XRP Attorney Slams DoJ for its Disgraceful Decision on SBF’s Second Trial

  • The DoJ has announced that the prosecutors do not plan to pursue a second trial for Sam Bankman-Fried.
  • John Deaton criticized the department’s move and called it a disgrace.
  • The department based its move on the strong public interest for the immediate resolution of the case.

John Deaton, an XRP attorney known for his stark comments against the Securities and Exchange Commission (SEC), has now turned his voice against the Department of Justice (DoJ). In light of the US prosecutors’ recent decision on Sam Bankman-Fried’s second trial, Deaton asked, “Who is the Attorney General protecting?”

On December 29, the US Department of Justice informed Judge Kaplan that the prosecutors do not plan to pursue a second trial against Sam Bankman-Fried, the former CEO of the defunct crypto exchange FTX. The filing stated that the “strong public interest” for the immediate resolution of the case had influenced the DoJ’s decision.

The prosecutors added that the affected institutions and individuals have been eagerly waiting for their reimbursement since the fall of FTX in 2022. The letter read, “Given that practical reality, and the strong public interest in a prompt resolution of this matter, the Government intends to proceed to sentencing on the counts for which the defendant was convicted at trial.”

In November 2022, investors began withdrawing their funds from FTX following the exposition of the alleged connection between FTX and Alameda Research, finally leading to a debacle. Bankman-Fried was subsequently arrested on allegations of fraud and conspiracy.

While in November 2023, Bankman-Fried was found guilty of all the charges he was accused of, the second trial scheduled for March 2024 was supposed to address an additional set of criminal counts. However, the department has decided not to go forward with the trial and to proceed with his sentencing.

Deaton, in his X post, described the DoJ’s decision as a “disgrace.” Sharing his disagreement with the move, he added, “The DOJ has shown again that it is NOT an independent agency.”

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Comments

Post a Comment

Popular posts from this blog

FTX seeks $175M settlement with Genesis entities to resolve dispute

However, FTX creditors express discontent and urge the Official Committee of Unsecured Creditors of FTX (UCC) to contest the agreement. FTX, the troubled cryptocurrency exchange, and its CEO John J. Ray III have filed a motion seeking to reach a settlement of $176 million with Genesis entities.  As per a legal document, FTX Trading and related debtors have formally requested a court mandate to resolve their disagreement with Genesis entities , aiming to settle claims amounting to nearly $176 million. The claims put forth by Genesis entities involve around $176 million in customer claims against FTX Trading and its affiliates. However, FTX creditors expressed discontent and have urged the Official Committee of Unsecured Creditors of FTX (UCC) to contest the agreement. They point to Alameda's transfer of significant FTX customer funds to Genesis in 2022 as a concern. FTX asks court to settle Genesis dispute for a $175 million Genesis claim, the release of a $175 million customer
Read more

JPMorgan debuts tokenization platform TCN with BlackRock among key clients: Report

The platform enables the conversion of traditional assets into digital assets and makes way for faster and more secure settlements on-chain. American banking giant JP Morgan debuted its in-house blockchain collateralization platform called Tokenized Collateral Network (TCN) on Oct. 11, reported Bloomberg. TCN settled its first trade for asset management giant BlackRock. Tokenized Collateral Network is an application that allow investors to utilize assets as collateral. Using blockchain technology they can transfer collateral ownership without moving assets in underlying ledgers. The TCN network in its first public collateralized trade between JP Morgan and BlackRock turned shares of one money market fund into digital tokens, which were then transferred to Barclays Plc as security for an over-the-counter derivatives exchange between the two companies. The first internal test of TCN was conducted by JPMorgan in May 2022 and has a pipeline of other clients and transactions now that T
Read more

OpenSea ex-manager retracts bail request amid ongoing appeal

Nathaniel Chastain, a former product manager at NFT marketplace OpenSea, has opted to begin his three-month prison term for insider trading. On Sept. 6, the legal representatives of Nathaniel Chastain submitted a letter to a New York District Court, notifying the judge that Chastain has chosen to retract his bail application while the appeal is ongoing . As per the court’s earlier verdict, he will willingly surrender himself by Nov. 2 to start serving his sentence while the appeal is being reviewed. Earlier in May, Chastain was convicted of wire fraud and money laundering, marking the first insider trading case in the NFT sector. The former OpenSea executive was charged with exploiting confidential data to earn substantial profits by purchasing NFTs shortly before they were featured on OpenSea’s homepage, where their value would surge instantly. Chastain allegedly capitalized on this inside information, selling the NFTs at a higher price once their value escalated, breaching
Read more