Attorneys representing Sam Bankman-Fried (SBF), the founder of crypto exchange FTX, have suggested that a delay of his upcoming criminal trial may be necessary.
SBF’s lawyers wrote to U.S. District Judge Lewis Kaplan on March 8, explaining that they may need additional time to thoroughly review the evidence and prepare a defense for the trial, which is currently scheduled to begin on October 2, 2023.
Although the lawyers are not formally requesting a date change at the moment, they noted that they are still waiting for a “substantial portion” of evidence to be turned over to them. Additionally, prosecutors filed further fraud and conspiracy accusations against SBF late last month, bringing the total number of counts to 12.
Christian Everdell, one of SBF’s attorneys, said in the letter that depending on the volume of the additional discovery and the timing of the productions, it may be necessary to request an adjournment of the trial.
The Commodities Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have also filed civil lawsuits against SBF for fraud. The trials in these cases have been postponed until after SBF’s criminal trial.
The delay of SBF’s trial is significant because it will give his attorneys additional time to review evidence and prepare their defense. It also means that the CFTC and SEC trials will be further delayed, potentially impacting the crypto market and investors’ confidence in the industry.
The outcome of SBF’s trial could have far-reaching implications for the crypto industry, particularly as it continues to grow in popularity and mainstream acceptance.
Investors will be closely watching the case, which highlights the need for proper regulation and oversight in the industry.
