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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.

By Jack Schickler
Updated Feb 14, 2023, 4:44 p.m. Published Feb 14, 2023, 10:06 a.m.
(Michael del Castillo/CoinDesk)
(Michael del Castillo/CoinDesk)

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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CFTC's Selig opens legal dispute against states getting in way of prediction markets

Ni Jesse Hamilton|Edited by Nikhilesh De
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U.S. Commodity Futures Trading Commission Chairman Mike Selig (Jesse Hamilton/CoinDesk)

Commodity Futures Trading Commission Chairman Mike Selig fired a legal warning shot defending his agency's jurisdiction over the event contract space.

Ano ang dapat malaman:

  • U.S. Commodity Futures Trading Commission Chairman Mike Selig directed his agency to file an amicus brief declaring his federal agency has authority over the U.S. prediction markets.
  • Though the CFTC once fought a legal resistance against such firms as Polymarket and Kalshi, the agency has embraced them during the administration of President Donald Trump, whose son has worked as a paid adviser for the leading companies.
  • As Selig defends his agency's jurisdiction in court, he's also pursuing new prediction markets rules for the U.S.
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