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SEC Case Against Bankman-Fried Postponed Pending Criminal Trial
Charges can wait until the Department of Justice’s case against the FTX founder concludes, a judge said.
Updated Feb 14, 2023, 4:44 p.m. Published Feb 14, 2023, 10:06 a.m.
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The U.S. Securities and Exchange Commission’s case against FTX founder Sam Bankman-Fried will be put on hold until related charges brought by the Department of Justice are dealt with, a U.S. judge said in a Feb. 13 ruling.
U.S. prosecutors last week said a pause would save time and resources, as the DOJ case against Bankman-Fried will likely influence overlapping civil cases. The SEC said Bankman-Fried used customer funds for his lavish lifestyle.
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On Tuesday, another civil case brought against the disgraced founder by the U.S. Commodity Futures Trading Commission was also delayed until after the criminal trial.
In December, Bankman-Fried was arrested following the collapse of FTX, and has pleaded not guilty to criminal charges brought against him by the DOJ, which include wire fraud and money laundering.
Read more: US SEC Charges Sam Bankman-Fried for Defrauding FTX Investors
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Latest White House talks on stablecoin yield make 'progress' with banks, no deal yet
In the latest of a series of meetings hosted at the White House, bankers and crypto policy experts met to break down the wall halting the market structure bill.
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- The latest negotiations between banks and the crypto sector made "progress," but no significant accord has yet been announced.
- Representatives of the banking industry and policy experts from crypto faced each other across a White House table again to see if the third time was a charm for coming to a compromise over stablecoin yields.
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