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The founder of FTX, Sam Bankman-Fried (SBF), has submitted a petition to the U.S. Supreme Court, requesting to overturn his fraud conviction and revoke the $11 billion forfeiture order. According to CNN, the petition was filed on September 10 local time, led by Alexandra A.E. Shapiro from the law firm Shapiro, Arato, Bach. SBF is currently serving a 25-year prison sentence.The petition raises two core legal issues: first, when can the trial court admit evidence showing whether victims suffered losses, in cases where the prosecution uses a "fraudulent inducement" theory, meaning that it is irrelevant whether the victims suffered economic losses; second, does the Eighth Amendment of the U.S. Constitution allow for forfeiture or other criminal fines that destroy the defendant's future livelihood prospects? The defense argues that the trial court allowed the prosecution to imply that clients suffered massive losses while prohibiting the defense from presenting evidence that clients have been compensated, which constitutes an error.The defense claims that although FTX and Alameda faced liquidity issues at one point, they always held sufficient assets to ultimately pay back investors and clients, and clients have now been repaid with both principal and interest. In 2023, SBF was convicted of multiple counts of fraud and money laundering, and in 2024, he was sentenced to 25 years in prison and ordered to forfeit $11 billion. In June of this year, a panel of the U.S. Second Circuit Court of Appeals upheld the original ruling. The Supreme Court is expected to decide later this year whether to hear the case.

Former New York Governor and OKX Director Andrew Cuomo stated that if the Democratic Party wins Congress in the midterm elections, the current regulatory progress in the cryptocurrency industry may be overturned. He noted that the ad hoc rules set by regulators are much weaker than legislation and emphasized that "regulation is not legislation."Previously, on September 15, the Senate voted 49 in favor and 50 against to veto the CLARITY Act, which aimed to establish federal rules for the cryptocurrency market, failing to reach the 60-vote threshold; the SEC granted a five-year exemption for tokenized stock trading on September 17. Andrew Cuomo expects the new Congress to closely scrutinize such agency rules and hopes that the lame-duck Congress will pass relevant legislation before January 1 of next year.

According to CNN, FTX founder SBF filed an appeal to the U.S. Supreme Court on Thursday, seeking a new trial and the reversal of a court order that sentenced him to forfeit $11 billion in assets. SBF was sentenced to 25 years in prison in 2024. Prosecutors stated that he directed the transfer of billions of dollars from the cryptocurrency exchange FTX to his controlled hedge fund Alameda Research, which were then used for high-risk investments, political donations, and personal expenses.The appeal filed to the Supreme Court primarily involves a technical legal issue regarding the submission of evidence during the trial, as well as whether SBF should be allowed to prove that his investments ultimately were profitable and sufficient to compensate for the losses suffered by FTX customers. Additionally, he argued that the forfeiture of $11 billion in assets violates the Eighth Amendment of the U.S. Constitution, which prohibits excessive fines.

According to Cointelegraph, the U.S. Attorney's Office for the Southern District of New York urged the court in court documents to dismiss former Celsius CEO Alex Mashinsky's application to overturn his conviction and reduce his sentence, stating that his legal arguments "lack merit." Mashinsky was sentenced to 144 months in prison and fined $48 million for commodity fraud and securities fraud in May 2025.In May, he informed the court that he would represent himself, and the motion submitted involved allegations related to FTX and former colleague Roni Cohen-Pavon, but prosecutors pointed out that he had not submitted a sworn statement to support the allegations and requested the court to dismiss it without a hearing. Cohen-Pavon has completed his sentence for providing "substantial assistance." Additionally, the CFTC permanently banned Mashinsky from engaging in commodity market trading in June, and the SEC's civil lawsuit against him is still ongoing, with both parties in the "settlement discussions" stage.

