Key Takeaways
Sam Bankman-Fried’s defense team has submitted a formal request to Judge Kaplan, aiming to alter jury instructions by introducing the relevance of English law.
The lawyers argue that under English law, FTX’s terms of service don’t create any trust or fiduciary relationship with its customers.
The request for instructional changes follows a series of previously denied court petitions, including multiple bail applications for Bankman-Fried.
The attorneys representing Sam Bankman-Fried, ex-CEO of FTX, have taken another step in their legal strategy.
The lawyers submitted a formal written request to Judge Kaplan, pressing for specific considerations regarding English law to be included in the guidelines given to the jury.
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Sam Bankman-Fried’s lawyers argue that English law, which governs FTX’s user agreement, clearly specifies no fiduciary or trust relationship is formed between the crypto exchange and its customers.
The attorneys were explicit in their request:
Under English law, the Terms of Service do not create a trust relationship or similar fiduciary relationship between FTX and its customers. Nor, under English law, do any representations made after a customer agreed to the Terms of Service create a trust relationship or similar fiduciary relationship.
They further stated that the existence of such a relationship cannot be established simply because one party believes it to be so.
The defense also referenced case law from the United Kingdom as supportive evidence, aiming to establish a more favorable ground for a not-guilty verdict.
This maneuver is part of a broader legal strategy that has involved numerous court petitions, including several unsuccessful bids for early release on bail for Bankman-Fried, each citing insufficient conditions for case preparation.
Facing multiple charges, including fraud and alleged misuse of customer funds for personal expenses, Sam Bankman-Fried has continuously denied all accusations. He has asserted that he has neither defrauded customers nor misappropriated funds. Previous allegations have also implicated him in potential witness tampering, though he has not been formally charged for this.
The lawyers for Bankman-Fried are using every legal avenue available to them, now focusing on influencing the jury’s instructions through English law considerations. The resolution of this case is being keenly observed, as it could establish legal precedents in the cryptocurrency sector.
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
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