Cahill Gordon & Reindel

The US government issued a Friday-night export control directive against Anthropic's Fable 5, citing a jailbreak that could expose advanced cyber capabilities built into the underlying Mythos model. No statutory authority was publicly disclosed. No comment period was given. Sam Enzer, Partner and CahillNXT Co-Chair at Cahill Gordon & Reindel, joins Austin Campbell, Ram Ahluwalia, and Chris Perkins to assess the directive's legal standing. Enzer draws a parallel to Gensler-era regulation by enforcement: familiar government power applied to new technology, with no transparent framework. His central question: if export controls can reach an AI model's API, can the same authority reach a US-based DeFi protocol serving foreign nationals? Austin raises the Choke Point parallel and asks where the limiting principle actually is. Ram argues that restricting software is restricting speech under the First Amendment. Chris warns that national security will always be the trump card unless the industry makes a credible counter-argument. Hosts: Austin Campbell, Host of Bits + Bips, Founder of Zero Knowledge Consulting, and Adjunct Professor at NYU Stern - https://x.com/austincampbell Ram Ahluwalia, Co-host of Bits + Bips and CEO of Lumida - https://x.com/ramahluwalia Chris Perkins, Co-host of Bits + Bips and CEO of 250 Digital Asset Management - https://x.com/perkinscr97 Guest: Sam Enzer, Partner and CahillNXT Co-Chair at Cahill Gordon & Reindel This clip is from a longer conversation on AI export controls, national security, and the First Amendment. Full episode here: https://youtube.com/live/pEh1zr1pj90  We go live every Monday at 4:30pm ET - subscribe to catch it live. Sponsors 👉 Fidelity: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: https://crypto.fidelitycareers.com  Chapters 🤖 00:00 Austin on the Fable 5 export directive: what the ban said and what Anthropic disputes ⚖️ 02:09 Sam Enzer's initial take: a familiar overreach pattern with unfamiliar stakes 📜 05:03 Sam on what's missing from the directive: no public letter, no statutory basis, no comment period 🏛️ 07:06 Austin on the Choke Point parallel and the question the government hasn't answered 🔒 08:40 Chris on national security as the regulatory trump card and what the industry needs to counter it 📚12:21 Ram on why banning a model is the new book burning 🗳️ 18:15 Sam on what the government should do: due process, disclosed authority, and FOIA Learn more about your ad choices. Visit megaphone.fm/adchoices

Sam Enzer

Former Federal Prosecutor

Cahill Gordon & Reindel

Solana Mobile’s Emmett Hollyer joins to talk about the Seeker phone, and former prosecutor Sam Enzer breaks down the partial Roman Storm conviction. This week’s episode features two big stories. 📱 First, Solana Mobile has begun shipping the Seeker, its second-generation crypto smartphone. Emmett Hollyer, GM of Solana Mobile, joins to explain: What’s new in the Seeker and how it compares to the Saga Why he says it’s the most secure phone for crypto How Seed Vault, Seeker ID, and the SKR token could reshape crypto identity, incentives, and adoption ⚖️ Then, we unpack the Roman Storm verdict. The Tornado Cash co-founder was found guilty on just one of three charges. Former prosecutor Sam Enzer explains: Why the outcome is seen as a partial win for crypto Why Storm has strong grounds to fight the verdict What this means for developers building privacy tools and open-source software And whether the remaining conviction might be overturned Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Walrus Xapo Bank Focal by FalconX Guests: Emmett Hollyer, General Manager of Solana Mobile Sam Enzer, partner at Cahill Gordon & Reindel Links: Solana Begins Shipping Seeker Phone Tornado Cash Co-founder Roman Storm Found Guilty on One Count Learn more about your ad choices. Visit megaphone.fm/adchoices

