SBF ordered to jail, Bitcoin ETF delayed and SEC to appeal Ripple case: Hodler’s Digest, Aug. 6-12

Top Stories This Week

Judge revokes Sam Bankman-Fried’s bail, remands him to custody

FTX’s erstwhile CEO, Sam “SBF” Bankman-Fried, had his bail revoked by a national judge successful effect to the merchandise of accusation to The New York Times allegedly intended to intimidate witnesses. During a proceeding connected Aug. 11, Judge Lewis Kaplan revoked Bankman-Fried’s bail and remanded him to custody, apt astatine the Putnam County Correctional Facility. Once his October proceedings begins, helium could beryllium moved to the Metropolitan Detention Center successful Brooklyn. Bankman-Fried was reportedly led retired of the courtroom successful handcuffs. In Kaplan’s view, Bankman-Fried’s interviews with NYT reporters resulted successful sharing accusation with the apt volition “to wounded and frighten” erstwhile Alameda Research CEO Caroline Ellison, his erstwhile workfellow and girlfriend.

The U.S. Securities and Exchange Commission (SEC) has delayed a decision connected whether to o.k. oregon disapprove the spot Bitcoin exchange-traded money (ETF) projected by ARK Investment Management and 21Shares. ARK primitively filed to database the ETF successful May, giving the SEC a maximum of 240 days — until January 2024 — to scope a last decision. The SEC’s latest determination is fueling expectations that a last verdict volition travel arsenic portion of a batch that includes applications from cardinal players connected Wall Street, including BlackRock and Fidelity Investments.

SEC to question entreaty and enactment successful Ripple Labs tribunal case

The U.S. SEC is moving to entreaty a tribunal decision from its suit against Ripple Labs. In a missive to Judge Analisa Torres — the presiding justice successful the lawsuit — the SEC said it believed her determination warrants a caller look by an appellate court. The committee asked Judge Torres to enactment the lawsuit connected clasp during the appeal, saying determination are aggregate different pending tribunal cases that could beryllium affected, depending connected the appeal’s outcome. The SEC is presently successful a ineligible conflict with a fig of crypto firms, including Binance and Coinbase, implicit alleged securities violations. Judge Torres ruled, successful July, that Ripple’s autochthonal token, XRP, is not a information erstwhile sold to retail investors. Torres plans to schedule the assemblage proceedings for the 2nd 4th of 2024.

PayPal launches PYUSD stablecoin for payment

PayPal launched a caller U.S. dollar-pegged stablecoin called PayPal USD (PYUSD). Built connected the Ethereum network, the stablecoin is backed by U.S. dollar deposits, short-term treasuries and akin currency equivalents. According to PayPal, the stablecoin volition soon beryllium disposable arsenic a mode of outgo for assorted purchases. The fintech institution is location to implicit 350 cardinal progressive users, putting it successful a beardown presumption to go a crypto outgo elephantine with the instauration of the caller stablecoin. PYUSD volition beryllium redeemable for U.S. dollars and tin beryllium exchanged for different cryptocurrencies connected PayPal, arsenic good arsenic being transferable betwixt PayPal and Venmo accounts.

Temasek, Sequoia Capital, Softbank, starring VCs look suit for “abetting” FTX fraud

Eighteen starring task superior concern firms, including Temasek, Sequoia Capital, Sino Global Capital and SoftBank, have been named arsenic defendants successful a class-action suit filed successful the United States for their links to the now-bankrupt crypto exchange, FTX. According to the lawsuit, the concern firms were liable for “aiding and abetting” the FTX fraud. The suit further claims that the defendants utilized their “power, power and heavy pockets to motorboat FTX’s location of cards to its multibillion-dollar scale.”

Winners and Losers

At the extremity of the week, Bitcoin (BTC) is astatine $29,379, Ether (ETH) astatine $1,842 and XRP astatine $0.63. The full marketplace headdress is astatine $1.17 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the apical 3 altcoin gainers of the week are THORChain (RUNE) at 20.74%, Shiba Inu (SHIB) at 20.16% and dYdX (DYDX) at 9.63%. 

The apical 3 altcoin losers of the week are GMX (GMX) -12.47%, Mantle (MNT) at -10.10% and XDC Network (XDC) at -8.09%.

For much info connected crypto prices, marque definite to work Cointelegraph’s marketplace analysis.

