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CFTC Case Against Sam Bankman-Fried Postponed Until After Criminal Trial

The request to stay the SEC’s civil case against Bankman-Fried is still pending.

Updated Feb 13, 2023, 10:41 p.m. Published Feb 13, 2023, 10:31 p.m.
Sam Bankman-Fried outside court on February 9, 2023 (Liz Napolitano/CoinDesk)
Sam Bankman-Fried outside court on February 9, 2023 (Liz Napolitano/CoinDesk)

A judge has granted a request by U.S. prosecutors to have the Commodities and Futures Commission’s (CFTC) civil case against FTX’s Sam Bankman-Fried be delayed until after the criminal fraud case against him is completed.

In a filing last week, prosecutors said a stay in both the CFTC and Securities and Exchange Commission (SEC) cases would save time and resources because the outcome of the criminal case “is likely to have a significant impact on what issues are ultimately in dispute in the Civil Cases.”

The request to stay the SEC case is pending.

Bankman-Fried had consented to the issuance of a stay in the civil cases, as had counsel for fellow FTX and Alameda executives Gary Wang and Caroline Ellison, and counsel for the bankrupt estates of FTX.com and Alameda.

Bankman-Fried has pleaded not guilty to the criminal fraud charges against him. The criminal case is due to begin in October.

Nelson Wang

Nelson was CoinDesk’s U.S. News Editor for the East Coast. He previously served as the technology stocks editor and consumer stocks editor at TheStreet, and prior to that was the business and personal finance editor for Yahoo.com. He has also held editing positions at Condé Nast Portfolio’s website and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.

picture of Nelson Wang