Sam “SBF” Bankman-Fried’s lawyers are expected to submit their recommendation for his sentencing on Feb. 27, and the crypto community has been sharing their thoughts. On Nov. 3, Bankman-Fried was convicted of seven felony counts, some of which carry a potential sentence of up to 20 years in prison. Judge Lewis Kaplan will consider the recommendations from SBF’s lawyers on Feb. 27 and from prosecutors on March 15 before making a decision on the former FTX CEO’s fate.
If given the maximum sentence, Bankman-Fried could face approximately 110 years in prison due to his conviction on charges including wire fraud, securities fraud, and money laundering conspiracy. However, legal experts have noted that judges typically do not impose the maximum penalty unless there are extraordinary circumstances.
Renato Mariotti, a former prosecutor with the U.S. Justice Department, stated in December that he wouldn’t be surprised if Bankman-Fried spends the next two decades in prison. Lawyer Devin James Stone also commented on the case, highlighting the scale of the crimes and the defendant’s attempts to cover them up as factors that could lead to a sentence of 15 to 25 years plus restitution.
Bankman-Fried was initially set to face a second trial in March for additional charges, but prosecutors announced in December that they would not proceed. This suggests that he could face a harsher sentence with forfeiture and restitution for FTX victims.
The crypto community has expressed mixed opinions on the matter, with some believing that Bankman-Fried deserves a minimum of 20 years in prison, while others argue that other individuals involved in the case should also face consequences.
Bankman-Fried appeared in court on Feb. 21, where he waived conflicts of interest for his attorneys, and the sentencing hearing will be his first among the four other former FTX executives linked to the same case. Caroline Ellison, Gary Wang, Ryan Salame, and Nishad Singh, all pleaded guilty to charges related to their involvement with FTX. Salame is scheduled to be sentenced on May 1.
In light of the FTX collapse, some individuals are questioning the trustworthiness of crypto exchanges.