Jury selection for the criminal trial of former FTX CEO Sam Bankman-Fried was completed on the morning of Oct. 4 with opening arguments set for later in the day.

New York independent news outlet Inner City Press reported from inside the courtroom that 12 jurors and six alternates had been agreed upon, on the second day of the trial.

The jury selection process involved rigorous examination of potential jurors to identify any conflicts of interest or potential biases. The wide range of professions and diverse backgrounds of the potential jurors highlighted the broad societal impact of the case, hinting at the extensive reach of the investigation.

Prosecutors have labeled this case as one of the most significant financial fraud cases in history. If SBF is found guilty on all charges, he could face a sentence of more than 100 years in prison.

Court records reveal that several factors have caused a stir in the lead-up to the SBF trial. The defense team has made numerous pre-trial requests, challenging certain rulings and seeking clarification on others. Significant among these are considerations about evidence related to FTX’s regulation in the U.S., as well as the inclusion of SBF’s charitable activities.

SBF’s defense has claimed that FTX’s downfall in 2022 can be attributed to an uncertain regulatory landscape, misguided legal advice, and honest errors, rather than fraudulent activities. However, prosecutors emphasized that Bankman-Fried allegedly violated prohibitions on misappropriation of customer assets, rendering the argument about the absence of clearly applicable laws or regulations irrelevant.

As the trial progresses following the completion of jury selection, expectations are high for the upcoming opening statements. The ensuing proceedings are anticipated to cast further light on the intricate facets of this case, which continues to garner worldwide attention for its potential implications on the cryptocurrency sector. With the trial slated to last for up to six weeks, the developments in the case are sure to be closely watched by stakeholders across various industries.