SBF Signs Extradition Documents to US
The founder and former CEO of insolvent cryptocurrency exchange FTX, Sam Bankman-Fried (SBF), who is in custody in a Bahamian prison, signed documents yesterday that he will soon be handed over to FBI agents and taken to the United States to face charges, according to media reports. This move by the SBF was quite expected, as he agreed in principle to be extradited to the United States as early as December 19, despite his initial requests that the details of the charges against him be looked into first. It is also known that the commissioner of the Bahamas prisons, Doan Clear, mentioned another package of documents that Sam will have to sign today, December 21st. These are documents that legitimize the refusal of the accused to object to extradition. Once signed, the SBF could be handed over to the FBI by the end of today. After signing the final package of documents, FBI agents are expected to take Bankman-Freed to a private airport and then transfer him to the US on a private jet, where he will face eight charges under the US Attorney's indictment. According to insider information, the SBF legal team is currently negotiating with federal prosecutors to secure his release on bail after being extradited to the United States. According to those familiar with the situation, the arrangement could have "very harsh terms", including house arrest and electronic monitoring. However, only a federal court can hear a release order, and the release hearing has not yet been filed.
Consequences Expected Worse Than FTX Bankruptcy: Senator Brown Wants to Ban Crypto
In an interview with NBC Sunday, U.S. Senator and Ohio Senate Banking, Housing, and Urban Affairs Committee Chairman Sherrod Brown said that the Treasury Department and all regulatory agencies, including the U.S. Securities and Exchange Commission (SEC) and the Commodity Trading Commission futures (CFTC), it is necessary to come together and evaluate any possible actions related to the cryptocurrency market: “We want them to do what they need to do. At the same time, maybe banning it, although banning it is very difficult because it will go offshore and who knows how that will work.” Back on Sunday, Brown said that the cryptocurrency market is a “complicated, unregulated pot of money,” and the problem with lack of control was initially much larger than even the consequences of the collapse of FTX. However, Brown’s colleague Senator Pat Toomey, in his opening remarks at the Senate FTX hearing last week, said that the fallout from the collapse of the cryptocurrency exchange does not justify a ban or “suspension” of cryptocurrencies: “Some of my colleagues have suggested pausing cryptocurrencies before we can address it. This is profoundly misguided, not to mention impossible. Short of enacting draconian, authoritarian policies, cryptocurrency cannot be stopped. If we tried, the technology would simply migrate offshore.” From the rhetoric of American politicians, it becomes clear that the legislators of the largest digital market have not yet come to an agreement on the nature of crypto control. At the same time, the market continues to be feverish with chaotic investments, which only encourage the bears to play harder.