US DOJ Drops Sam Bankman-Fried’s Campaign Finance Charges

The DOJ has dropped political contribution charges against SBF.

Sam Bankman happy in between court case papers, with one of the documents highlighted in red.
Created by Kornelija Poderskytė from DailyCoin
  • The DOJ has dropped political contribution charges against SBF.
  • The prosecution agreed to honor its treaty obligations to The Bahamas.
  • SBF is facing new accusations for alleged attempts to discredit a former lover.

In a recent twist of events, the U.S. Department of Justice (DOJ) has judged that Sam Bankman-Fried (SBF) will no longer be facing campaign finance charges.

The decision followed consultation with authorities of The Bahamas regarding the five additional charges levied by the DOJ against SBF on top of eight initial counts he faced after his indictment in December 2022.

The Bahamas-U.S. Extradition Treaty

In the court document, it is revealed that The Bahamas never intended to extradite SBF to the U.S. on the campaign contributions charge. In honoring its treaty obligations to The Bahamas, the U.S. government consequently elected to drop the charge and direct attention to the other counts in the trial slated for October 2.

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According to The Bahamas-US Extradition Treaty, a motion for extradition shall not be granted if a defendant has a charge of a political character or when the request to charge the defendant is politically motivated.

New Developments During Hearing

The announcement comes only a few hours after SBF faced new accusations of attempting to discredit the reputation of former Alameda Research executive Caroline Ellison. The defendant allegedly shared confidential documents with the New York Times intending to taint the perceptions of the former CEO, who happens to be a former lover of the defendant.

While Assistant U.S. Attorney Danielle Sassoon opened the hearing seeking to remand SBF in custody, the presiding judge refrained from making an immediate ruling and instead directed the defense and prosecution to submit written statements.

On the Flipside

  • Although the DOJ’s decision closes investigations into SBF’s campaign contribution charge, it exposes potential loopholes in campaign finance laws that undermine political processes’ future integrity and transparency.
  • SBF still faces the eight separate counts that he was originally indicted for.

Read how SBF was accused of tampering with witnesses: 

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SBF and Prosecutor Clash Over Witness Tampering and Signal

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Sam Bankman-Fried: Crypto’s Fallen Hero?

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Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.