Emmett Hollyer

General Manager

Solana Mobile

Sam Enzer

Former Federal Prosecutor

Cahill Gordon & Reindel

In this episode, crypto lawyers Kayvan Sadeghi and Sam Enzer delve into the SEC's lawsuit against Consensys, which focuses on MetaMask's swaps and staking services, and explore the implications of the SEC's stance on MetaMask acting as a broker-dealer, and the classification of its staking product as a security.  They discuss how recent rulings on Coinbase and Binance challenge the SEC's claims, and whether differing judicial opinions could lead to the Supreme Court.  Also, they talk about the potential impact of the Supreme Court striking down Chevron deference for crypto regulation. Show highlights: 00:00 Intro 01:22 The key claims in the SEC's lawsuit against Consensys and how they relate to MetaMask's swaps and staking services 03:42 How recent Coinbase and Binance rulings challenge the SEC's claims against Consensys 09:29 Whether differing judicial opinions on whether wallets with private keys act as brokers could end up being decided by the Supreme Court 12:55 How the SEC will substantiate its claims that MetaMask acts as a broker-dealer and that its staking product is a security in Texas legal briefings 17:42 Why a token itself is not considered a security, according to Sam, and how this distinction affects secondary market transactions in the SEC's case against MetaMask 22:14 What Lido and Rocket Pool can do in response to the SEC tangentially naming their liquid staking tokens as securities 31:27 How the SEC and Consensys lawsuits will proceed, and whether conflicting rulings could arise from their parallel tracks 36:35 The key distinctions in the Binance case compared to those of Coinbase and Kraken, and how the Binance ruling might impact future crypto cases 50:08 What Chevron deference means and how its removal impacts crypto 56:49 How the elimination of Chevron deference affects current crypto cases and legislative gridlock Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Guests: Kayvan Sadeghi, partner at Jenner & Block Sam Enzer, partner at Cahill Gordon & Reindel Previous episode of Unchained with Sam and Kayvan: SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case Learn more about your ad choices. Visit megaphone.fm/adchoices

Kayvan Sadeghi

Partner

Jenner & Block

Sam Enzer

Former Federal Prosecutor

Cahill Gordon & Reindel

Last week, Consensys revealed that the SEC had concluded an investigation into Ethereum 2.0, referring to when Ethereum transitioned from a proof-of-work consensus mechanism to a proof-of-stake one. In this episode, Laura Brookover, senior counsel & head of litigation and investigations at Consensys, and Sam Enzer, partner at Cahill Gordon & Reindel, explore the implications of this decision on Ether’s status as a commodity versus a security, and why the SEC dropped the pursuit, including whether the shifting political winds played a role. For instance, how much of the decision was influenced by the ETH ETF approvals, Democrats crossing party lines to vote for FIT21 and the repeal of SAB 121, and/or SEC crypto enforcement chief David Hirsch’s resignation?  In this discussion, they also explained why the closure doesn’t necessarily mean that staking, or restaking, is safe from the SEC. Plus, what’s the impact of this closure on the other big crypto cases, such as Coinbase, Kraken, Uniswap, and Ripple? Show highlights: 02:13 How Consensys managed to get the SEC to reveal that it had concluded its investigation into Ethereum 2.0, and the significance of that move 08:14 The SEC's possible reasoning behind investigating Ethereum after it had switched to proof of stake 15:19 How uncommon is it for the SEC to send a letter concluding an investigation like the one into Ethereum 18:45 Whether recent events around crypto as an election issue, the ETH ETF approvals, votes for FIT21 and the repeal of SAB121, and David Hirsch’s resignation, might be connected to the decision to close this investigation 29:03 Whether the Biden administration has shifted its stance on crypto and whether Gensler should remain as chair 33:24 How the SEC might still go after staking 37:18 Whether restaking, such as pioneered by EigenLayer, is safe from regulatory actions 39:13 Why the SEC might be pursuing different judgments in various jurisdictions for MetaMask and Coinbase Wallet 44:24 What crucial evidence from the closed Ethereum 2.0 investigation could strengthen Coinbase's defense in its ongoing lawsuit 47:58 Why the SEC's aggressive stance on various crypto enforcement actions seems to remain unchanged despite closing the Ethereum 2.0 investigation 52:13 Why Sam and Laura believe Solana should not be considered a security, despite the SEC naming it as such in various crypto cases 58:13 How the SEC’s argument about an “ecosystem” is nonsensical, according to Laura Brookover 01:00:31 What the implications of the closed investigation are for the cases of Kraken and Ripple 01:04:58 What Sam and Laura B. are watching out for in terms of regulation and ongoing legal cases Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Polkadot Guests: Laura Brookover, Senior Counsel & Head of Litigation and Investigations at Consensys Previous appearance on Unchained: Consensys’s Lawsuit Against The SEC: Will It End Gensler's ‘Unlawful Power Grab’? Sam Enzer, Partner at Cahill Gordon & Reindel Previous appearances on Unchained: The Real Reason Why the SEC Might Be Going After Ethereum How 'a Criminal Choice' Got Sam Bankman-Fried a 25-Year Prison Sentence Why the SEC’s Case Against Coinbase Is So Significant for Crypto Why SBF’s Testimony So Far Has Likely Already Doomed Him Another Bad Week for Sam Bankman-Fried in His Criminal Trial Why These Lawyers Say It’s Over for SBF-But His Only Hail Mary Is to Testify SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial? For more links visit UnchainedCrypto.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Laura Brookover

