Sam Bankman-Fried's Release Denied, Ethereum Futures ETFs Expected Next Week
Summary:
The temporary release plea by Sam Bankman-Fried, former CEO of FTX, has been denied by a federal judge, ahead of his trial set for October 3rd for charges related to misuse of customer funds. He also faces a second trial in March 2024. Meanwhile, Ethereum futures ETFs could start trading in the U.S. as early as next week according to Bloomberg analysts, with 15 such ETFs currently awaiting approval.
A proposal for temporary release from imprisonment by Sam Bankman-Fried, ahead of his imminent trial, was rejected, reflecting a previous plea to the U.S. government. Concurrently, Ethereum futures exchange-traded funds (ETFs) might be launched as soon as next week. Sam Bankman-Fried's request for temporary release preceding his trial set for Oct. 3 was turned down by a federal judge. New York Judge Lewis Kaplan, during a Sept. 28 hearing, declared Bankman-Fried as a possible flight risk in case his trial doesn't go in his favor. Judge Kaplan stated that Bankman-Fried could turn up early at the court on specific days to converse with his lawyers. On Sept. 27, Judge Kaplan consented to allow Bankman-Fried to dress formally for his trial.
The forthcoming trial, the first of two for the ex-CEO of FTX who is accused of misusing customer funds, commences next week. His other trial is planned to start in March 2024. The U.S. government, in a letter to Judge Kaplan on Sept. 27, expressed its disagreement with Sam Bankman-Fried's appeal for temporary release from prison. The letter also mentioned that a hearing will take place later today. The government urged the judge to turn down the request submitted on Sept. 25. The government countered the defendant's assertion that he couldn't adequately partake in his own defense necessitating his release, as "it doesn't outweigh the risk posed by such release conditions considering the defendant's previous conduct.”
The trial of Bankman-Fried, set to start on Oct. 3, revolves around seven fraud-related charges from his tenure at FTX and Alameda Research. In March 2024, five more charges will be tried in a separate criminal trial. Bankman-Fried has already declared his innocence to all charges.
According to Bloomberg analysts, Ethereum futures ETFs may commence trading in the U.S. as early as next week. Bloomberg Intelligence analyst James Seyffart hinted at a possible approval of Ethereum futures ETFs by the SEC next week. His remarks were in response to ETF analyst Eric Balchunas who voiced his suspicion of the SEC's intention to fast-track the launch of Ether futures ETFs. At present, 15 Ethereum futures ETFs from nine different issuers are in line for approval, as per analysts in a Sept. 27 report. Firms proposing an Ethereum futures or hybrid ETF product are VanEck, ProShares, Grayscale, Volatility Shares, Bitwise, Direxion, and Roundhill.
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Published At
9/28/2023 6:21:06 PM
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