The convicted former FTX CEO Sam Bankman-Fried (SBF) is seeking a retrial. According to reports, his mother recently filed a motion in a New York federal court, claiming that new evidence has emerged and that the related fraud charges should be re-examined. Currently, SBF is pursuing this motion pro se.Under legal procedures, he must demonstrate the existence of significant new evidence that could affect the original verdict in order to have a chance at a retrial. SBF was previously sentenced to 25 years in prison due to the FTX collapse and continues to challenge the verdict through appeals. His past defense has emphasized that FTX was not entirely insolvent at the time of its collapse, but appellate court judges have pointed out that the core of the case revolves around whether customer funds were misappropriated and whether investors were misled, rather than the company's solvency. Additionally, former President Trump has recently stated that he will not consider granting clemency to SBF.

According to Jinshi, U.S. Treasury Secretary Mnuchin stated that the trade agreement with the European Union has not yet been finalized. Trump has the emergency power to impose tariffs. The likelihood of the Supreme Court overturning Trump's tariffs is low.

According to Jinshi Data, BNP Paribas pointed out in its 2026 outlook report that if the U.S. Supreme Court rules that President Donald Trump's use of emergency powers to impose comprehensive tariffs is unconstitutional, the dollar may weaken immediately after the ruling. "This is because a key source of fiscal revenue would be negatively impacted, leading to market doubts about the sustainability of the U.S. fiscal deficit," analysts said. This could result in investors demanding a higher premium to hold dollar assets. However, the report also noted that the Trump administration may ultimately compensate for the fiscal gap caused by the loss of tariff revenue by implementing alternative tariff measures.

According to Jin Ten, JPMorgan economists have changed their forecast, believing that the Federal Reserve will start cutting interest rates in December, reversing the bank's judgment a week ago that policymakers would delay rate cuts until January next year. The research team stated that several heavyweight officials from the Federal Reserve support recent statements for a rate cut, prompting them to reassess the situation. Currently, JPMorgan expects the Federal Reserve to cut rates by 25 basis points twice, in December and January next year.

UBS Group analysts pointed out that if the U.S. Supreme Court rules that Trump's tariff policy is illegal, it is expected to force the U.S. government to refund about $140 billion in taxes to importers, equivalent to 7.9% of the estimated federal budget deficit for fiscal year 2025. Once the U.S. government loses the case, the massive tax refunds will immediately trigger a fiscal shock, and may lead to the formation of a structurally low-tariff trade environment. If trade partners do not retaliate, this environment will ultimately benefit the U.S. economy and stock market. UBS estimates that the government is likely to use legal tools such as Section 201 and Section 301 of the Trade Act of 1974 to rebuild tariff barriers, but this process will take several quarters and lead to a decrease in trade policy flexibility.Although refunds will bring unexpected windfalls to import businesses, the impact on the overall market may be limited since tariff costs have not significantly lowered the earnings expectations of the S&P 500 index. UBS believes that the ruling may ultimately lower the overall effective tariff rate, enhance household purchasing power, alleviate inflationary pressures, and provide the Federal Reserve with more room for easing interest rates. As long as trade partners avoid escalating retaliatory measures, this will generally be welcomed by stock market investors.

According to Reuters, on Tuesday, the U.S. Court of Appeals for the Second Circuit expressed skepticism about SBF's appeal. His lawyers claimed that the previous trial regarding the FTX fraud case was unfair, and the 25-year sentence imposed on SBF should be overturned.During the appeal hearing, a panel of three judges raised questions about key issues: Would the exclusion of evidence in the previous trial affect the jury's guilty verdict? Circuit Judge Maria Araujo Kahn questioned SBF's lawyer, asking whether not challenging the sufficiency of the evidence equated to admitting that the evidence was sufficient for conviction. The lawyer responded that even if the evidence was sufficient, the procedural errors made by the trial judge still affected fairness. Prosecutor Nathan Rehn pointed out that the existing evidence has sufficiently proven that SBF misappropriated customer funds. SBF's side argued that the previous trial did not allow the submission of evidence proving that FTX was solvent at the time, leading to a biased verdict. The prosecution emphasized that the evidence chain, including testimonies from three witnesses and a large number of internal documents, was complete and sufficient for conviction. SBF is currently serving his sentence in a low-security prison in Los Angeles and is expected to be released in October 2044.

