The initial day of the highly-anticipated trial involving Sam Bankman-Fried concluded without a final jury being selected. The process is set to continue, with the final selection expected to be completed soon.

What Happened: According to a report by CryptoSlate on Tuesday, the U.S. District Court for the Southern District of New York is still in the process of selecting 12 jurors and six alternates. Some potential jurors were dismissed by Judge Lewis Kaplan due to conflicts of interest and several other reasons. A significant number of potential jurors disclosed that they or their family members had experienced financial losses in the cryptocurrency market.

The selection process, termed as voir dire, has brought a wide range of topics to the table, from personal beliefs to financial difficulties that could potentially affect the ability of the jurors to serve. While it remains uncertain if SBF will testify, he has previously proclaimed his innocence. The trial is expected to last for a period of up to six weeks, and opening statements are likely to follow soon after the completion of the jury selection.

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Why It Matters: Prosecutors have framed this case as one of the most substantial financial fraud instances in history. If found guilty on all charges, SBF, the former CEO of FTX, may face a sentence exceeding 100 years in prison. On the first day of the trial, prosecutors announced that they had not considered offering a plea deal to SBF, a significant revelation given that some of his former associates have accepted plea deals and are expected to testify during the trial.

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