Senior Counsel & Head of Litigation and Investigations

ConsenSys

Sam Enzer

Former Federal Prosecutor

Cahill Gordon & Reindel

On March 20, Fortune reported that the SEC was investigating the Ethereum Foundation and was looking for legal ways to label ETH as a security. Sam Enzer, partner at Cahill Gordon & Reindel, and Greg Strong, partner at DLx Law joined Laura to discuss everything about the investigation and its implications.   The guests speculate about the hidden motivations behind the SEC's investigation and discuss the likelihood of the approval of spot Ether ETFs. They also discuss the recent ruling in the SEC vs Coinbase case, where the judge dismissed claims that Coinbase's wallet was acting as an unregistered brokerage, but allowed the rest of the suit to proceed.  Lastly, they touch on the devastating impact on the crypto industry if the SEC were to win a case alleging ETH is a security and what they are looking out for in the next couple of weeks and months. Show highlights: Whether the investigation into the Ethereum Foundation is confirmed and why the SEC would do this Why Sam Enzer believes that the SEC would be "utterly wrong and ridiculous" in alleging ETH is a security Whether the number of people working on Ethereum could make the argument that it is decentralized How would the SEC justify that ETH is a security and whether the Foundation is running Ethereum’s managerial efforts Whether the SEC is looking for evidence to deny spot ether ETFs Why SEC chair Gary Gensler has changed his mind on many of his previous stances regarding crypto assets and whether he's acting in good faith The ongoing battle between the SEC and the CFTC and the need for Congress to regulate the industry What the possible outcome of this investigation could be, and whether we'll have a court case soon What the impact would be if ETH were classified a security Whether Prometheum could launch its platform offering custody of ETH as a security before an SEC designation Why Sam believes that the spot ETH ETFs will be denied on May 23rd How the SEC has already made up its mind even before gathering the facts, according to Sam Whether the recent judgment on Coinbase's case affects the potential case against the EF Whether Ethereum transactions are security transactions, and the difference between primary and secondary sales What to expect in terms of regulation and enforcement actions in the short term, given the number of cases at the moment Thank you to our sponsors! Polkadot Guests: Sam Enzer, Partner at Cahill Gordon & Reindel Previous appearances on Unchained: How 'a Criminal Choice' Got Sam Bankman-Fried a 25-Year Prison Sentence Why the SEC’s Case Against Coinbase Is So Significant for Crypto Why SBF’s Testimony So Far Has Likely Already Doomed Him Another Bad Week for Sam Bankman-Fried in His Criminal Trial Why These Lawyers Say It’s Over for SBF-But His Only Hail Mary Is to Testify SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial? Greg Strong, partner at DLx Law Previous appearance on Unchained: Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify Links Ethereum Foundation investigation: Fortune: SEC probing crypto companies in Ethereum investigation as hopes for ETF dim CoinDesk: Ethereum Foundation Faces Inquiry From a Government; Fortune Says SEC Investigating ETH Unchained: Ex-CFTC Commissioner Says ETH Can Be Both a Commodity and a Security Unchained: SEC Investigating Ethereum Foundation Regarding Proof-of-Stake Transition: Report  Ethereum’s security status Unchained: Ex-CFTC Commissioner Says ETH Can Be Both a Commodity and a Security Fortune: SEC’s Gensler seen telling hedge funds that Ethereum and Litecoin are ‘not securities’ in 2018 video CNBC:  SEC Chair Gary Gensler on potential Crypto regulation: It's within the securities laws SEC Chair Gary Gensler discusses potential crypto regulation and stablecoins For more details and links, visit Unchained Learn more about your ad choices. Visit megaphone.fm/adchoices

