Transcript Ep. 551: SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case

Kayvan Sadeghi, partner at Jenner & Block, and Sam Enzer, partner at Cahill Gordon & Reindel, discuss how Sam Bankman-Fried’s trial might play out and what arguments the defense and prosecution might

Sam Enzer:

It's very dangerous to call the defendant. However, you may be in a situation where the government puts their case on and you are going to lose. There is no way you're winning. Your only shot is a Hail Mary. Okay, let's put them on. The other side of the coin is it's very powerful when a defendant testifies. It makes it much harder for the jury to convict. They're not dealing with characterizations of a person anymore. They're dealing with that person. They have heard the person speak intimately in a courtroom. And even in cases I've had where a defendant testified, even when the jury ends up convicting, it often takes them longer to get there because it's a harder decision when a human being testifies to them.

Laura Shin:

Starting on Tuesday, October 3rd, the day this episode airs, the world will be watching the criminal trial of the United States vs Sam Bankman-Fried. In this episode, my guests Kayvan Sadeghi and Samson Enzer unpack what it is we're likely to see in the trial, starting with what kinds of potential jurors it is that both the prosecution and the defense will want to deselect from the jury poll this week, why it's even gotten to the point of a criminal trial given that three co-conspirators have already pleaded guilty, what the core of the trial centers around, and why it is, they think, the fact that it involves crypto won't matter. Plus, they explore the effectiveness of one potential defense from Bankman-Fried's side. The so-called Advice of Counsel defense that says that FTX's own lawyers approved of the company's actions. And finally, they raised the question that everyone will be looking for. Will Sam testify?

Hi everyone, welcome to Unchained, your no-hype resource for all things crypto. I'm your host, Laura Shin, author of The Cryptopians. I started covering crypto eight years ago and as a senior editor at Forbes was the first mainstream media reporter to cover cryptocurrency full-time. This is the October 3rd, 2023 episode of Unchained.

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Today's topic is the trial for Sam Bankman-Fried. Here to discuss are Kayvan Sadeghi, partner and co-chair of Fintech & Crypto Assets at Jenner & Block, and Samson Enzer, partner at Cahill Gordon & Reindel. Welcome, Kayvan and Sam.

Kayvan Sadeghi:

Great to be back with you, Laura.

Sam Enzer:

Likewise, thanks for having us on.

Laura Shin:

So on the day this episode airs is the first day of the criminal trial for the United States against Sam Bankman-Fried, the former CEO of FTX. Before we dive into the details of this trial, why don't we just have you each briefly describe how your background is relevant to this case. Kayvan, would you like to start?

Kayvan Sadeghi: