Polygon Co-founder Resigns, DOJ Maintains Charges against FTX CEO, and SEC Suffers Setback in Ripple Case
Summary:
Jaynti Kanani, Co-founder of Polygon, announces his departure from the company but will continue contributing from afar. Despite the absence of crypto regulations in the U.S, the Department of Justice (DOJ) maintains their charges against former FTX CEO, Sam Bankman-Fried, are legitimate, countering defensive arguments from his lawyers. The Security and Exchange Commission's (SEC) appeal for immediate review in the case against Ripple Labs is dismissed by Judge Analisa Torres, signaling a setback to the plaintiff's case.
Jaynti Kanani, Co-founder of Polygon, has announced his resignation but assured he will continue contributing from a distance. After serving as the CEO until 2021, Kanani stepped back and Marc Boiron, the then legal chief, took over the position. Even though he had already distanced himself from the daily operations of the platform for around six months, his departure was viewed by the Polygon community as achingly significant. Recognizing this as a new era for Polygon, Kanani may utilize this chance to focus on his other tech companies, Mozak and Morphic, that he founded in 2023.
Even in the absence of specific cryptocurrency regulations in the U.S, the Department of Justice (DOJ) insists that their charges against former FTX CEO, Sam Bankman-Fried, remain legitimate. Despite the argument from SBF's attorneys that their client is innocent due to the lack of U.S. regulations concerning FTX, DOJ maintains that legal regulation isn't necessary to prove the violation of legal obligation. Additionally, they refute the defendant's claims about absence of regulations regarding customer funds and allege that existing laws were flouted. The DOJ also claims that fraudulent representations were made to customers and money was stolen from them. The jury trial, anticipated to last for six weeks, commenced on October 3.
Judge Analisa Torres has dismissed the Security and Exchange Commission's (SEC) plea for immediate appellate scrutiny in its lawsuit against Ripple Labs, the issuer of XRP token. The judge stated that the regulator failed to establish that there were any controlling legal issues or considerable ground for varying opinions on her judgment. This has been deemed a major setback for the SEC's case by crypto lawyer Jeremy Hogan, as this clarification will make any future appeals from SEC more challenging. The lawsuit is now poised to either go to trial in April or be dropped altogether.
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Published At
10/4/2023 9:31:48 PM
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