US Prosecutors Ask for Postponement of SEC, CFTC Cases Against Sam Bankman-Fried
The prosecutors are asking that the civil cases be put off until the criminal case against FTX’s founder is decided.
Feb 7, 2023 at 4:11 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/5P24I4UAZZCCJILBZTLPEEU3AA.jpg)
FTX founder Sam Bankman-Fried (Michael M. Santiago/Getty Images)
/arc-photo-coindesk/arc2-prod/public/OGSWVF6C3VEKHGNM2YFB434DDE.png)
Drive the Crypto Policy Conversation Forward
October 24, 2023 • Convene • Washington D.C.Register NowU.S. prosecutors have asked that the civil fraud cases brought by the Securities Exchange Commission and the Commodity Futures Trading Commission against FTX founder Sam Bankman-Fried be postponed until after the criminal case against him has concluded, according to a filing on Tuesday.
In their filing, prosecutors said the stay will save time and resources because the outcome of the criminal case “is likely to have a significant impact on what issues are ultimately in dispute in the Civil Cases.”
In their filing, prosecutors said that Bankman-Fried has consented to the issuance of a stay in the civil cases, as have counsel for fellow FTX and Alameda executives Gary Wang and Caroline Ellison, and counsel for the bankrupt estates of FTX.com and Alameda. The SEC and CFTC have not taken a position on the request for postponement.
Bankman-Fried has pleaded not guilty to the criminal fraud charges against him.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/s3.amazonaws.com/arc-authors/coindesk/97f8c8cb-1c52-468c-88f4-8822b84a4203.png)
Nelson Wang was CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.