The U.S. Department of Justice (DOJ) has argued that FTX founder Sam Bankman-Fried cannot rely on the country’s lack of clear regulatory frameworks for the emerging industry in his defense.
In an Oct. 4 letter to Judge Kaplan, the DOJ wrote that there are prohibitions on misappropriation of customer assets, which are the laws SBF violated. So, it would be wrong for the defense to mislead the jury that a cryptocurrency exchange can only be found guilty if the laws say that such platforms can never touch customer funds.
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