The US Department of Justice (DOJ) is bracing to transform the upcoming trial of former FTX CEO, Sam Bankman-Fried into an open discourse on industry protocol and responsibilities. They plan to achieve this by bringing former FTX customers, investors, and staff members to the witness stand. The intentions as expressed in a letter by Assistant U.S. Attorney Thane Rehn, which CoinDesk had unveiled, are to spotlight on the conduct and expectations levied on Bankman-Fried by these stakeholders of FTX.
These testimonies are meant to unravel Bankman-Fried’s actions and statements concerning the management of customer assets and more, thereby shaping the interpretation of his behaviour. The DOJ though has abstained from revealing the exact count and identities of these prospective witnesses, it has clarified that their testimonies will be short, typically under half an hour, and require negligible exhibits.
A trio of key witnesses has been warrantied by the DOJ. Gary Wang, former Chief Technology Officer at FTX, Nishad Singh, previous Head of Engineering at FTX, and Caroline Ellison, former CEO of Alameda Research, have all pleaded guilty to their charges associated with the bankruptcy. The witnessing voices will also comprise two strangers permitted to testify in exchange for immunity; their identities remain undisclosed.
An interesting aside in this legal drama is a hint of an international flavour. According to a post by Inner City Press, one customer-witness stays in war-torn Ukraine hence representing a logistic conundrum. This has led the DOJ to seek permission for video conferencing testimony, a proposal that the defense has currently disagreed with.
Adding to the intensity of the impending trial, which is set to roll with jury selection on October 3, is the sentencing that awaits Bankman-Fried if convicted on all charges – a stifling term exceeding a century in jail. The results and impact of this trial on industry regulations will be eagerly monitored by the broader blockchain community.
Source: Cryptonews
