SBF Faces Jail Time, Bitcoin ETF Decision Delayed, and SEC Appeals Ripple Case
In this week’s top stories, there have been significant developments in the crypto industry. FTX’s former CEO, Sam “SBF” Bankman-Fried, had his bail revoked and was remanded to custody. The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the Bitcoin exchange-traded fund (ETF) proposed by ARK Investment Management and 21Shares.
SBF’s Bail Revoked, Remanded to Custody
Sam Bankman-Fried, the former CEO of FTX, had his bail revoked by a federal judge. The judge claimed that Bankman-Fried leaked information to The New York Times in an attempt to intimidate witnesses. Bankman-Fried’s bail was revoked, and he was sent to custody. The judge believes that Bankman-Fried intended to harm and frighten his former colleague and girlfriend, Caroline Ellison.
Bitcoin ETF Decision Delayed
The SEC has postponed its decision on whether to approve or disapprove the spot Bitcoin ETF proposed by ARK Investment Management and 21Shares. The SEC now has until January 2024 to reach a final decision on the ETF. This delay has resulted in speculations that the SEC’s final verdict may come alongside applications from other major players in the crypto industry, including BlackRock and Fidelity Investments.
SEC Appeals Ripple Labs Case
The SEC is seeking an appeal in the Ripple Labs court case. The SEC believes that the court’s decision warrants review by an appellate court. The commission has asked the judge to put the case on hold during the appeal, as the outcome could have implications for other pending court cases involving crypto firms. The jury trial for the Ripple case is currently scheduled for the second quarter of 2024.
PayPal Launches PYUSD Stablecoin
PayPal has introduced a new stablecoin called PayPal USD (PYUSD). Built on the Ethereum network, PYUSD is backed by U.S. dollar deposits, short-term treasuries, and similar cash equivalents. PayPal plans to make PYUSD available as a mode of payment for purchases. With over 350 million active users, PayPal’s foray into stablecoins could solidify its position as a major player in the crypto payment industry. PYUSD can be redeemed for U.S. dollars and exchanged for other cryptocurrencies on PayPal and Venmo.
Lawsuit Filed Against Venture Capital Firms for FTX Fraud
A class-action lawsuit has been filed against 18 leading venture capital investment firms, including Temasek, Sequoia Capital, Sino Global Capital, and SoftBank. The lawsuit alleges that these firms “aided and abetted” the FTX fraud and used their influence to scale FTX’s operations to a multibillion-dollar level. The lawsuit seeks to hold these firms accountable for their involvement in the alleged fraud.
Weekly Winners and Losers
At the end of the week, Bitcoin (BTC) is valued at $29,379, Ether (ETH) at $1,842, and XRP at $0.63. The total market cap stands at $1.17 trillion. Among the top 100 cryptocurrencies, the biggest gainers are THORChain (RUNE) at 20.74%, Shiba Inu (SHIB) at 20.16%, and dYdX (DYDX) at 9.63%. The top three losers are GMX (GMX) at -12.47%, Mantle (MNT) at -10.10%, and XDC Network (XDC) at -8.09%.
Opinion Piece: Editor Notes
The latest developments in the crypto industry continue to shape the landscape for investors and enthusiasts. It’s crucial to stay informed about these ongoing events to make well-informed decisions. To keep up with the latest news and analysis in the crypto space, visit Uber Crypto News.