On April 5th, 2021, Sam Bankman-Fried, the CEO of FTX, appeared in court for the fifth day of his trial. The case is centered around the alleged violation of the Commodity Exchange Act (CEA) and the CFTC’s regulations. The CFTC has accused Bankman-Fried of illegally offering derivatives contracts to U.S. customers without registering with the CFTC as a derivatives dealer.

The fifth day of the trial began with Bankman-Fried’s attorney, Richard B. Zabel, presenting his closing argument. Zabel argued that Bankman-Fried was not in violation of the CEA or CFTC regulations because he was not offering derivatives contracts to U.S. customers. He argued that Bankman-Fried was simply providing access to a platform that allowed customers to trade derivatives contracts with one another.

The CFTC’s attorney, Michael Dicke, then presented his closing argument. He argued that Bankman-Fried was in violation of the CEA and CFTC regulations because he was offering derivatives contracts to U.S. customers without registering with the CFTC as a derivatives dealer. He argued that Bankman-Fried was actively involved in the trading process and was therefore responsible for ensuring that all trades were conducted in accordance with the CEA and CFTC regulations.

After both sides presented their closing arguments, Judge Richard J. Sullivan gave his instructions to the jury. He instructed them to consider all evidence presented during the trial and to make their decision based on the law and facts presented. He also reminded them that Bankman-Fried was presumed innocent until proven guilty beyond a reasonable doubt.

The jury is now deliberating and a verdict is expected soon. It remains to be seen whether Bankman-Fried will be found guilty or not guilty of violating the CEA and CFTC regulations. Whatever the outcome, this case will have far-reaching implications for the cryptocurrency industry as a whole.