DOJ’s Decision on SBF Case Outrages Crypto Industry — Coinbase Calls It ‘Miscarriage of Justice’

The decision by the U.S. Department of Justice (DOJ) not to pursue a second trial against disgraced FTX founder Sam Bankman-Fried (SBF) has outraged the crypto industry. Crypto exchange Coinbase calls the decision a “miscarriage of justice.” One lawyer opined, “Ask yourself why is this case being dropped in an election year,” noting that SBF gave the Biden administration $10 million and had personal meetings with U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler and SEC staff.

DOJ’s Decision on SBF Trial Outrages Crypto Industry

The U.S. Department of Justice (DOJ) has decided not to pursue a second trial against former FTX CEO Sam Bankman-Fried (SBF). The second trial, which had been slated to start in March, addresses an additional set of criminal counts against Bankman-Fried, including campaign finance charges.

Sharing his thoughts in a series of posts on social media platform X Friday regarding “the DOJ’s decision not to pursue campaign finance charges against SBF,” Coinbase’s chief legal officer, Paul Grewal, stressed: “I think it’s a mistake.” He emphasized:

I think this is a miscarriage of justice. The public interest in a public airing of charges almost always matters. Campaign finance charges are at the very top of this list. What politicians and others knew what and when are critical questions that deserve answers.

“Dropping this on a Friday night before a holiday only fuels public cynics about the politics of all this. Damn shame,” the Coinbase official noted.

Many people took to social media to slam the DOJ’s decision, calling it “outrageous,” “sickening,” and “disgusting.” Some accused the DOJ of absolute corruption. One X user wrote:

This is insane corruption.

“FTX snowplowed millions of dollars into Democrat campaign accounts. DOJ separated campaign finance charges from his fraud trial. Now after being convicted for fraud, they’re dropping the 2nd trial for campaign finance crimes. Would’ve implicated too many Dems and RINOs. I know our gov’t is corrupt but sometimes things like this surprise even me,” he added.

Lawyer John Deaton opined: “Ask yourself why is this case being dropped in an election year? During the fraud trial, Caroline Ellison testified that SBF gave the Biden administration $10 million and the reason he told her was to ‘buy access.’ He got two personal meetings with [U.S. Securities and Exchange Commission (SEC) Chairman] Gary Gensler and several others with SEC staff … What a joke the DOJ has become.”

What do you think about the DOJ’s decision not to pursue a second trial against Sam Bankman-Fried? Let us know in the comments section below.