Sep 29, 2023

A federal judge ruled on Thursday that Sam Bankman-Fried will have to remain in jail for the duration of his trial, denying the FTX founder's third attempt at being released from prison to prepare for his defense.

Video transcript

The state of crypto is presented by Tron connecting the world to the power of Cryptocurrency. Welcome back to first mover. A judge ruled that Sam Bake been freed will have to stay in jail for the duration of his trial. Joining us. Now to discuss is Coindesk global policy and regulation. Managing editor Nick Day, who is also the editor of coin desks, state of crypto newsletter. Hello, Nick. Good morning. Good morning to you. I believe that you were out celebrating with the team last night. So amazing. We'll talk about that a little bit later, but let's talk about Sam Bank been freed. Uh What happened in court yesterday? Uh He was not out last night celebrating. Uh unfortunately, for him, uh the federal judge overseeing his case denied the third attempt by his defense team to have him released uh during the trial uh into custody. Um You know, in this uh argument, the defense team, you know, said that be MRI would agree to a number of pretty serious restrictions, having a guard at all times or being in, you know, custody of his attorneys uh being banned from any kind of electronic device, a gag order, Trump, speaking to, you know, anyone by his family and select others. Um, the judge was not compelled by the arguments. He said that, you know, the arguments that the defense made more or less, uh, you know, were the same as what they've made previously. Um, in response to the defense's argument that they needed better access to banquet free for the trial. He said that on days that there's certain witness testimony that they have to prepare for or respond to, uh Beman feed will be produced to the courthouse early. And the attorneys, uh, he's working with can talk to him before the trial begins that day. So, uh, iii, I, is he gonna, are they gonna challenge this again? I mean, like this just seems like every week he, he's like, get me out of here at this point, you know, given that the trial starts in, uh, you know, two business days, um, or, you know, four days for the rest of us, uh, it might not be worth it for them to try and go through the whole appeals court thing. Right? If they do, they have to prepare all those filings, they have to prepare arguments. They have to, you know, have those arguments heard the trial itself, you know, again, it's starting soon. Um, my guess is they're probably going to focus on that for now. And, um, you know, we've talked about this before but to some extent when there is an appeal should be, be free, be found guilty. I, I imagine that all of the stuff that happened in the lead up to it is gonna be part of that, you know, appeal process, they're gonna say, ok, well, you know, we tried to put on a good defense but we weren't able to have access to our client from, you know, August, whatever to the beginning of the trial and that hampered our ability to put on whatever and hampered his sixth amendment constitutional rights. And, you know, I imagine, um, you know, part of that is just again making sure that all of this is on a record so that when they make that argument, they have the paperwork and, you know, the kind of, uh the background to, you know, make that argument, Nick, what about these un posts, posts, that coin desk has obtained, what's going on there? Yeah. So, you know, we've seen for a while now that be fried has, uh, you know, basically created a number of these kind of draft writings and, uh, they've been starting to circulate and basically they kind of show, you know, the things he was looking at and things he was thinking about, uh, with regard to trying to communicate, you know, stuff with the general public. Um, you know, our very own Christine Lee obtained some of these tweets and, uh that was part of this morning's, uh, you know, reporting. Um, he posted several tweets just kind of talking through the medications he was on and, uh, you know, seemingly an attempt to push back on this narrative that he was on, you know, hard drugs or party drugs. But it's also worth noting that, you know, these are part of the same tweets that we've seen in circulating or part of the same, you know, writings that we've seen in circulating over the last couple of weeks uh where he is trying to apparently deflect blame for the collapse of FTX. So, um you know, I think the interesting part is you just kind of look at all of this as part of this one broader kind of strategy, right? Make a party. Yes. Speaking of party, we gotta wrap up. But we said we were proud at the beginning of the show. We said congratulations, but you are here. Congratulations to you and the rest of the team for um covering and uncovering the SPF story and winning the Lobe Award. We're very, very proud of you. Tell us what happened last night. Yeah, I mean, look, we were there. Um I don't know if you played the video but I was uh filming because, you know, it seemed like it would be cool to be able to say like, oh, you know, our names are being read out on the screen in front of like all these journalists that we respect and admire and uh they called coin desk out as the winner for the Beat recording category. And uh that was, I would say, pretty incredible, you know, so a nice uh acknowledgment of the work that's gone in. It is a team effort. And also, like I gotta say, my contribution to that was very limited. Um This was I think uh largely driven by the articles by our colleagues, but it's cool to be up there and cool to be included. A and, and you get, you get a little statue at what, what do you get? What do you get to take home? There is a very heavy uh you know, glass statuette. I'd pull it out, but it's actually still wrapped up and underneath many layers of uh stuff from last night. Um It is large, it is heavy, it is going to have a prominent position as soon as I build a bookshelf for somebody to display it on, put it right behind you every time you, you do this show. Yeah, I got like just nail like a shelf up here. Well, once you get it out, you gotta like spray some champagne like the guys who win the big sporting events. Will you think Stanley Cup? I know what you're trying to say. All right, Nick. Congratulations again. And thanks for joining us this morning, Debbie weekend. Congrats there's coin global policy and regulation. Managing editor Nick Day. Don't forget to sign up for the new SVF trial newsletter that will take you inside the courtroom codus TV will also have special coverage starting October 3rd.

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