The New York judge overseeing President Trump's civil fraud trial rejected a bid by the former president on Wednesday to deliver his own closing argument in the trial.

Why it matters: The trial, stemming from a lawsuit brought by New York Attorney General Letitia James last year, will determine whether Trump must pay hundreds of millions of dollars in damages and his future ability to do business in the state.

State of play: Trump's lawyers indicated that Trump wished to deliver part of the closing argument, alongside members of his legal team, AP reported.

• Closing arguments are slated to take place on Thursday.

Context: New York Judge Arthur Engoron initially approved the plan with the caveat that Trump would have to limit his remarks to the "relevant, material facts that are in evidence," according to a recent email exchange from Engoron that was filed in court Wednesday.

• The judge said Trump could not introduce new evidence, "deliver a campaign speech," or attack himself, his staff or others involved in the case.
• After Trump's attorney said the former president would not agree to the preconditions because he considered them unfair, Engoron withdrew his permission, per AP.

A spokesperson for Trump did not immediately respond to Axios' request for comment regarding the matter.

The big picture: The lawsuit from James accuses Trump and members of his family of financial fraud.

• Trump had previously taken the stand to testify over the course of the trial.
• His children Donald Trump Jr., Eric Trump and Ivanka Trump also testified as part of the civil fraud trial.
• Trump has repeatedly denied wrongdoing in the case.

Go deeper: Where Trump's civil fraud trial stands