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FTX Co Founder Gary Wang Appeals For No Jail Time, Here’s Why

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FTX co-founder Gary Wang has requested a federal judge not to send him to prison. He noted that he is testifying against the former business partner, Sam Bankman-Fried, someone he has known for a long time in a fraud case.

The lawyer for Wang submitted a sentencing memo in Manhattan federal court wherein he claimed that his client should not be incarcerated as he provided assistance to the prosecutors as well as his role in the scheme was comparatively less.

Wang, who pleaded guilty to fraud and conspiracy when FTX went bankrupt in 2022, is to receive his sentencing on the 20th of November.

FTX Co-Founder Gary Wang Appeals for No Jail Time

The defense counsel for FTX co-founder Gary Wang highlighted his client’s early cooperation with the federal prosecutors as one of the key reasons why the court should consider him for mercy. According to Graff, Wang was one of the first FTX executives to meet with the authorities and share information on the FTX and Alameda Research. Wang gave a testimony in the trial that led to the recent conviction of Bankman-Fried who was sentenced to 25 years in prison.

Speaking at the trial, Wang described how he was ordered to change the code of FTX in order to enable Alameda Research to use the assets of the company’s clients, which is one of the key points of Bankman-Fried’s fraud.

FTX co-founder’s lawyer noted that his involvement in the fraud was less than some of the other former executives, including Caroline Ellison, former CEO of Alameda Research, and Nishad Singh, FTX’s former head of engineering. Wang, his lawyer said, did not start or operate the scheme and was not personally involved in the provision of false information to the investors.

“Gary was not involved in the scheme at its inception, was never provided with details of the scheme, and, in contrast to Bankman-Fried, Ellison and Singh, never engaged in any affirmative action of deception,” Graff wrote.

Sentencing Comparisons to Other Executives

Wang’s attorney argued that a prison sentence would create an “unwarranted sentencing disparity” with Nishad Singh, who avoided jail time after pleading guilty and cooperating with the government. Singh, who faced potential decades-long sentences, was ultimately sentenced to time served and three years of supervised release. 

Ellison, another major cooperator, received a two-year prison sentence. FTX co-founder Gary Wang contended that Wang’s level of involvement was even lower than Singh’s, supporting a non-custodial sentence for Wang as well.

Graff also noted Wang’s personal circumstances, stating that Wang is expecting the birth of his first child shortly after his sentencing date. Wang’s attorney suggested that allowing him to remain with his family would align with the court’s treatment of other cooperators in the case.

“Gary wants nothing more than to be a good husband and father and to continue his work to facilitate FTX victims’ recovery,” Graff wrote.

Separately, the U.S. government is working to reclaim approximately $13.25 million in political donations made by FTX executives, including Bankman-Fried and Singh.  Judge Lewis Kaplan however granted the government additional time to negotiate the return of these funds, extending discussions with the PACs until January 15, 2025.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Pakistan unveils new ‘crypto council’ amid push for regulation

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  • Pakistan wants to streamline crypto regulation and oversight.
  • The Pakistan Crypto Council (PCC) will help align the country’s crypto ecosystem with global trends.

Pakistan has established the Pakistan Crypto Council (PCC) to oversee the adoption and regulation of blockchain technology and digital assets.

According to details, the PCC will help advance crypto adoption within the country’s financial ecosystem.

Senator Muhammad Aurangzeb, Pakistan’s Finance Minister will chair the PCC, with the team including the Governor of the State Bank of Pakistan, the Chairman of the Securities and Exchange Commission of Pakistan (SECP), and the Federal Law and IT Secretaries.

At a February meeting on digital assets, Aurangzeb emphasized the significance of Pakistan developing a well-regulated digital asset framework. According to the government, this is what will align the country with international best practices. This will also add to compliance with the Financial Action Task Force (FATF) guidelines.

This and the announcement on March 15 signals a dramatic reversal from the nation’s prior stance, which barred cryptocurrency due to concerns over money laundering and terror financing.

Amid this latest move, Pakistan looks focused on becoming one of the crypto innovation and adoption hubs.

Pakistan’s shift comes as the country ranks among the top nations for crypto adoption, boasting approximately 20 million active users and over $20 billion in transactions annually.

The nation’s $35 billion remittance market stands to gain significantly from this pivot.

It’s one of PCC’s agenda that the country moves towards crafting clear regulatory guidelines, collaborating with global blockchain entities, and prioritizing consumer protection and financial security through a strong legal framework.

Pakistan eyes clear crypto framework

Pakistan is taking the big move follows Saqib’s appointment, which the Ministry of Finance hailed as “a significant step forward.”

