At a hearing on Tuesday in a court in New York, U.S. District Judge Lewis Kaplan proposed a date for the trial of the former executive from FTX, Sam Bankman-Fried. The trial is anticipated to be lengthy, lasting for several weeks. Bankman-Fried is facing eight different charges including wire fraud and campaign-finance violations and pleaded not guilty through his lawyer.

Bankman-Fried, the ex-CEO of the defunct crypto exchange, returned to the federal courthouse for the second time on Tuesday. Last week, the court allowed his release to a personal recognizance bond, after which he flew to his parents' residence in California. This Tuesday, the former executive entered a plea of not guilty, as was previously reported by the Wall Street Journal.

At the hearing, Danielle Sassoon of the U.S. Attorney's office stated that they anticipate the majority of their discovery to be finalized in the upcoming few weeks. The government will supply the information they already obtained within the following weeks, including documents provided by the bankruptcy lawyers of FTX.

Judge Kaplan approved Bankman-Fried's request to conceal the identities of two more people who, in addition to his parents, offered a guarantee on his $250 million bail. Media organizations are allowed to oppose the covering up of the bond guarantors until Jan. 12. The defendant's attorneys proposed security and privacy worries be associated with exposing the names of those who signed his bail.

Acting in the government's interests, Sassoon asked the court to revise Bankman-Fried's bail conditions, requesting that he be forbidden to access or move any resources linked to FTX or any associated companies. She brought attention to the discovery previous week that several wallets belonged to Alameda Research had started transferring several thousand dollars in cryptocurrency to other wallets.

The defense argued that Bankman-Fried had no involvement with the transactions and was working with the prosecution, which Sassoon accepted. However, the judge decided that Bankman-Fried was not allowed to use or move any funds related to FTX or Alameda.

Last month, Bankman-Fried was apprehended in the Bahamas following a demand from federal prosecutors. The day after, they presented eight different counts against him.

The prosecutors claimed that Bankman-Fried had taken customer deposits for his own use, using the money to pay for Alameda Research's costs and debts, and had lied about the financial state of FTX.

Bankman-Fried's plea on Tuesday is subject to alteration, but it is currently setting the stage for an October trial in which prosecutors will lay out the specifics of how they believe he broke federal laws by deceiving his customers, investors, and lenders, as well as charges that he breached campaign-finance regulations.

Prior to the trial, legal representatives will have a chance to examine the substantial evidence that has been collected for the case. Bankman-Fried's lawyers must put in a motion to end the case by April 3rd, and the government must answer this by April 24th. Bankman-Fried's next statement is due by May 8th, and both sides will have the opportunity to present their arguments in an open hearing on May 18th at 10am Eastern Time.



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