Sam Enzer

Former Federal Prosecutor

Cahill Gordon & Reindel

Greg Strong

Partner

DLx Law

Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Sam Bankman-Fried (SBF), FTX's co-founder, was sentenced to 25 years in prison and $11 billion in forfeiture for massive fraud, marking a historic moment in the crypto industry. Judge Lewis Kaplan emphasized the sentence's necessity due to Bankman-Fried's risk-oriented decision-making philosophy known as “expected value” and lack of remorse.  Sam Enzer joined Unchained to unpack the sentencing, discussing the fairness of the length, explaining how the $11 billion forfeiture would work and how it’s different from the bankruptcy proceedings. Additionally, Enzer provided insights into the kind of prison SBF would end up in and into the three-year supervised release SBF will face after his prison term. The conversation further delved into the broader impact of the sentencing on the crypto industry, suggesting it could signify the end of a dark chapter.  Show highlights: Whether the 25-year sentence is fair, according to Sam What the $11 billion in forfeiture means for SBF Whether the assets of SBF actually belong to the FTX estate Where SBF will likely go to prison and why Sam believes that SBF will not go to a maximum security prison When the clock starts ticking for the 25-year sentence Why SBF will not be eligible for parole and whether he could get "good time credit" What the defense will attempt in appealing the conviction What types of behavior could get SBF enough credit to appeal for a reduced sentence Why SBF will have to be supervised for three years after his release How SBF’s philosophy about “expected value,” was the theme of the crime, according to Judge Kaplan Whether the co-conspirators, such as Caroline Ellison, will be sentenced and serve in prison Why Sam says that the sentencing represented "the closing of a dark chapter" in crypto Thank you to our sponsors! iTrustCapital Polkadot Guest Sam Enzer, Partner at Cahill Gordon & Reindel Previous appearances on Unchained: Why the SEC’s Case Against Coinbase Is So Significant for Crypto Why SBF’s Testimony So Far Has Likely Already Doomed Him Another Bad Week for Sam Bankman-Fried in His Criminal Trial Why These Lawyers Say It’s Over for SBF-But His Only Hail Mary Is to Testify SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial? Links Unchained:  FTX Founder Sam Bankman-Fried Sentenced to 25 Years for Historic Fraud SBF’s Prison Sentencing Is Coming Up. How Many Years Will He Get? Is Prison Crypto’s New Glow-Up? Post-Incarceration Do Kwon and SBF Are Admired What to Expect from Sam Bankman-Fried’s Sentencing – and the Lessons We Should Learn Learn more about your ad choices. Visit megaphone.fm/adchoices

Sam Enzer

Former Federal Prosecutor

Cahill Gordon & Reindel

On Wednesday, a federal court in New York heard oral arguments in Coinbase’s motion to dismiss the SEC’s case against it for, among other things, allegedly acting as an unregulated securities exchange. Notably, Judge Katherine Polk Failla pressed the SEC to explain how it has jurisdiction over Coinbase in the case by defining what it considers a security.  Sam Enzer, a partner at Cahill Gorden & Reindel who represents Coinbase but not in this matter, joined Unchained to discuss why this case is so significant for the crypto industry, how he believes the government contradicted itself on the crucial definition of what constitutes a security, why he thinks the judge will not dismiss the case at this early stage, how the Ripple and Terraform Labs cases could be used by each side, and why he thinks Judge Failla is such a perfect choice to rule in this case.   Show highlights: Why SEC v Coinbase holds important implications for the U.S. crypto ecosystem What the SEC alleges against Coinbase, focusing on its trading platform, wallet, and staking services How Coinbase forcefully counters the SEC's claims as it strives to get the case dismissed What the “major questions doctrine” entails and its critical role in this dispute Why Sam perceives the judge as “extremely skeptical” of the SEC's stance Whether inconsistencies surfaced in the SEC lawyers' arguments What “strict liability” means and its frequent mention in this legal battle What takeaways from the Ripple and Terraform Labs cases offer about secondary market sales Why Sam believes Judge Katherine Polk Failla is exceptionally well-suited for this case Whether Judge Failla might reject the motion to dismiss, and when  Thank you to our sponsors! Popcorn Network iTrustCapital Guest Sam Enzer, partner at Cahill Gordon & Reindel Previous appearances on Unchained:  Why SBF's Testimony So Far Has Likely Already Doomed Him Another Bad Week for Sam Bankman-Fried in His Criminal Trial Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial? Links Previous coverage of Unchained on the Coinbase case and the topic of securities: SEC Sues Binance, Coinbase: ‘This Is Not the End of Crypto in the United States’  These 2 Crypto Trading Platforms Agree With SEC Chair Gary Gensler Coinbase’s Legal Action Against the SEC: How It Will Likely Unfold  ‘Is ETH a Security?’ Why Gary Gensler Couldn’t Give Congress a Straight Answer Gary Gensler vs. Crypto: What Will the SEC Attack Next? Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’ Coinbase vs. SEC Unchained:  Federal Judge Presses SEC Over Jurisdiction in Case Against Coinbase SEC Sues Coinbase for Breaking Securities Laws SEC Files Motion to Freeze Binance’s Assets, Asks for ‘Sworn Accounting’ SEC Files 13 Charges Against Binance Including the Mishandling of Funds, Sale of Unregistered Securities SEC Calls Solana, Polygon, Algorand and Other Tokens Securities but Misses Ether in Binance Lawsuit Cointelegraph: Senator Lummis files amicus brief supporting Coinbase’s dismissal motion against SEC. Other cases Kraken CNBC: Crypto exchange Kraken settles with SEC for $30 million, will close US staking operation XRP Unchained: SEC vs Ripple: Judge Rules XRP Sold on Exchanges Is Not a Security Terraform Labs Reuters: Judge sides with US SEC, says Terraform Labs crypto founder Do Kwon violated law Learn more about your ad choices. Visit megaphone.fm/adchoices

