Three separate legal developments hit the crypto world this week. The long-running FTX bankruptcy case took another step forward. A U.S. soldier asked a court to throw out charges tied to a Polymarket bet. And a former congressman was ordered to pay $35,000 for manipulative trading.
FTX bankruptcy case advances
The case tied to defunct crypto exchange FTX moved forward this week. A judge approved the next phase of the bankruptcy proceedings, though specific details of the ruling weren't immediately released. The exchange collapsed in 2022, and its estate has been working to repay creditors ever since. This is the latest procedural step in a case that's dragged on for years.
Soldier moves to dismiss Polymarket charge
A U.S. soldier is fighting a criminal charge related to a bet placed on the prediction market Polymarket. The soldier filed a motion to dismiss the case, arguing the charge doesn't hold up legally. The bet in question involved a political event, but the exact nature of the wager wasn't disclosed in court filings. The case raises questions about how federal law applies to decentralized prediction platforms.
Ex-congressman ordered to pay $35,000
A former member of Congress was ordered to pay $35,000 for manipulative trading. The penalty stems from a civil enforcement action brought by regulators. The ex-lawmaker didn't admit or deny wrongdoing but agreed to the fine. The case is one of several recent actions targeting individuals who used crypto markets to distort prices.
