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In an unexpected development, the criminal campaign finance charges against Sam Bankman-Fried, the founder of FTX, have been dismissed due to issues related to the U.S. extradition treaty with the Bahamas.
Damian Williams, the U.S. Attorney for the Southern District of New York, disclosed in a court document that the Bahamian government had communicated to the U.S. that it would not extradite Bankman-Fried for the conspiracy charge concerning unlawful campaign contributions, a claim made by U.S. prosecutors.
Notably, the campaign finance charge was not part of the initial notification sent by American law enforcement to Bahamian officials regarding their intent to prosecute Bankman-Fried, which resulted in his arrest last year. However, it was subsequently included in the indictments against him. The refusal of the Bahamian government to extradite him on this particular charge has compelled prosecutors to drop it, as proceeding would contravene the extradition treaty between the two nations. According to the treaty, U.S. authorities are required to inform their Bahamian counterparts of the charges they intend to bring beforehand.
In adherence to its treaty commitments, the government opted not to advance the campaign contributions charge, as indicated by Williams to the federal judge overseeing Bankman-Fried’s criminal case.
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The legal team representing the FTX co-founder had previously requested the dismissal of the majority of charges against him, including the campaign finance claim, citing procedural issues. However, Judge Lewis Kaplan rejected this request, instructing prosecutors to clarify the position of the Bahamian government regarding the extradition treaty.
Although the campaign finance charge has been dropped, prosecutors continue to pursue the majority of charges against Bankman-Fried, mainly concerning alleged fraud within FTX and his previous venture, Alameda Research. If convicted on the remaining charges, Bankman-Fried could face a lengthy prison sentence.
During the election cycles of 2020 and 2022, Bankman-Fried became one of the most significant political contributors in the United States.
Previously, Judge Kaplan issued a temporary gag order on Bankman-Fried and his legal team, barring them from discussing the case with the media until a decision in early August. This forthcoming ruling will determine whether the indicted crypto entrepreneur will remain incarcerated until his criminal trial in October, due to possible breaches of his bail conditions.
While the dismissal of the charge offers some respite for Bankman-Fried, the upcoming trial and the ongoing pursuit of other charges continue to loom over his future. As the case progresses, both the crypto community and the public will closely monitor the developments and their potential ramifications for cryptocurrencies and beyond.
The post Prosecutors Drop Bankman-Fried Campaign Finance Charge Over Treaty appeared first on BitcoinWorld.
