NEW YORK — A judge on Thursday closed the door on FTX founder Sam Bankman-Fried’s hopes to be free during his trial, although he extended the hours that the cryptocurrency peddler can meet with his lawyers in a federal courthouse.
At a hearing, Judge Lewis A. Kaplan rejected a request by Bankman-Fried’s lawyers to free their client so he could better prepare his defense against charges that he defrauded cryptocurrency investors.
Bankman-Fried, 31, faces the start of his trial Tuesday in Manhattan. He has pleaded not guilty.
His lawyer, Mark Cohen, told Kaplan that he cannot meaningfully confer with his client as long as Bankman-Fried is jailed at the Metropolitan Detention Center in Brooklyn.
And he insisted that there was no risk that Bankman-Fried would flee, prompting Kaplan to interrupt him.
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“The closer we get to trial, the more I’m wondering about that,” Kaplan said. “Your client, if there is conviction, could be looking at a very long sentence. If things begin to look bleak — maybe he feels that now — if that were to happen and if he had the opportunity, maybe the time would come that he would seek to flee.”
Kaplan revoked Bankman-Fried’s $250 million bond last month after concluding that Bankman-Fried had tried to influence potential trial witnesses.
Since he was brought to the United States last December from the Bahamas, Bankman-Fried had been required to stay at his parent’s Palo Alto, California, home with severely limited access to electronics.
Prosecutors say he intentionally deceived customers and investors to enrich himself and others while playing a central role in the company’s multibillion-dollar collapse after the equivalent of a bank run.
Kaplan said Bankman-Fried has had adequate time to prepare for trial in the more than seven months when he had unlimited access to evidence turned over by prosecutors and as a result of “extraordinary” measures taken at the federal jail to enable him to work on his defense.
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And he said the case against him was “by no means unique” in presenting challenges for reviewing evidence. He noted that some drug conspiracy cases involve hundreds of thousands of hours of audio and surveillance tapes, often in foreign languages.
However, the judge said he wanted to make every effort to accommodate the defendant’s concerns and would thus order that he be brought to the courthouse at 7 a.m. on some days to work with his lawyers prior to the start of the trial day several hours later.
Financial analyst Jim Cramer endorsed owning cryptocurrencies like Bitcoin BTC/USD and EthereumETH/USD as a safeguard against government overspending and an ever-increasing deficit.
What Happened: Cramer defended his pro-cryptocurrency stance, stating that the concerns over national debt are perpetual, CNBC reported Tuesday.
“I think Bitcoin, Ethereum, and maybe even some other cryptocurrencies deserve a spot in your portfolio, too,” the host of CNBC’s popular Mad Money show said. “Maybe one day, if the deficit gets under control, I’ll change my tune.”
Despite the lack of evidence that cryptocurrency can protect against financial risks, Cramer believed it to be a “plausible” narrative.
“I’ve liked crypto for a very long time, mostly because I know there’s a huge constituency of investors who want to buy something that can protect them from our government’s busted budget,” Cramer said.
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He added that while cryptocurrency is relatively new and lacks a proven track record, it could serve as a solid asset if the U.S. national debt continues to devalue the dollar due to excessive federal spending.
Cramer expressed doubt that the government will be able to address the debt issue in the near future.
See Also: Dogecoin Gets Its First Exchange-Traded Product In Sweden
Why It Matters: America’s federal debt has leaped past $35 trillion in 2024, casting doubt on its long-term financial stability. In 2024, the government has spent $6.75 trillion, leaving the nation with a $1.83 trillion deficit in just one year.
Citing the federal debt crisis, the world’s largest asset manager, BlackRock, strategically advocated for Bitcoin as a potential hedge against future events affecting the U.S. dollar.
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Meanwhile, Cramer has been doubling down on his cryptocurrency advocacy. Last week, he revealed owning Bitcoin and called it a “clear winner.”
However, since his bullish take, the apex cryptocurrency, which was approaching $100,000, has pulled back to $92,000.
For the uninitiated, the “Inverse Cramer” phenomenon hinges on the belief that doing the opposite of what Cramer advises could lead to profits. There has been no definitive proof, though, of counter-trading Cramer’s predictions being a profitable strategy.
Price Action: At the time of writing, Bitcoin was trading at $92,420.98, down 1.98% in the last 24 hours, according to data from Benzinga Pro.
Photo by s_bukley on Shutterstock
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Abdellatif Jouahri, Governor of Morocco’s central bank, Bank Al-Maghrib, announced on Tuesday that a draft law regulating cryptocurrencies is undergoing adoption.
The draft law will seek to clarify and oversee cryptocurrency activities in Morocco, balancing innovation with financial stability and consumer protection. Jouahri emphasized that the central bank has been working on the legislation in consultation with international stakeholders, including the International Monetary Fund (IMF) and the World Bank, to align it with global standards.
The proposed legislation aims to create a legal framework for digital assets, marking a significant development for a country that has historically restricted cryptocurrency use. In 2017, Morocco’s foreign exchange authority, the Office des Changes, banned cryptocurrency transactions, citing fraud risks, money laundering, and terrorism financing. Violations of this ban were subject to severe penalties. Despite the ban, cryptocurrencies allegedly circulated, particularly within the informal and criminal sectors. Cryptocurrencies’ pseudonymous nature makes them attractive for bypassing regulatory oversight, facilitating cross-border transactions, and concealing financial trails.
By establishing a regulated framework, Morocco aims to address long-standing concerns about digital currencies while opening the door to potential benefits. Regulation could attract investment in blockchain technologies, foster financial inclusion, and provide a structured environment for adopting digital finance. However, the draft law’s success will depend on its ability to mitigate risks such as financial instability and criminal misuse without stifling innovation.
