This is the official court audio, posted by the Court of Appeals on November 5, 2025. I am reposting today because the Court of Appeals has handed down a ruling today affirming the criminal conviction.

Below are my thoughts from the day of the argument on appeal...

The appellate argument is in the appeal of Sam Bankman-Fried’s criminal conviction which proceeded, before the U.S. Court of Appeals for the Second Circuit. The argument was scheduled for 20 minutes or so and went beyond an hour. The bench was a hot bench, with the judges on the panel prepared to ask a lot of questions.

Maybe the case will be resolved consensually?

The appellant’s side, SBF’s counsel, argued to the appellate judges that more evidence of advice of counsel would have changed the jury’s decision to convict. The judges were skeptical.

But the ...