Sam Enzer

Former Federal Prosecutor

Cahill Gordon & Reindel

In this episode of Unchained, Laura does a detailed unpacking of the historic Sam Bankman-Fried trial and verdict with defense lawyer Sam Enzer and former Southern District of New York prosecutor Rich Cooper. They discuss what a thorough job the government did in presenting its case, whether the government will pursue a second trial on campaign finance charges, why it takes so long for sentencing to occur, what the differences between this case and the Bernie Madoff case are, and what Bankman-Fried’s likely sentence will be.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: how the cross-examination of SBF showed to the jury that he was unreliable, according to Rich why the charge conference with the jury is important to the prosecution for “protecting the record” why the closing argument of the prosecutors was so effective  what “conscious avoidance” is and how the prosecutors tried to prove that SBF was guilty of that why SBF’s tweet last November that "FTX is fine" was the hardest part of the trial for the defense, according to Enzer why Enzer wasn’t surprised by how quickly the jury made its decision  what SBF’s strongest argument is for an appeal why Enzer "hopes" that there won't be a second trial against SBF and whether he will plead guilty to the additional charges why the sentencing occurs so many months after the verdict how this case is similar, but also different, from the Bernie Madoff case how many years SBF could spend in prison, according to Enzer and Cooper when cooperating witnesses such as Caroline Ellison, Nishad Singh, and Gary Wang are likely to get sentenced Thank you to our sponsors! Crypto.com LayerZero Popcorn Network Guest: Sam Enzer, partner at Cahill Gordon & Reindel. Previous appearances on Unchained:  Why SBF's Testimony So Far Has Likely Already Doomed Him Another Bad Week for Sam Bankman-Fried in His Criminal Trial Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case SBF’s Lawyers Could Be Annoying the Judge. How Might That Impact the Trial? Rich Cooper, Former SDNY prosecutor Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: How Heated Sidebars During the SBF Trial Could Impact the Jury’s Decision SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges Sam Bankman-Fried Trial: Here's Everything That Happened So Far SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? Visit www.unchainedcrypto.com for more! Learn more about your ad choices. Visit megaphone.fm/adchoices

Sam Enzer

Former Federal Prosecutor

Cahill Gordon & Reindel

Rich Cooper

Former SDNY Prosecutor

Cahill Gordon & Reindel

Sam Enzer, a partner at the law firm Cahill Gordon & Reindel, told Laura that former FTX CEO Sam Bankman-Fried did about as well as he could in his testimony Friday but that he was unlikely “to withstand the scrutiny” of what prosecutors have already said will be a robust cross-examination when he takes the stand Monday.  Enzer noted that Bankman-Fried’s attempts to explain why he thought his trading shop, Alameda Research, could borrow billions in dollars of FTX customer assets “defies common sense,” and that the company’s own terms of agreement or any other communications offered no justification for this belief. A Thursday hearing without the jury present, in which the defense gave a preview of some arguments it wanted to make, ended up giving the government answers from SBF that it can now use against him. Enzer also said that Bankman-Fried’s contention that his biggest mistake – a failure to implement proper risk management – did not constitute criminal fraud, did not address the core of the government’s case; namely, that he lied about how FTX was handling customer deposits. Show highlights: why Enzer thinks Sam Bankman-Fried’s testimony is unlikely to sway jury sentiment or withstand cross-examination why the evidentiary hearing in which SBF testified without a jury may hurt his cause the purpose of the evidentiary hearing how Judge Lewis Kaplan hinted at what he thought about SBF’s testimony how Bankman-Fried is likely to fare against prosecutor Danielle Sassoon in what she has promised will be a robust cross-examination how the defense tried to recast SBF’s image by humanizing him why the defense now has the strongest grounds for an appeal than it previously did  what the jury is likely to make of SBF’s contention that he was in the dark about core allegations  why the prosecution said it will call rebuttal witnesses what a charge conference is and why that will take place after SBF testifies Thank you to our sponsors! Crypto.com Arbitrum Foundation LayerZero Popcorn Network Guest: Sam Enzer, partner at Cahill Gordon & Reindel Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: How Heated Sidebars During the SBF Trial Could Impact the Jury’s Decision SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges Sam Bankman-Fried Trial: Here's Everything That Happened So Far SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges  SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole SBF Trial, Day 12: Former FTX General Counsel Speaks Out Against SBF SBF Trial, Day 13: Before Judge, Former FTX CEO Sam Bankman-Fried Gives Few Straight Answers SBF Trial, Day 14: Sam Bankman-Fried Casts Blame on Others for Key Decisions at FTX Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Good Morning America: FTX's Sam Bankman-Fried on crypto giant's collapse: 'A lot of people got hurt. And that's on me' Learn more about your ad choices. Visit megaphone.fm/adchoices

