battery starting from $1,199

As part of its ongoing Phase 3 Prime Day Sale, EcoFlow has launched the next 48-hour flash sale through July 16, with four units getting up to 53% discounts to some of the best prices we have tracked. Among the two power station deals, you’ll find the brand’s DELTA Pro Portable Power Station with a free protective bag at $1,749 shipped, with the extra savings unfortunately not applicable here. Priced at $3,699 in full, we regularly see it down between $1,799 and $1,999, especially at Amazon, where it’s currently sitting $50 higher in price. While we have seen it go as low as $1,694 in the past, you’re still looking at a larger-than-normal 53% markdown off the going rate, giving you $1,950 in savings and landing it $55 above the all-time low. Head below for more on this unit and the others we’re seeing included in this flash sale.

If you want to learn more about this power station or the other units included in this flash sale, be sure to check out our original coverage here.

Greenworks 40V 20-inch Cordless Pole Hedge Trimmer

Cover hedge jobs with this Greenworks 40V 20-inch pole trimmer at $114 low

Amazon is offering the Greenworks 40V 20-inch Cordless Pole Hedge Trimmer for $113.99 shipped. Coming down from its usual $170 pricing, where the brand’s direct website currently has it listed, we only saw discounts in 2025 dropping costs to $140 until this past week, when Prime Day brought it lower than ever to the rate that is continuing into this week. You’re looking at a $56 markdown to the best price we have tracked and giving you the chance to save big while Prime Day benefits linger.

To learn more about this lawn care solution’s capabilities, be sure to check out our original coverage here.

Worx Aerocart 8-in-1 yard cart

Tackle yard work with 8-in-1 versatility using Worx’s transforming Aerocart at $169.50

Amazon is offering the Worx Aerocart 8-in-1 Yard Cart at $169.50 shipped, which comes in $0.50 under the current Best Buy Deals of the Day pricing. Usually going for $200 to $230 at full price, we’ve mainly seen it in 2025 keeping near $173, with it more recently keeping down between $169 and $170 at the lowest. While it’s fallen lower in the past, those rates haven’t reappeared this year at all, with today’s deal being a solid $60.50 markdown at the second-best price of the year – just $0.50 above the annual low.

If you want to learn more about this handy yard cart, be sure to check out our original coverage here.

Best Summer EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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Range Rover’s first EV looks the part, but with a few surprises

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4 hours ago

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July 15, 2025

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Range Rover's first EV looks the part, but with a few surprises

Range-Rover-first-EV

Range Rover’s first electric SUV will finally arrive later this year. Ahead of its official launch, early reviews show the upcoming EV stays true to the Range Rover heritage, but there are a few things you should know.

Range Rover will launch its first EV later this year

Since launching its first vehicle 55 years ago, the Range Rover brand has become an iconic symbol of off-road capabilities, elegant design, and luxurious interiors.

With its first all-electric SUV due out later this year, Range Rover promises it will “refine and craft the epitome” of the luxury brand.

Although Range Rover is currently putting the electric SUV through “the most intensive testing” any of its vehicles has endured, Autocar got their hands on a prototype for an early review.

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The Range Rover Electric may look like the iconic SUV we’ve grown to love, but with an electric powertrain, it offers even more.

“A Range Rover more calm and assured, almost regardless of circumstance, than any in its 55-year lineage. Electrification yields a lot, but sacrifices little,” Matt Sanders, Autocar’s chief car tester, said after driving the prototype.

Range-Rover-first-EV
Range Rover Electric testing in Sweden (Source: JLR)

Based on the MLA platform, the electric SUV features JLR’s new in-house powertrain. The dual-motor setup packs a combined 542 hp and 627 lb-ft of torque.

The EV draws power from a massive 118 kWh battery, which is expected to deliver around 300 miles of real-world range. Sanders said he had about 160 miles of range remaining at half charge during the review.

Range-Rover-first-EV
Range Rover Electric SUV prototype testing (Source: JLR)

However, even JLR’s engineers admit that due to the SUV’s (not so) aerodynamic profile, 300 miles may be optimistic during longer-range highway driving. The engineers highlighted that the vehicle’s 800V architecture offers some of the fastest DC charging speeds on the market.

