The judicial machine grinds forward for Sam Bankman-Fried, with the jury selection procedure wrapping up on Wednesday. The assorted pool of judge-picked individuals hails from diversified professional fields, including legal, transportation, educational, and correction services. Despite Judge Lewis Kaplan’s initial expectation of rounding off the jury selection within the first day, the sheer number of about 200 summoned individuals made it necessitate a spill-over into Wednesday.
As part of proceedings, judge Kaplan queried the selected jury on their ability to impartially conduct their duty, considering the nature of the case related to cryptocurrencies and blockchain technologies. Interestingly, this led to around ten individuals bowing out, some of who raised hands citing personal reasons including work-related travel, medical appointments, etc. Whereas others were motivated by professional anxieties of the trial impacting their careers, especially those involved in the finance sector and commodities trading. However, one individual, juror 29, stood out for his candid declaration of his bias against the cryptocurrency industry, raising questions on how deeply the polarizing wave of cryptos has struck our societies.
Concerning the trial’s subject matter, two potential jurors confessed to having fleeting brushes with crypto investments, only to end up reeling under monetary losses. Indeed, it can be intriguing to see if these experiences will weigh heavy on their judgement or prompt a balanced perspective on the matter.
Digressing slightly, let’s talk about the case in hand. The soon-to-start six-week-long trial indeed sets a precedent against the magnates of the world of cryptocurrencies. The once-celebrated former CEO of cryptogiant FTX, Bankman-Fried, now contemplates his grim reality confronted with seven grave criminal charges including wire fraud, securities fraud, and money laundering. This follows the shocking insolvency reports of FTX and associated entities last November, leaving customers stranded with billions of dollars missing in assets. Alien to pleading guilty, Bankman-Fried, arrested in the Bahamas and expatriated to the US, buckled up for his upcoming intense legal battle starting January 3.
In this tussle between governance and free economy, one thing that stands out is the dire need for regulatory mechanisms to ensure the safety of the general public engaging with the volatile crypto market. As this case unfolds, it may indeed pave the path for reformative actions, striking a balance between the libertarian ethos of cryptocurrencies and the pressing need for regulations protecting individual investments.
Source: Cryptonews
