Sam Bankman-Fried’s Lawyers Argue for Consideration of English Law in FTX Case
Sam Bankman-Fried, the founder of FTX cryptocurrency exchange, is seeking to dismiss certain fraud charges against him by urging the jury to consider the influence of English law on FTX’s terms of service. In a recent filing, Bankman-Fried’s legal team proposed a jury instruction that highlights the importance of FTX’s Terms of Service, which are governed by English law, in determining customer relations. The filing cites Judge Lewis Kaplan, who stated that under English law, the Terms of Service do not establish a trust or fiduciary relationship between FTX and its customers. The Department of Justice (DOJ) has yet to respond to these filings, but they have previously expressed skepticism about focusing solely on the terms of service.
DOJ Questions Defense Strategy
The DOJ has argued that considering only the terms of service is incorrect and that the jury should also consider Bankman-Fried’s alleged misrepresentations and misleading conduct. Prosecutors have been questioning FTX customers and Bankman-Fried about the exchange’s marketing practices during the trial, emphasizing the relevance of his past statements and the understanding among cryptocurrency customers. Judge Kaplan has announced that a jury charge conference will be held after both parties have presented their cases to discuss proposed jury instructions.
Hot Take: Defense Pushes for English Law Consideration in FTX Trial
In an effort to secure a dismissal of fraud charges against Sam Bankman-Fried, his lawyers are urging the jury to take into account the influence of English law on FTX’s terms of service. This strategy aims to establish that there is no trust or fiduciary relationship between FTX and its customers under English law. However, the Department of Justice remains skeptical, arguing that the full scope of Bankman-Fried’s alleged misrepresentations and misleading conduct should be considered. The outcome of the case will depend on whether the jury focuses primarily on the terms of service or takes a broader view. As the trial continues, both sides will present their arguments during a jury charge conference, where the proposed jury instructions will be discussed.
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