This move ties into broader global trends of governments and central banks working to regulate digital assets. Countries like the United States, the European Union, and India are exploring or implementing comprehensive cryptocurrency regulations.
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The draft law is expected to undergo further deliberation before formal adoption, and its impact on Morocco’s financial ecosystem will depend on the details of its implementation.
Vancouver, British Columbia–(Newsfile Corp. – November 26, 2024) – Energy Plug Technologies Corp. (CSE: PLUG) (OTCQB: PLGGF) (FSE: 6GQ) (“Energy Plug” or the “Company”) is pleased to announce its Energy-as-a-Service (EaaS) model, an integrated advanced battery storage system, blockchain technology, and cryptocurrency ecosystem. This transformative approach delivers energy reliability, cost efficiency, and financial optimization, marking the Company’s new development in decentralized energy solutions.
Energy Plug’s EaaS model combines energy savings, blackout/brownout protection, and a cryptocurrency-driven treasury system to create a seamless, scalable, and transparent energy platform. This innovation can help customers to benefit from a reliable power supply while unlocking new monetization opportunities for commercial, industrial and residential customers through blockchain-enabled efficiency.
Energy Plug’s ground-mounted battery systems are designed to store surplus energy from renewable and non-renewable sources, enabling its use during peak demand periods and can reduce reliance on traditional power grids and lowers energy costs for users. Complementing this is the Company’s Energy Management System (EMS), which can balance supply and demand in real-time, optimizing energy distribution and enhancing overall efficiency. Additionally, Energy Plug’s battery systems can provide critical outage resilience ensuring uninterrupted power for commercial and industrial clients during blackouts and brownouts, thereby minimizing costly operational disruptions.
The EaaS model offers subscription-based pricing, making energy solutions affordable by reducing upfront capital costs. Backed by Service Level Agreements (SLAs) with performance metrics, customers gain a consistent, high-quality energy service tailored to their needs.
Energy Plug’s integration of cryptocurrency is poised to redefine energy finance by introducing efficiency, flexibility, and transparency. Fast transactions enable near-instantaneous settlements, reducing friction in energy trading and management. Furthermore, blockchain-based treasury systems may be able to ensure traceable and transparent financial operations, ensuring trust and accountability for all stakeholders.
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Brodie Gunning, President and CEO of Energy Plug Technologies Corp., highlighted the model’s impact, “Our EaaS model embodies the future of energy innovation, combining cutting-edge technology with financial empowerment. By integrating blockchain and cryptocurrency, we are creating a platform that can democratize energy access, drive sustainability, and deliver value to our customers.”
Energy Plug is dedicated to promoting decentralized, sustainable energy solutions. By leveraging blockchain technology and renewable energy systems, the Company seeks to empower communities to achieve energy resilience while contributing to a greener future.
About Energy Plug Technologies Corp.
Energy Plug Technologies Corp. is an energy technology company dedicated to innovation and sustainability. With a focus on residential, commercial, and utility energy storage applications, our goal is to advance battery technologies to enhance energy management and grid resiliency. Based in British Columbia, we seek to leverage strategic partnerships with Indigenous communities and the development of a vertically integrated supply chain involving industry-leading companies in Taiwan to provide advanced solutions to our customers and partners. For more information about Energy Plug, visit our website at https://energyplug.com.
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Contact Information
Energy Plug Technologies Corp. Broderick Gunning President & CEO brodie@energyplug.com
Investor Relations Renmark Financial Communications Inc. 1900 – 130 King Street West, Toronto, ON M5X 1E3 John Boidman: jboidman@renmarkfinancial.com Tel.: (416) 644-2020 or (212)-812-7680 www.renmarkfinancial.com
Forward-Looking Statements
This news release contains forward-looking information within the meaning of applicable securities legislation. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “will”, “proposes”, “expects”, “estimates”, “intends”, “anticipates” or “believes”, “aim”, or variations (including negative and grammatical variations) of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding any objectives and strategies of the Company) are forward-looking information.
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The forward-looking information in this news release includes but is not limited to the statements about the benefits of the Energy-as-a-Service (EaaS) model, EaaS application to the blockchain technology, addressing critical global challenges in energy accessibility and efficiency, future sales, financing, development and construction of the Malahat Battery Plant and other large scale energy projects, production and sale of cutting-edge battery systems to AI and blockchain companies, utilities and other customers.
The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various risk factors, including, but not limited to ability to develop, implement and apply the EaaS model, obtaining financing, ability to build the battery assembly factory on Vancouver Island, ability to secure suppliers of batteries and obtaining batteries at desired prices, supply chain disruptions, changing government plans, policies regarding clean energy, batteries, electric vehicles and other electric transportation devices, elimination or reduction of government subsidies for electric vehicles and other electric transportation devices, solar panels, and wind power installations; changes in the Canadian and/or the US Government policies, rules and regulations, and potential war conflicts which may disrupt supply of the components required to produce batteries.
The material assumptions used to develop forward-looking information include, but not limited to general business and economic conditions, financial markets conditions, the Company’s ability to fund its operations through financings and joint ventures, procurement of consulting, technical and related services and supplies on favourable terms, attraction and retention of key staff members, market demand for the Company’s products, growth prospects in the market for its products, accessibility of raw materials and battery pack supplies to meet market demand, facility profitability, the anticipated terms of the consents, permits and authorizations necessary to carry out the planned operations and the Company’s ability to comply with such terms on a cost-effective basis, and the ongoing relations with the industry regulators.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intention to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Investment in the securities of the Company is risky.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231413
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