Sam Enzer

Former Federal Prosecutor

Cahill Gordon & Reindel

Sam Enzer, a partner at the law firm Cahill Gordon & Reindel, told Laura that compelling evidence from Sam Bankman-Fried’s inner circle had increased the difficulty for the fallen FTX CEO to convince a jury of his innocence. Former FTX head engineer Nishad Singh said that he became suicidal after understanding the full magnitude of FTX’s misuse of customer funds, while ex-chief legal counsel Can Sun helped show how SBF allegedly lied to lawyers.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: Sam (Enzer’s) thoughts on how the trial is going for the defense  what Nishad Singh's emotional testimony revealed about SBF how Singh felt "betrayed" by Bankman-Fried, who may have been a big brother figure to him why the defense went much harder after Singh in its defense than it did the other members of the inner circle whether the jury felt empathy with Singh about his suicidal feelings  what the rationale was behind the order of the witnesses why Sam believes that the accounting professor Peter Easton's testimony was "damning" for the defense  whether the testimony of former FTX general counsel proved that SBF lied to his own lawyers why the communications between SBF and his lawyer, which are generally privileged, were divulged in court why Sam believes that it's likely that SBF will testify, although he would advise him not to Thank you to our sponsors! Crypto.com Hedera Popcorn Network Guest Sam Enzer, partner at Cahill Gordon & Reindel. Previous appearances on Unchained:  Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case SBF’s Lawyers Could Be Annoying the Judge. How Might That Impact the Trial? Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: How Heated Sidebars During the SBF Trial Could Impact the Jury’s Decision SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges Sam Bankman-Fried Trial: Here's Everything That Happened So Far SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges  SBF Trial, Day 9: Nishad Singh Describes Former FTX CEO as a Bully and Big Spender SBF Trial, Day 10: Defense Struggles to Discredit Nishad Singh's Testimony SBF Trial, Day 11: How Alameda Got FTX Into a $9 Billion Hole Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Good Morning America: FTX's Sam Bankman-Fried on crypto giant's collapse: 'A lot of people got hurt. And that's on me' Learn more about your ad choices. Visit megaphone.fm/adchoices

