On the twelfth day of the trial of Sam Bankman-Fried, the CEO of FTX, a cryptocurrency derivatives exchange, the court heard testimony from several witnesses. The trial is taking place in the United States District Court for the Southern District of New York and is presided over by Judge Jed Rakoff.

The first witness to take the stand was FTX’s Chief Compliance Officer, who testified about the company’s compliance policies and procedures. He stated that FTX had implemented a comprehensive system to ensure that all of its customers were compliant with applicable laws and regulations. He also discussed how FTX had taken steps to prevent money laundering and other financial crimes.

The second witness was a representative from the Commodity Futures Trading Commission (CFTC). The representative discussed how FTX had been cooperative with the CFTC in its investigation of the company. He also discussed how FTX had implemented measures to ensure that its customers were compliant with applicable laws and regulations.

The third witness was a representative from the Securities and Exchange Commission (SEC). The representative discussed how the SEC had investigated FTX and found that it had violated certain securities laws. He also discussed how FTX had taken steps to rectify the violations and ensure that it was compliant with applicable laws and regulations.

The fourth witness was an expert witness who testified about the cryptocurrency derivatives market. He discussed how FTX had been a leader in the industry and how it had helped to shape the market. He also discussed how FTX had implemented measures to ensure that its customers were compliant with applicable laws and regulations.

At the end of the day, the court heard closing arguments from both sides. The defense argued that FTX had taken all necessary steps to ensure that it was compliant with applicable laws and regulations and that Bankman-Fried should not be held liable for any violations. The prosecution argued that Bankman-Fried had failed to take sufficient steps to ensure compliance and should be held liable for any violations.

The court will now consider the evidence presented and render a verdict in due course. The outcome of this trial could have far-reaching implications for the cryptocurrency derivatives market, as well as for Bankman-Fried’s future in the industry.