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Judges deny Sam Bankman-Fried’s appeal for early release

A three-judge panel from the United States Court of Appeals for the Second Circuit has denied a motion for early release for former FTX CEO Sam Bankman-Fried, or SBF.

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A three-judge panel from the United States Court of Appeals for the Second Circuit has denied a motion for early release for former FTX CEO Sam Bankman-Fried, or SBF.

In a Sept. 21 order, Circuit Judges John M. Walker Jr., Denny Chin and William Nardini denied SBF’s motion for early release, which his team argued was largely due to First Amendment issues. The ruling said Lewis Kaplan — the judge overseeing SBF’s criminal case — had “correctly determined” that Bankman-Fried’s speech amounted to witness tampering.

“The record shows that the district court thoroughly considered all of the relevant factors, including Bankman-Fried’s course of conduct over time that had required the district court to repeatedly tighten the conditions of release,” said the Sept. 21 order. “It also shows that the district court contemplated a less restrictive alternative offered by SBF — an order limiting his communications with the press — but reasonably concluded this was not ‘a workable solution longer term.’

Bankman-Fried previously admitted to releasing former Alameda Research CEO Caroline Ellison’s private journals to a New York Times reporter, resulting in some of their contents being published — an act prosecutors labeled as witness intimidation. SBF’s lawyers also argued for early release from jail on the grounds that the lack of consistent internet access prevented him from preparing an adequate defense for his criminal trial.

The court had been deliberating on the matter following a Sept. 19 hearing in which both the Justice Department and SBF’s defense team had roughly five minutes to present their cases for the former FTX CEO remaining in jail and early release, respectively. Judge Kaplan revoked SBF’s $250-million bail on Aug. 11, whereupon he was remanded to the Metropolitan Detention Center in Brooklyn.

The appellate court ruling was likely one of the last chances for Bankman-Fried to be freed ahead of his first criminal trial, scheduled to begin on Oct. 3 — less than two weeks. His second trial is expected to start in March 2024. He has pleaded not guilty to all charges.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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