Grayscale CEO Michael Sonnenshein emphasized the need for a balanced regulatory approach to cryptocurrency to avoid hindering innovation in the United States.
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SBF ordered to jail, Bitcoin ETF delayed and SEC to appeal Ripple case: Hodler’s Digest, Aug. 6-12
Sam Bankman-Fried has bail revoked, ordered to jail; the SEC delays decision on a spot Bitcoin ETF; and the SEC moves to appeal on Ripple’s case.
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 former CEO, Sam “SBF” Bankman-Fried, had his bail revoked by a federal judge in response to the release of information to The New York Times allegedly intended to intimidate witnesses. During a hearing on Aug. 11, Judge Lewis Kaplan revoked Bankman-Fried’s bail and remanded him to custody, likely at the Putnam County Correctional Facility. Once his October trial begins, he could be moved to the Metropolitan Detention Center in Brooklyn. Bankman-Fried was reportedly led out of the courtroom in handcuffs. In Kaplan’s view, Bankman-Fried’s interviews with NYT reporters resulted in sharing information with the likely intention “to hurt and frighten” former Alameda Research CEO Caroline Ellison, his former colleague and girlfriend.
The U.S. Securities and Exchange Commission (SEC) has delayed a decision on whether to approve or disapprove the spot Bitcoin exchange-traded fund (ETF) proposed by ARK Investment Management and 21Shares. ARK originally filed to list the ETF in May, giving the SEC a maximum of 240 days — until January 2024 — to reach a final decision. The SEC’s latest move is fueling expectations that a final verdict will come as part of a batch that includes applications from key players on Wall Street, including BlackRock and Fidelity Investments.
SEC to seek appeal and stay in Ripple Labs court case
The U.S. SEC is moving to appeal a court decision from its lawsuit against Ripple Labs. In a letter to Judge Analisa Torres — the presiding judge in the case — the SEC said it believed her decision warrants a fresh look by an appellate court. The commission asked Judge Torres to put the case on hold during the appeal, saying there are multiple other pending court cases that could be affected, depending on the appeal’s outcome. The SEC is currently in a legal battle with a number of crypto firms, including Binance and Coinbase, over alleged securities violations. Judge Torres ruled, in July, that Ripple’s native token, XRP, is not a security when sold to retail investors. Torres plans to schedule the jury trial for the second quarter of 2024.
PayPal launches PYUSD stablecoin for payment
PayPal launched a new U.S. dollar-pegged stablecoin called PayPal USD (PYUSD). Built on the Ethereum network, the stablecoin is backed by U.S. dollar deposits, short-term treasuries and similar cash equivalents. According to PayPal, the stablecoin will soon be available as a mode of payment for various purchases. The fintech company is home to over 350 million active users, putting it in a strong position to become a crypto payment giant with the introduction of the new stablecoin. PYUSD will be redeemable for U.S. dollars and can be exchanged for other cryptocurrencies on PayPal, as well as being transferable between PayPal and Venmo accounts.
Temasek, Sequoia Capital, Softbank, leading VCs face lawsuit for “abetting” FTX fraud
Eighteen leading venture capital investment firms, including Temasek, Sequoia Capital, Sino Global Capital and SoftBank, have been named as defendants in a class-action lawsuit filed in the United States for their links to the now-bankrupt crypto exchange, FTX. According to the lawsuit, the investment firms were responsible for “aiding and abetting” the FTX fraud. The suit further claims that the defendants used their “power, influence and deep pockets to launch FTX’s house of cards to its multibillion-dollar scale.”
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 former CEO, Sam “SBF” Bankman-Fried, had his bail revoked by a federal judge in response to the release of information to The New York Times allegedly intended to intimidate witnesses. During a hearing on Aug. 11, Judge Lewis Kaplan revoked Bankman-Fried’s bail and remanded him to custody, likely at the Putnam County Correctional Facility. Once his October trial begins, he could be moved to the Metropolitan Detention Center in Brooklyn. Bankman-Fried was reportedly led out of the courtroom in handcuffs. In Kaplan’s view, Bankman-Fried’s interviews with NYT reporters resulted in sharing information with the likely intention “to hurt and frighten” former Alameda Research CEO Caroline Ellison, his former colleague and girlfriend.
