US Authorities Drop Charges SBF Campaign Finance Funds

In the latest court filing, the United States Department of Justice (DoJ) announced its decision to withdraw the campaign finance charge against Sam “SBF” Bankman-Fried, the founder and former CEO of the bankrupt cryptocurrency exchange FTX.

In a correspondence addressed to the court on Wednesday, US Attorney Damian Williams stated:

In keeping with its treaty obligations to The Bahamas, the government does not intend to proceed to trial on the campaign contributions count

The US government considered the extradition document in regard to the charges, which included the specific charge related to campaign contributions, and sought consultation with The Bahamas before making the decision.

Initially, the DoJ had the intention of pursuing the campaign finance charge against SBF. However, the court has granted permission to the Department of Justice (DoJ) to dismiss the charge.

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SBF’s legal counsel presented an argument in court, asserting that The Bahamas, where the former FTX CEO was first arrested, must agree to those charges according to the terms of its extradition treaty with the United States.

The DOJ letter read:

The Government has been informed that The Bahamas notified the United States earlier today that The Bahamas did not intend to extradite the defendant on the campaign contributions count. Accordingly, in keeping with its treaty obligations to The Bahamas, the Government does not intend to proceed to trial on the campaign contributions count.

The court has now established a schedule for both parties involved to submit written submissions on the matter. Additionally, the court has issued an interim gag order, preventing SBF from making any public communications.

SBF Accused of Varied Criminal Dealings As Charges Get Split

Bankman-Fried is currently facing multiple charges, including one related to campaign finance contributions, as he prepares for his trial in October.

He contested the validity of five charges, arguing that they were not part of the extradition agreement that led to his return to the US. The government separated these charges from the upcoming trial, resulting in two separate cases.

He has also challenged another campaign finance charge, claiming it should be dismissed because it wasn’t included in the official documents approving his extradition from the Bahamas.

Normally, a person can only be charged for the crimes they were extradited for, but prosecutors have claimed they could bring new charges with The Bahamas’ consent.

However, The Bahamas has now informed the government that they didn’t plan to extradite Bankman-Fried for the campaign contribution charge.

In a recent development, prosecutors have demanded the revocation of SBF’s bail, alleging that he intimidated and attempted to publicly discredit former Alameda Research CEO, Caroline Ellison. The accusation is based on the claim that SBF leaked her private journals to The New York Times.

The total crypto market cap stood at $1.15 trillion on the one-day chart Source: TradingView

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