The electric SUV can also tow over 7,700 lbs (2.5 tons). Although this is less than the current Range Rover’s 3.5-ton towing capacity, it’s still on par with other luxury SUVs, such as the Mercedes G-Class.

Range-Rover-first-EV
Range Rover Electric prototype (Source: JLR)

To add more power, more motors, and bigger batteries would be required, according to Simon Fairbrother, Range Rover’s Chief Program Engineer.

Inside, the cabin is nearly identical to that of the current Range Rover SUV, featuring a plethora of digital screens and physical buttons in front of the driver. If anything, the only thing that could be changed is that the “Range Rover Electric deserves bigger heating and ventilation controls than other derivatives,” Sanders wrote.

Range-Rover-first-EV
Range Rover Electric prototype testing (Source: JLR)

JLR’s new in-house thermal management system (ThermAssist) is about 40% more efficient than the system of the Jaguar I-Pace, its first all-electric vehicle.

Range Rover’s first E will be offered in standard and long wheelbase variants. The extended wheelbase model will be about the same size as the outgoing Range Rover SUV, but it’s expected to still include enough second-row space to take it into “Bentley or Rolls-Royce territory for sheer lounging space.”

Range-Rover-first-logo-EV
JLR reveals new Range Rover logo (Source: JLR)

Since Autocar only drove the vehicle at speeds under 20 mph, we’ll have to wait to hear more about on- and off-road performance.

Sanders did mention that “the Range Rover Electric can simply ease itself up, down, over and around everything before it inspires incredible confidence in its capabilities” while driving through forest racks.

We will learn the prices closer to launch, but JLR is reportedly aiming for a price around the same as the V8 Autobiography, at just under £150,000 ($200,000).

Range Rover’s first EV has already secured over 61,000 clients on the waitlist ahead of its upcoming debut. JLR also revealed the luxury brand’s first logo, which we could see debut on the new electric SUV.

Source: Autocar

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Circle stock drops after House blocks key procedural vote on stablecoin legislation

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5 hours ago

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July 15, 2025

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Circle stock drops after House blocks key procedural vote on stablecoin legislation

Circle Internet Group Initial Public Offering at the New York Stock Exchange in New York City, U.S., June 5, 2025.

NYSE

Circle shares slid on Tuesday after the U.S. House of Representatives failed to clear a key procedural hurdle that would have teed up votes on long-awaited crypto-related bills.

The move dealt a major setback to the digital asset industry, which had framed this week as a turning point for regulatory clarity in Washington, D.C.

Circle, the stablecoin issuer that’s soared in value since its public market debut last month, fell about 5% after the vote. Crypto exchange Coinbase and bitcoin miner MARA Holdings both slipped about 2%.

Even after Tuesday’s drop, Circle shares are still up more than sixfold from their IPO price. The company is the issuer of USDC, the second-largest dollar-pegged stablecoin, with about 24% of the global market. Circle didn’t immediately respond to a request for comment.

The legislation, including the GENIUS Act, would mark the first time the U.S. sets federal rules for stablecoins, a $260 billion corner of the crypto market that underpins most digital asset trading. The bill establishes full-reserve requirements, mandates monthly audits, and creates a path for private companies to issue regulated digital dollars under the blessing of the U.S. government.

The GENIUS Act passed the Senate last month, a milestone for both the crypto industry and for President Donald Trump, who has pushed to align his administration with digital asset innovation. It also marked a win for the industry, which spent more than $245 million in the 2024 cycle to help elect what’s now seen as the most pro-crypto Congress in U.S. history.

Treasury Secretary Scott Bessent has said the market for U.S. stablecoins could grow eightfold to more than $2 trillion in the coming years if this bill is enacted. White House AI and crypto czar David Sacks had predicted it could unlock “trillions” of dollars in demand for U.S. Treasury notes virtually overnight.

The vote came just hours after Fairshake, the crypto industry’s most powerful PAC, disclosed $141 million in cash on hand as it fights for regulatory victories and backs pro-crypto candidates heading into the 2026 midterms. The committee didn’t provide a comment for this story.

House leadership is tentatively planning a second vote as early as Tuesday evening, though it’s unclear whether the rule or bill text will be modified to satisfy holdouts.

WATCH: Stablecoin showdown moves to the House after Senate clears crypto’s landmark bill

Stablecoin showdown moves to the House after Senate clears crypto’s landmark bill

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