The U.S. Securities and Exchange Commission (SEC) has delayed a decision on whether to approve or disapprove the spot Bitcoin exchange-traded fund (ETF) proposed by ARK Investment Management and 21Shares. ARK originally filed to list the ETF in May, giving the SEC a maximum of 240 days — until January 2024 — to reach a final decision. The SEC’s latest move is fueling expectations that a final verdict will come as part of a batch that includes applications from key players on Wall Street, including BlackRock and Fidelity Investments.
SEC to seek appeal and stay in Ripple Labs court case
The U.S. SEC is moving to appeal a court decision from its lawsuit against Ripple Labs. In a letter to Judge Analisa Torres — the presiding judge in the case — the SEC said it believed her decision warrants a fresh look by an appellate court. The commission asked Judge Torres to put the case on hold during the appeal, saying there are multiple other pending court cases that could be affected, depending on the appeal’s outcome. The SEC is currently in a legal battle with a number of crypto firms, including Binance and Coinbase, over alleged securities violations. Judge Torres ruled, in July, that Ripple’s native token, XRP, is not a security when sold to retail investors. Torres plans to schedule the jury trial for the second quarter of 2024.
PayPal launches PYUSD stablecoin for payment
PayPal launched a new U.S. dollar-pegged stablecoin called PayPal USD (PYUSD). Built on the Ethereum network, the stablecoin is backed by U.S. dollar deposits, short-term treasuries and similar cash equivalents. According to PayPal, the stablecoin will soon be available as a mode of payment for various purchases. The fintech company is home to over 350 million active users, putting it in a strong position to become a crypto payment giant with the introduction of the new stablecoin. PYUSD will be redeemable for U.S. dollars and can be exchanged for other cryptocurrencies on PayPal, as well as being transferable between PayPal and Venmo accounts.
Temasek, Sequoia Capital, Softbank, leading VCs face lawsuit for “abetting” FTX fraud
Eighteen leading venture capital investment firms, including Temasek, Sequoia Capital, Sino Global Capital and SoftBank, have been named as defendants in a class-action lawsuit filed in the United States for their links to the now-bankrupt crypto exchange, FTX. According to the lawsuit, the investment firms were responsible for “aiding and abetting” the FTX fraud. The suit further claims that the defendants used their “power, influence and deep pockets to launch FTX’s house of cards to its multibillion-dollar scale.”
SBF ordered to jail, Bitcoin ETF delayed and SEC to appeal Ripple case: Hodler’s Digest, Aug. 6-12
Sam Bankman-Fried has bail revoked, ordered to jail; the SEC delays decision on a spot Bitcoin ETF; and the SEC moves to appeal on Ripple’s case.
SBF ordered to jail, Bitcoin ETF delayed and SEC to appeal Ripple case: Hodler’s Digest, Aug. 6-12
Sam Bankman-Fried has bail revoked, ordered to jail; the SEC delays decision on a spot Bitcoin ETF; and the SEC moves to appeal on Ripple’s case.
SBF ordered to jail, Bitcoin ETF delayed and SEC to appeal Ripple case: Hodler’s Digest, Aug. 6-12
Sam Bankman-Fried has bail revoked, ordered to jail; the SEC delays decision on a spot Bitcoin ETF; and the SEC moves to appeal on Ripple’s case.
