Robert F. Kennedy Jr. Expresses Concern over Dropping Charges Against FTX Founder
U.S. Presidential contender Robert F. Kennedy Jr. has expressed shock and concern over the U.S. government’s decision to withdraw six charges against Sam Bankman-Fried, the embattled founder of crypto exchange FTX.
Normalized Corruption Within the U.S. Government
Kennedy Jr. highlighted that dropping charges against Bankman-Fried, who allegedly donated $100 million in stolen customer funds to politicians, is indicative of a deeper problem of normalized corruption within the U.S. government.
Campaign Finance Charges and Favorable Crypto Regulations
Last year, the U.S. government charged Bankman-Fried with campaign finance violations for channeling over $100 million to political candidates to support pro-crypto industry politicians and bypass legal campaign limits.
The indictment also revealed how Bankman-Fried lobbied Congress and regulatory agencies for favorable crypto regulations.
Reasons for Dropping Charges
U.S. prosecutors decided not to pursue several remaining charges against Bankman-Fried, including foreign bribery, bank fraud, and unlawful political donations, due to a dispute with the Bahamas over his extradition and evidence already presented in the original trial.
Sentencing is set for March 2024 to ensure a timely resolution.
Undisclosed Details and Concerns
Some details regarding Alameda Research’s strategy involving Thai escorts and bribing Chinese officials might remain undisclosed.
The dropped charge of unlawful political donations has raised concerns within the crypto community, given Bankman-Fried’s substantial donations across the political spectrum.
Additional Criticism from Coinbase’s Chief Legal Officer
Coinbase’s Chief Legal Officer, Paul Grewal, also criticized the decision, calling it a “miscarriage of justice” and emphasizing the importance of publicly addressing campaign finance charges.
Sentencing Date
Bankman-Fried is scheduled to receive his sentencing on March 28, 2024.
Hot Take: Concerns over Dropped Charges Highlight Systemic Corruption
U.S. Presidential contender Robert F. Kennedy Jr. and others express shock and concern over the U.S. government’s decision to drop charges against Sam Bankman-Fried, the founder of FTX. Kennedy Jr. argues that this highlights a deeper issue of normalized corruption within the government. Bankman-Fried was charged with campaign finance violations and using his influence to lobby for favorable crypto regulations. The dropped charges include foreign bribery, bank fraud, and unlawful political donations. The decision was influenced by an extradition dispute and evidence presented in the original trial. Some undisclosed details regarding Alameda Research’s strategy and concerns about substantial political donations remain. Coinbase’s Chief Legal Officer also criticizes the decision as a “miscarriage of justice.” Bankman-Fried is set to be sentenced in March 2024.
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