Most Memorable Quotations

“Stablecoins correspond the issuance of a caller signifier of money, making it integral that determination are Federal guardrails.”

Maxine Waters, United States representative

“This is the Ethereum declaration code for PayPal’s stablecoin. I can’t judge one get to tweet that. We’ve travel truthful far.”

Ryan Sean Adams, crypto investor

“By offering users a comparatively seamless mode to execute transactions, bots person the imaginable to carve retired their ain niche successful the crypto ecosystem.”

Jie Xuan Chua, expert astatine Binance Research

“PayPal USD is the astir important leap guardant for integer assets and the fiscal industry.”

Charles Cascarilla, CEO of Paxos Trust Company

“It is wide that the satellite needs and volition request thing similar Worldcoin successful the coming years. We conscionable anticipation that happens successful a privacy-preserving decentralized, open-source, permissionless way.”

Tiago Sada, caput of merchandise astatine Tools for Humanity

“By accepting integer currencies, we unfastened our doors to a caller conception of donors who are tech-savvy and privation to marque a quality done their integer assets.”

Benjamin William, CEO of the Singapore Red Cross

Prediction of the Week 

Bitcoin trader reveals ‘important’ BTC terms portion arsenic bulls clasp $29.3K

Bitcoin faces a caller battleground arsenic bulls and bears combat for power of a sideways market. Popular pseudonymous trader Daan Crypto Trades flagged, successful his latest analysis, a cardinal level to reclaim arsenic BTC terms support.

According to the trader, some Bitcoin bulls and bears are caught successful a “strongly contested” range, resulting from assorted trips supra and beneath the existent spot price, making the midpoint the level to ticker next.

“Pretty wide that the $29.5–29.7K portion is an country that’s powerfully contested by the bulls and bears,” Daan Crypto Trades wrote.

Bitcoin terms has fundamentally remained the aforesaid since mid-June — $28,500 arsenic cardinal support, $31,800 arsenic resistance. Gaining power of the country astir $29,700 is, thus, an indispensable determination if bulls are to physique the indispensable momentum to alteration the scenery for good, the trader added.

FUD of the Week 

Only 6 retired of 45 crypto wallet brands person undergone penetration testing: Report

Cybersecurity level CER found that lone six of 45 cryptocurrency wallet brands, oregon 13.3%, person undergone penetration investigating to find information vulnerabilities. Of these, lone 3 brands person performed tests connected the latest versions of their products: MetaMask, Zengo and Trust Wallet. An wide ranking of the information of each wallet lists MetaMask, Zengo, Rabby, Trust Wallet and Coinbase Wallet arsenic being the astir unafraid wallets connected the market.

US Fed steps up oversight of banks’ engagement with crypto firms

The U.S. Federal Reserve is expanding the scope of its supervision for banks engaged with the cryptocurrency and blockchain industry. Under the Novel Activities Supervision Program, companies providing banking infrastructure to integer plus firms oregon moving with companies that usage distributed ledger technologies volition beryllium regulated. The policies use to some insured and uninsured U.S. banks supervised by the Fed. Activities regulated nether the programme see the custody, lending, trading, issuance oregon organisation of crypto including stablecoins.

SEC announces $24M colony for lawsuit against Bittrex and its erstwhile CEO

The U.S. SEC announced an statement with crypto trading level Bittrex and its co-founder and erstwhile CEO, William Shihara, for operating an unregistered exchange.Bittrex and Bittrex Global agreed to wage $14.4 cardinal successful disgorgement (the repayment of ill-gotten gains), $4 cardinal successful prejudgment interest, and $5.6 cardinal successful civilian penalties to settee the ineligible quality with the national regulator. The statement is inactive taxable to tribunal approval. The SEC’s complaint, filed successful April, claimed Bittrex and Shihara operated an unregistered nationalist securities exchange, broker and clearing agency.

Best Cointelegraph Features

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AI Eye: Apple processing pouch AI, heavy fake euphony deal, hypnotizing GPT-4

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Grails’ fortunate dip of celebrated NFT artists, caller anticipation for PFP holders: NFT Collector

Pudgy Penguins CEO reveals wherefore PFT holders aren’t doomed, Grails offers a unsighted tasting to bargain celebrated NFT artists, and escaped Amazon Prime NFTs.