Together, these initiatives will help harness digital currencies’ potential while mitigating risks. The PCC mandate seeks to balance innovation with accountability, aligning Pakistan with international trends in digital finance and reinforcing its economic ambitions on the world stage.

Across the globe, the United States recently created a strategic bitcoin reserve, held an inaugural White House crypto summit and has new pro-crypto leadership at key government agencies.

Meanwhile, the European Union’s Markets in Crypto-Assets (MiCA) is in full effect and Russia is reportedly tapping into crypto for oil trade.



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Coinbase Chief Legal Officer Criticizes The FDIC’s Response To FOIA Request

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The Federal Deposit Insurance Commission (FDIC) has filed a response to Coinbase’s request for information under the Freedom of Information Act (FOIA). Coinbase says the response is far from sufficient as it pledges to heighten its quest for additional information.

Coinbase Takes Swipes At FDIC’s Response To FOIA Request

Following a FOIA request filed by US-based cryptocurrency exchange Coinbase, the FDIC has released a raft of documents. However, Coinbase Chief Legal Officer Paul Grewal disclosed that the documents released by the FDIC contain too little information.

Grewal took to X (formerly Twitter) to criticize the FDIC for dragging its feet to release necessary information. According to the FOIA filing, Coinbase is seeking information into the FDIC’s role in Operation Choke Point 2.0 and the “debanking of crypto companies.”

Grewal notes that the FDIC is withholding information, particularly regarding its conduct of due diligence to ensure that Operation Chokepoint 2.0 documents remain preserved. Coinbase has filed a similar

The executive disclosed that the latest batch of documents contained several redactions that revealed “much too little, much too late.”

“They removed a few redactions, produced a few more documents, and promised another “renewed search” for other documents,” said Grewal.

The US SEC Has To File Its Own Response To FOIA Requests

Coinbase has extended its crusade against regulators by filing a FOIA request against the SEC. According to the filing, Coinbase is seeking clarification over the cost of the SEC’s enforcement actions against cryptocurrency companies.

“The previous SEC spent four years attacking a lawful industry, and American taxpayers were left holding the bill,” read a statement. “How much did you end up paying? We intend to find out.”

Pundits say the SEC’s enforcement actions against heavy hitters in the industry could cost millions of dollars. Furthermore, a reliance on third-party contractors by the SEC in the cases are expected to drive up the bill.

Coinbase’s request comes on the heels of high-profile case dismissals against cryptocurrency service providers. The SEC’s dismissal of Kraken’s case and the lawsuit against Coinbase are considered a monumental waste of public resources by the securities watchdog.

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Aliyu Pokima

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Ripple Secures DFSA License in the UAE

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An image of the Dubai International Financial Centre

  • Ripple has secured a major license in the Middle East after getting regulatory nod from the Dubai Financial Services Authority (DFSA).
  • The license allows Ripple to offer regulated crypto payments and services within the Dubai International Finance Centre (DIFC).

Ripple announced on March 13, 2025 that it had secured a major license in the Middle East.

The Dubai Financial Services Authority (DFSA) has greenlit Ripple to offer regulated crypto payments and services within the Dubai International Finance Centre (DIFC).

Ripple becomes the first blockchain-enabled payments provider to snag this crucial DFSA license.

Ripple secures license in Middle East milestone

This DFSA approval marks another of Ripple’s footprint in the Middle East, with this adding to a presence that includes major partnerships in the region.

It enhances the XRP creator’s recognition and aligns with Ripple’s plans to add to its global customer base. The license also means a potentially massive opportunity for XRP adoption.

“We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity around the world and increasing institutional adoption,” said Brad Garlinghouse, chief executive officer of Ripple. “Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed to benefit.”

A 2024 Ripple survey found 64% of finance leaders in the Middle East and Africa (MEA) see faster payments as the killer app for blockchain-based currencies. No surprise, then, that over 82% of MEA finance bosses say they’re “very or extremely confident” about integrating this tech into their operations.

“Dubai and the broader UAE have established themselves as leaders in fostering a progressive and well-defined regulatory framework for digital assets,” said Reece Merrick, Ripple’s managing director for Middle East and Africa.

Merrick added;

“Securing this DFSA license is a major milestone that will enable us to better serve the growing demand for faster, cheaper and more transparent cross-border transactions in one of the world’s largest cross-border payments hubs.”

This license will be great for Ripple’s stablecoin RLUSD, which the company launched late last year. Like other stablecoins, RLUSD could supercharge crypto adoption in the UAE, with users accessing real-time settlement for cross-border payments and remittances.





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