Sam Enzer

Former Federal Prosecutor

Cahill Gordon & Reindel

Samson Enzer, partner at Cahill Gordon & Reindel, and Greg Strong, partner at DLX Law, dissect the second week of the criminal trial of Sam Bankman-Fried. At this point, the prosecution’s star witness, former Alameda Research CEO Caroline Ellison, has testified, as well as another prominent insider, co-founder Gary Wang. Both Enzer and Strong believe that it’s already over for the defense, but agree that the only thing that could turn it around is testimony from SBF himself—but that runs the risk of the defendant significantly increasing his sentence.  Find out how they thought the more salacious details of Ellison’s testimony, concerning alleged bribes to Chinese government officials, would affect the jury, and why Enzer believes introducing that testimony may have been risky for the government.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or your favorite podcast platform. Show highlights: Whether the prosecution gave the defense any fodder for its failed entrepreneur theory How SBF and Ellison’s romantic relationship could affect the jury’s deliberations The jury’s reaction to Ellison saying SBF’s belief was that “don’t lie, don’t steal” didn’t fit into his philosophy of utilitarianism  Why the defense didn’t object to the mention of alleged bribes to Chinese government officials the first time Why the defense attorney complained about photos shown of SBF and his hair How the jury might react to the testimony involving alleged Chinese government bribes, Thai prostitutes, and Saudi prince How Ellison crying in her testimony could affect the jury Why the defense didn’t ask Ellison about not hedging  Why the cross-examination of Gary Wang was limited in its success for the defense What caused a moment of tension between Zac Prince and the defense Why Greg and Sam think SBF shouldn’t testify, but believe it’s his only, very risky, chance  If convicted, how many years do they think SBF’s prison sentence will be? Thank you to our sponsors! Crypto.com LayerZero Popcorn Network Guests: Sam Enzer, partner at Cahill Gordon & Reindel. Previous appearances on Unchained:  SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case SBF’s Lawyers Could Be Annoying the Judge. How Might That Impact the Trial? Greg Strong, partner at DLx Law Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: How Heated Sidebars During the SBF Trial Could Impact the Jury’s Decision SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges Sam Bankman-Fried Trial: Here's Everything That Happened So Far SBF Trial, Day 5: SBF's Defense Finally Found Its Legs, But Can It Counter Caroline Ellison? SBF Trial, Day 6: Caroline Ellison Recalls 'The Worst Week of My Life' SBF Trial, Day 7: In SBF Trial, Did the Defense Lose Its Opportunity With the Star Witness? SBF Trial, Day 8: Former BlockFi CEO Adds Credibility to Fraud Charges  SBF’s Lawyers Could Be Annoying the Judge. How Might That Impact the Trial? Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect Go deeper into the trial:  Unchained: In the SBF Case, Elite Corruption Is What’s Really on Trial Cooperating Witnesses in the SBF Trial May Get Little to No Prison Time Learn more about your ad choices. Visit megaphone.fm/adchoices

Sam Enzer

Former Federal Prosecutor

Cahill Gordon & Reindel

Greg Strong

Partner

DLx Law

The first week of the criminal trial of former FTX CEO Sam Bankman-Fried has come to a close, with his former friends and FTX colleagues Adam Yedidia and Gary Wang delivering powerful testimonies that are forming the foundations for the prosecution’s arguments — arguments that the defense may have a difficult time surmounting. Sam Enzer, partner at Cahill Gordon & Reindel, and Brian Klein, partner at Waymaker, discuss Alameda’s special privileges coded into the FTX software, the reason why a scorched FTX customer may have been chosen as the first witness, and why upcoming key witnesses are going to be a “real problem” for the defense. Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or your favorite podcast platform. Show highlights: What we learned about the prosecution and defenses strategies after the first week of the trial How the jury being mostly professionals may impact deliberations Why Brian believes someone “out of the mainstream” would make an ideal juror for the defense Why Sam believes the defense’s opening was stronger than the prosecution’s Which arguments may be the most difficult for Sam Bankman-Fried's lawyers to defend Why the defense’s “building a plane as you’re flying” analogy may come back to hurt them in closing Why Sam believes the order of the witness testimony so far is helping the prosecution build the foundation of its case Whether Adam Yedidia’s testimony was effective at establishing him as a credible witness Whether the fact that some witnesses are cooperating to avoid jail time will impact the jury’s decision What Gary Wang, former CTO of FTX, revealed about Alameda's special privileges coded into FTX software and how it wasn’t an “oversight” Whether Judge Kaplan is growing impatient with the defense Whether the prosecution's objections were sustained reasonably by Judge Kaplan Why upcoming insider witnesses pose a “real problem” to the defense Why it's "not even an open question" that the defense team will appeal if they lose the case Thank you to our sponsors! Crypto.com LayerZero Popcorn Network Guest: Sam Enzer, partner at Cahill Gordon & Reindel. Previous appearance on Unchained: SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case Brian Klein, partner at Waymaker Previous appearance on Unchained: SBF Behind Bars: Why Revoked Bail Is a Big Deal for Crypto’s Biggest Trial Links Previous coverage by Unchained on the trial of Sam Bankman-Fried: Sam Bankman-Fried Trial: Here's Everything That Happened So Far SBF Trial, Day 1: Possible Witnesses Include FTX Insiders, Big Names in Crypto, and SBF’s Family SBF Trial, Day 2: DOJ Says Sam Bankman-Fried ‘Lied’ While Defense Claims His Actions Were ‘Reasonable’ SBF Trial, Day 3: Why a True Believer in FTX Flipped Once He Learned One Fact SBF Trial, Day 4: SBF’s Lawyers Annoy Judge Kaplan, While Wang Reveals Alameda’s Special Privileges Did Sam Bankman-Fried Have Intent to Defraud FTX Investors? Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case The High-Stakes Trial of Sam Bankman-Fried Begins: What to Expect In the SBF Case, Elite Corruption Is What’s Really on Trial Learn more about your ad choices. Visit megaphone.fm/adchoices

