- His legal team requested to dismiss most of the charges
- The extradition treaty with the Bahamas allows for charges
- The impact of FTX’s trades was felt in US crypto markets
Criminal charges that Sam Bankman-Fried’s attorneys requested to dismiss, including ones involving campaign financing violations and their client’s extradition back to the US, are valid, prosecutors claim in court filings, CoinDesk reported.
They filed to dismiss most charges
As Bankless Times reported in early May, Bankman-Fried’s legal team requested to dismiss most of the charges against their client, which US prosecutors had levied. The team argued that there had been procedural issues, some US laws were inapplicable because he wasn’t in the US, and the charges surpassed the extradition conditions agreed.
They did not object to money laundering and securities fraud charges.
Treaty with Bahamas allows extradition
The legal team argued that the Bahamas, where FTX had set up an entity, needed to approve the charges before extradition. However, prosecutors claim the extradition treaty with the country allows for charges after extradition with the extraditing party’s consent. No charges presented after extradition violate this provision.
According to one of the charges, filed in the spring of this year, SBF violated the Foreign Corrupt Practices Act (FCPA) by offering anonymous Chinese officials a bribe of $40 million to unfreeze FTX accounts.
FTX trade impact was felt in US
Bankman-Fried’s attorneys also claimed the accusations of commodity fraud were invalid because they involved extraterritorial enforcement. However, prosecutors dispute this, stating that the impact of FTX’s trades was felt in US crypto markets.
Defendant worked to obscure donation source
SBF is charged with violating US campaign funding laws. He donated to politicians on behalf of FTX executives. According to prosecutors, the charges entail details of how he tried to hide the source of the funds.
His legal team has requested more documents and has argued FTX assets "should be considered part of the prosecution" because FTX is cooperating with the DoJ. Bankman-Fried’s next appearance in court will be in October.
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