In a court filing on Wednesday (yesterday), the U.S. Department of Justice (DOJ) firmly opposed the renewed motion for temporary release filed by Sam Bankman-Fried, the Founder of the cryptocurrency exchange FTX, ahead of his upcoming trial.
The motion sought his temporary release with stringent restrictions. However, it has been met with strong resistance from prosecutors. They contend that the arguments put forth by Bankman-Fried's legal team lack specificity and fail to establish a compelling case for his release.
DOJ's Opposition to Bankman-Fried's Release
Bankman-Fried had requested temporary release into the custody of his attorneys. He offered to comply with measures such as being closely guarded outside the courtroom. He would also surrender electronic devices such as laptops and phones to address concerns about being a potential flight risk or further legal violations.
However, the DOJ argued that these proposed conditions did not meet the legal requirements for a defendant's release. In their court filing, prosecutors stated: "The defendant’s repeated general assertions regarding the inconveniences of his detention simply do not outweigh the dangers of his release in light of the record, as affirmed by the Circuit, regarding his course of conduct over time."
Judicial Denials of Bankman-Fried's Release Requests
Both Judge Lewis Kaplan, who presides over Bankman-Fried's trial, and an appeals court have previously denied Bankman-Fried's requests for release. Judge Kaplan's earlier order denying the request for "temporary release" cited a lack of compelling reasons for the release.
Specifically, Judge Kaplan noted that Bankman-Fried had not provided clear explanations for how he could contribute to his defense outside of detention. Especially, considering the months he had spent out on bail prior to his detention. Judge Kaplan has scheduled a hearing for 10:00 am Eastern Time on Thursday. The outcome of this hearing will determine whether Bankman-Fried will remain in detention pending his trial, which is scheduled to begin next month.
The legal battle surrounding Bankman-Friedcontinues to draw significant attention from both the cryptocurrency and legal communities. It raises important questions about pretrial detention and the rights of defendants in high-profile cases.
This article was written by Tareq Sikder at www.financemagnates.com.
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