Sam Enzer

Former Federal Prosecutor

Cahill Gordon & Reindel

Brian Klein

Partner

Waymaker LLP

The high-stakes trial of Sam Bankman-Fried is set to begin on October 3, and the FTX founder and former CEO will have to answer for his role in the cryptocurrency exchange’s downfall, which led to billions in losses. Both the prosecution and defense are currently preparing for what is set to be a significant milestone for the crypto industry. Kayvan Sadeghi, partner at Jenner & Block and Sam Enzer, partner at Cahill Gordon & Reindel, discuss the differences between a civil and criminal trial, what the jury selection process might look like, and what arguments the prosecution and defense might use to support their cases.  Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Stitcher, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Show highlights: The difference between a civil and criminal trial and why it's difficult for the defense to prepare while Sam Bankman-Fried is in jail Whether SBF was offered a plea deal and if so, why he didn't take it What the process of vetting jurors looks like and what both sides are looking for What a pre-opening jury charge is and why Judge Lewis A. Kaplan might choose to use it The importance of intent when it comes to SBF’s charges The pros and cons of the defense using the argument that the FTX founder was receiving poor legal advice What charges SBF is facing and whether the defense or prosecution has the upper hand How the opening statements of both the prosecution and the defense might play out Whether SBF will be put on the stand and why that could be a "dangerous" move, according to Sam How the defense could respond to testimony from key witnesses like Caroline Ellison or Gary Wang How Judge Kaplan being a "tough sentencer" could impact SBF’s jail sentence, according to Sam Thank you to our sponsors! Crypto.com LayerZero Popcorn Network Guests: Kayvan Sadeghi, partner and co-chair of Fintech & Crypto Assets at Jenner & Block Previous appearance on Unchained: Why the SEC vs. Ripple Order Is Now About 2 Things: Coinbase and Congress Samson Enzer, partner at Cahill Gordon & Reindel. Links Previous coverage from Unchained on Sam Bankman-Fried and FTX: Here’s How Sam Bankman-Fried’s High-Stakes Trial Could Play Out Why FTX Might Try to Claw Back Funds From Retail Customers How Much Prison Time Is FTX’s Sam Bankman-Fried Facing?  Why the Legal Process for FTX and Sam Bankman-Fried Could Take Years The Chopping Block: SBF Wants to Win in the Court of Public Opinion. Will He? Jesse Powell and Kevin Zhou on How FTX and Alameda Lost $10 Billion Sam Bankman-Fried on How to Prevent the Next Terra and 3AC Details of the trial: Unchained: FTX: The Exchange That Brought Down the Industry CoinDesk:  Here's the Sam Bankman-Fried Trial Schedule The SBF Trial: How Did We Get Here? Here’s How FTX Founder Sam Bankman-Fried’s Trial May Play Out Forbes: Sam Bankman-Fried Could Face 'Very Long Sentence,' Judge Says Before Denying Release SBF’s defense team: Unchained: Sam-Bankman-Fried Files New Request for Temporary Release Before Trial CoinDesk:  U.S. Department of Justice Opposes Sam Bankman-Fried's Latest Move for 'Temporary Release' Key witnesses: Unchained: SBF’s Expert Witnesses Barred From Testifying at Trial Reuters: Who is Caroline Ellison, a key witness set to testify against Sam Bankman-Fried? NYT: Prosecutors Detail Evidence Against Sam Bankman-Fried - The New York Times CoinDesk:  All of Sam Bankman-Fried's Proposed Expert Witnesses Should Be Barred From Testifying: DOJ Judge Blocks Sam Bankman-Fried's Proposed Witnesses From Testifying Business Insider: Sam Bankman-Fried is being sent to jail after a judge revoked his bail over alleged witness tampering Jury selection: CoinDesk: Sam Bankman-Fried Can Ask DOJ Witnesses About Drug Use Cointelegraph: Sam Bankman-Fried’s political donations can be surfaced in trial, rules judge Learn more about your ad choices. Visit megaphone.fm/adchoices

Kayvan Sadeghi

Partner

Jenner & Block

Sam Enzer

Former Federal Prosecutor

Cahill Gordon & Reindel