Sam Bankman-Fried is found guilty of fraud, other crimes; PayPal receives subpoena from the U.S. SEC, and In
Sam Bankman-Fried is found guilty of fraud, other crimes; PayPal receives subpoena from the U.S. SEC, and Invesco Galaxy’s spot Bitcoin ETF joins DTCC website.
Top Stories This Week
Sam Bankman-Fried found guilty, what’s next for the crypto king?
Former FTX CEO Sam Bankman-Fried was found guilty of all seven charges by a jury in his criminal trial in New York after about four hours of deliberation. He was convicted of two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy and one count of money laundering conspiracy. He will return to court for sentencing by New York District Judge Lewis Kaplan on March 28, 2024. Government prosecutors will recommend a sentence, but Judge Kaplan will have the final say. Bankman-Frieds crimes each carry a maximum sentence of between five and 20 years in prison with the wire fraud, wire fraud conspiracy and money laundering conspiracy carrying a maximum 20-year sentence. His lawyers, however, say the fight isnt over yet.
PayPal faces SEC action related to PYUSD stablecoin: Official
Payment giant PayPal has received a subpoena from the United States Securities and Exchange Commission (SEC) regarding its U.S. dollar-pegged stablecoin. The subpoena requested that PayPal produce certain documents, the firm said. We are cooperating with the SEC regarding this request, PayPal noted in a financial report. The SEC has sued several of the largest local companies in the crypto industry, including its ongoing lawsuit against Coinbase. In October 2023, the regulator moved to dismiss its lawsuit against Ripple, the company behind the XRP token, one of the largest cryptocurrencies by market cap.
Invesco Galaxy spot Bitcoin ETF joins BlackRock on DTCC site
The ticker for Invesco and Galaxys spot Bitcoin exchange-traded fund (ETF) BTCO has appeared on the Depository Trust and Clearing Corporations (DTCC) website, marking a step forward in the application process for the two asset managers. A ticker added to the list of ETF Products on the DTCCs site is not a guarantee of future approval for that product. However, according to a DTCC spokesperson, it is standard practice to add securities to the NSCC security eligibility file in preparation for the launch of a new ETF to the market. Recently, BlackRock and 21Shares’ application for a similar product were added to the DTCC website as well.
Top Swiss bank launches Bitcoin and Ether trading with SEBA
Switzerlands St.Galler Kantonalbank (SGKB), one of the largest banks in the country, is moving into cryptocurrency by introducing Bitcoin and Ether trading to its customers. The bank has partnered with the SEBA Bank to offer its clients digital asset custody and brokerage services. SGKB plans to expand its offerings to additional cryptocurrencies based on client demand. Founded back in 1868, St.Galler Kantonalbank is reportedly the fifth largest bank in Switzerland, having had a total of 53.6 billion Swiss francs ($58.9 billion) in assets under management at the end of 2022.
Jack Dorseys Block had $5.62B in revenue, $44M in Bitcoin profits in Q3
Jack Dorsey-led Block published its third-quarter earnings report on Nov. 2, revealing a profitable quarter and surpassing analyst expectations. The firm had $5.62 billion in revenue in the third quarter of 2023, boosted by solid revenue growth in Cash App and Square, with $44 million in profit on its Bitcoin holdings thanks to a price surge in recent months. Block generated a gross profit of $1.90 billion, up 21% year-over-year.
Winners and Losers
At the end of the week, Bitcoin (BTC) is at $34,634, Ether (ETH) at $1,829 and XRP at $0.61. The total market cap is at $1.29 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are THORChain (RUNE) at 39.73%, Arweave (AR) at 32.15%, and Oasis Network (ROSE) at 24.88%.
The top three altcoin losers of the week are Quant (QNT) at -7.34%, Pepe (PEPE) at -6.49%, and Mina (MINA) at -4.13%.
For more info on crypto prices, make sure to read Cointelegraphs market analysis.
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Most Memorable Quotations
He [Sam Bankman-Fried] lied to get customers trust.
Danielle Sassoon, U.S. assistant attorney
We respect the jurys decision. But we are very disappointed with the result. Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him.
Mark Cohen, attorney…
cointelegraph.com