ChainCatcher news, Tornado Cash co-founder Roman Storm has requested a federal judge to dismiss the charges against him since his high-profile criminal trial.Storm's plea for acquittal comes exactly eight weeks after a jury found him guilty of conspiracy to operate an unregistered money transmission business. The charge carries a maximum sentence of five years in prison. However, the jury was unable to reach a consensus on the most serious charges—conspiracy to commit money laundering and evade sanctions. The cumulative maximum sentence for these two charges could reach 40 years, and the prosecution has yet to decide whether to retry Storm. Storm's attorney has requested the judge to acquit him on all three charges, arguing that the evidence presented during his three-week trial failed to prove Storm had criminal intent and that the case should not have been tried in New York.

ChainCatcher News, U.S. Treasury Secretary Basant said in an interview with Fox Business on Tuesday that as tariff revenues continue to flow into the U.S. Treasury, it will be increasingly difficult for the Supreme Court to make a ruling unfavorable to the Trump administration if the lower court's tariff lawsuit is ultimately appealed to the Supreme Court.Basant stated, "The more revenue we have, the harder it is for the Supreme Court to make a ruling against us." This statement is in response to a case currently being heard by the U.S. Court of Appeals for the Federal Circuit in Washington, D.C. The case questions the legality of Trump's so-called "reciprocal" tariffs, as well as another set of tariffs imposed on Canada, Mexico, and China in February of this year. (Jinshi)

ChainCatcher news, according to unfolded. Reuters reported that the U.S. Court of Appeals overturned the fraud conviction of former OpenSea product manager Nathaniel Chastain, a case that prosecutors called the first insider trading case involving digital assets.

ChainCatcher news, according to Jinshi reports, White House National Economic Council Director Hassett stated that the judge's ruling on tariffs will be overturned.

ChainCatcher news, according to Cointelegraph, the Senate of the Northern Mariana Islands overturned Governor Arnold Palacios's veto of the Stablecoin Act with a vote of 7:1. The bill will be submitted to the House of Representatives, composed of 20 members, for consideration, and if it receives a two-thirds majority support, it will be enacted.The bill allows the government of Tinian Island to issue the "Marianas USD (MUSD)" stablecoin, which is pegged to the US dollar at a 1:1 ratio. This stablecoin will be backed by cash and US Treasury reserves from the local treasury, and the technology provider Marianas Rai Corporation will build the token system based on the eCash blockchain.

ChainCatcher news, according to The Block, the Federal Court of Australia overturned a previous unfavorable ruling against the crypto lending platform Block Earner, determining that its crypto asset-backed Earner product did not violate local financial regulations. The court ruled that Block Earner's blockchain lending product is classified as a fixed-term loan agreement, rather than a financial investment product requiring regulatory approval.The court not only dismissed all charges from the Australian Securities and Investments Commission (ASIC) but also ordered ASIC to bear all legal costs of the original trial and the appeal. This three-year legal dispute began in November 2022 when ASIC accused Block Earner of violating the Australian Financial Services Act. Despite this legal victory, it has been reported that Block Earner currently has no plans to relaunch the Earner product in the Australian market.

ChainCatcher news, according to Cointelegraph, a senior White House official confirmed that President Trump’s cryptocurrency summit scheduled for March 7 will not discuss tax issues, but will focus on overturning the unfavorable policies of the previous Biden administration.The official stated during a virtual preview of the summit at 10 AM Eastern Time: "There will be no content regarding taxes. The cryptocurrency internet is filled with various rumors... I don’t know how these rumors started."The official explained that the summit will serve as a venue for industry leaders to provide regulatory feedback: "The President promised to form a cryptocurrency committee during his campaign. He wants to hear the industry’s advice and feedback, which is the purpose of the summit."The senior official also confirmed that Bitcoin will receive "special treatment on the federal government’s balance sheet." The Trump administration plans to "overturn" Joe Biden's crackdown on cryptocurrencies and views Bitcoin as the "digital Fort Knox of digital gold."