SBF asks Supreme Court to overturn conviction, $11B forfeiture: Report
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Sam Bankman-Fried Asks Supreme Court to Overturn FTX Fraud Conviction
SBF’s lawyers say he was barred from arguing customers lost nothing, and call the $11 billion forfeiture an "crushing fine."
The US Supreme Court affirmed the Federal Reserve's independence, but the ruling may sow the seeds for future legal challenges.
According to Mars Finance, on June 30th, the U.S. Supreme Court ruled that Federal Reserve governors still enjoy the protection of being removed from office "only for justifiable reasons," meaning the president cannot arbitrarily dismiss them, thus maintaining the independence of the Fed's monetary policy. However, the Supreme Court also ruled that the president can dismiss commissioners of other independent regulatory agencies, such as the Federal Trade Commission (FTC), without cause, overturning a long-standing legal precedent applicable to independent agencies and making the Fed almost the only federal agency still enjoying special personnel protections. Columbia Law School professor Kathryn Judge stated that while the Fed's independence has been preserved, its legal basis has been significantly weakened compared to the past few decades, and the rationale for its special treatment will need to be continuously explained to the public. Former Vice Chairman for Supervision of the Federal Reserve, Randal Quarles, previously pointed out that retaining special personnel protections only for the Fed presents a legal inconsistency and may face new judicial challenges in the future. He believes that why the Fed is an exception when the courts have determined that most independent regulatory agency officials belong to the executive branch and can be dismissed by the president remains a legal question that needs further clarification.
The U.S. Supreme Court ruled that the president can dismiss commissioners of independent agencies such as the SEC and CFTC at will.
PANews reported on June 30th that, according to CoinDesk, the U.S. Supreme Court ruled 6-3 that the president has the power to dismiss independent commissioners at will, overturning a 91-year-old judicial precedent. Several legal experts pointed out that this move will weaken the long-standing independence of regulatory agencies, including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), alter the power balance between the president and financial regulators, and potentially affect the future regulatory decision-making structure for the financial and crypto asset markets.
U.S. senators from both parties jointly introduced a resolution opposing Trump's pardon of SBF.
According to Mars Finance, on June 18, Republican Senator Cynthia Lummis and Democratic Senator Rubén Gallego supported a non-binding resolution to be introduced on Wednesday, opposing a presidential pardon, commutation, or any form of administrative clemency for former FTX CEO Sam Bankman-Fried (SBF). The resolution states that SBF should not receive administrative clemency under any circumstances, including a presidential pardon or commutation. The resolution also states that if President Trump approves SBF's pardon request, it will "erase his conviction, weaken deterrence, and send a gravely wrong signal that perpetrators of massive financial fraud can escape permanent accountability." Since the power of presidential pardons is constitutional, the resolution is non-binding. SBF had previously formally applied to Trump for a pardon. Last week, a U.S. federal appeals court upheld his conviction and sentence, leaving him with only a presidential pardon or an appeal to the U.S. Supreme Court as his remaining legal options. SBF was convicted in November 2023 of seven felony counts involving the misuse of FTX user funds and sentenced to 25 years in prison in 2024.
New Jersey officials petition US Supreme Court over prediction markets
New Jersey’s Attorney General and gaming authorities filed a petition for a writ of certiorari to the US Supreme Court over Kalshi offering sporting event contracts to residents.
South Korea's Supreme Court plans to introduce procedures for the seizure and disposal of crypto assets, which are expected to be formally implemented in October.
According to Mars Finance, on July 6th, the South Korean Supreme Court proposed a draft amendment to its civil enforcement rules, aiming to establish procedures for the seizure, attachment, and liquidation of crypto assets, providing a clear legal basis for courts to enforce civil judgments involving cryptocurrencies. According to the draft, after a court issues a seizure order, the debtor will be immediately prohibited from disposing of the relevant crypto assets and must transfer the assets to a court enforcement officer. The seizure will officially take effect upon the officer's receipt. Regarding asset disposal, the court can directly transfer the crypto assets to the creditor according to the value determined by the court, or instruct the enforcement officer to sell the assets. The enforcement officer can transfer the assets to a dedicated account of a Virtual Asset Service Provider (VASP) for sale, or entrust a relevant platform to sell them on their behalf; if necessary, the assets can also be converted into more liquid cryptocurrencies such as Bitcoin before liquidation. Furthermore, the draft amendment clarifies preservation measures for crypto assets during litigation, including preliminary attachment and injunctions, to prevent debtors from transferring or concealing crypto assets. The South Korean Supreme Court stated that with the increasing number of civil cases involving crypto assets, it is necessary to improve the relevant enforcement rules. The draft will be open for public comment until August 11, and the revisions are expected to take effect in October this year.