US CFTC Seeks Postponement of Civil Fraud Lawsuit against SBF

02/14/2023 22:54 • Crypto & Markets • 181 views

It is reported that a judge has approved the request of the United States Attorney for the United States Commodity Futures Commission (CFTC) to postpone the civil action against SBF. In a document submitted last week, the prosecutor asked the judge to postpone the civil fraud lawsuit filed by the United States Securities and Exchange Commission (SEC) and CFTC against SBF until the end of its criminal charges. The prosecutor said that the suspension of civil cases would save time and resources, because the results of criminal cases “may have a significant impact on the final controversial issues in civil cases”. At present, the request for postponing the SEC civil action is still pending. According to the previous news, SBF has agreed to suspend the civil case trial, and the lawyers of Gary Wang and Caroline Ellisone, other senior executives of FTX and Alameda, and the lawyers of FTX.com and Alameda’s bankruptcy property also agreed. In addition, SBF refused to plead guilty to the criminal fraud charges against him. The criminal case will be tried in October.

The judge approved to postpone the civil action of CFTC against SBF until the end of the criminal case

Interpretation of the news:

The United States Commodity Futures Commission (CFTC) has asked a judge to postpone the civil fraud lawsuit against SBF, a prominent cryptocurrency company. The prosecutor argued that suspending civil cases until the criminal charges have been resolved would save time and resources and would have a significant impact on the outcome of the civil cases. SBF has already agreed to suspend the civil case trial, but the request is still pending for the United States Securities and Exchange Commission (SEC).

This development suggests that the government is taking a more cautious approach to cryptocurrency companies, which have come under scrutiny in recent years due to concerns about fraud, money laundering, and other criminal activities. The postponement also highlights the potential impact of criminal charges on civil lawsuits. If SBF is found guilty of criminal fraud charges, it could significantly affect the outcome of the civil lawsuits against the company.

The fact that SBF has refused to plead guilty to the criminal fraud charges against them indicates that they are determined to fight the charges in court. The criminal case is set to be tried in October, and the outcome of this trial could also have significant implications for the future of the cryptocurrency industry.

In conclusion, the request by the CFTC to postpone the civil fraud lawsuit against SBF highlights the government’s cautious approach to cryptocurrency companies and emphasizes the potential impact of criminal charges on civil lawsuits. The outcome of the criminal case against SBF, which is set to be tried in October, could have significant implications for the future of the cryptocurrency industry.

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US CFTC Seeks Postponement of Civil Fraud Lawsuit against SBF

The judge approved to postpone the civil action of CFTC against SBF until the end of the criminal case

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