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 former CEO, Sam “SBF” Bankman-Fried, had his bail revoked by a federal judge in response to the release of information to The New York Times allegedly intended to intimidate witnesses. During a hearing on Aug. 11, Judge Lewis Kaplan revoked Bankman-Fried’s bail and remanded him to custody, likely at the Putnam County Correctional Facility. Once his October trial begins, he could be moved to the Metropolitan Detention Center in Brooklyn. Bankman-Fried was reportedly led out of the courtroom in handcuffs. In Kaplan’s view, Bankman-Fried’s interviews with NYT reporters resulted in sharing information with the likely intention “to hurt and frighten” former Alameda Research CEO Caroline Ellison, his former colleague and girlfriend.
The U.S. Securities and Exchange Commission (SEC) has delayed a decision on whether to approve or disapprove the spot Bitcoin exchange-traded fund (ETF) proposed by ARK Investment Management and 21Shares. ARK originally filed to list the ETF in May, giving the SEC a maximum of 240 days — until January 2024 — to reach a final decision. The SEC’s latest move is fueling expectations that a final verdict will come as part of a batch that includes applications from key players on Wall Street, including BlackRock and Fidelity Investments.
SEC to seek appeal and stay in Ripple Labs court case
The U.S. SEC is moving to appeal a court decision from its lawsuit against Ripple Labs. In a letter to Judge Analisa Torres — the presiding judge in the case — the SEC said it believed her decision warrants a fresh look by an appellate court. The commission asked Judge Torres to put the case on hold during the appeal, saying there are multiple other pending court cases that could be affected, depending on the appeal’s outcome. The SEC is currently in a legal battle with a number of crypto firms, including Binance and Coinbase, over alleged securities violations. Judge Torres ruled, in July, that Ripple’s native token, XRP, is not a security when sold to retail investors. Torres plans to schedule the jury trial for the second quarter of 2024.
PayPal launches PYUSD stablecoin for payment
PayPal launched a new U.S. dollar-pegged stablecoin called PayPal USD (PYUSD). Built on the Ethereum network, the stablecoin is backed by U.S. dollar deposits, short-term treasuries and similar cash equivalents. According to PayPal, the stablecoin will soon be available as a mode of payment for various purchases. The fintech company is home to over 350 million active users, putting it in a strong position to become a crypto payment giant with the introduction of the new stablecoin. PYUSD will be redeemable for U.S. dollars and can be exchanged for other cryptocurrencies on PayPal, as well as being transferable between PayPal and Venmo accounts.
Temasek, Sequoia Capital, Softbank, leading VCs face lawsuit for “abetting” FTX fraud
Eighteen leading venture capital investment firms, including Temasek, Sequoia Capital, Sino Global Capital and SoftBank, have been named as defendants in a class-action lawsuit filed in the United States for their links to the now-bankrupt crypto exchange, FTX. According to the lawsuit, the investment firms were responsible for “aiding and abetting” the FTX fraud. The suit further claims that the defendants used their “power, influence and deep pockets to launch FTX’s house of cards to its multibillion-dollar scale.”
Brazil's Congress moves to levy higher taxes on cryptocurrencies
Brazilian lawmakers are moving forward with a legislation that would raise taxes on cryptocurrencies held overseas. According to local reports, a congressional committee has approved amendments to a bill that recognizes cryptocurrencies as "financial assets" for tax purposes in foreign investments.
In addition, the draft bill taxes gains from fluctuations in crypto asset prices against Brazil's fiat currency, as well as foreign exchange rate fluctuations. According to congressman Merlong Solano, the revision seeks to promote equal tax treatment since crypto investments abroad currently receive lower tax breaks.
The legislation places crypto assets held by Brazilians overseas under the same tax rules as traditional assets.The changes could make local exchanges a less costly option for some investors, in particular those with gains above the top tax bracket. Overseas earnings up to 6,000 Brazilian reais (~$1,200) will be exempt from taxation under the new rules. Earnings between 6,000 and 50,000 (~$10,000) are subject to a 15% tax rate. Above this threshold, taxes will be applied at 22.5%.
According to the legislation, changes will only apply to cryptocurrency exchanges without offices in Brazil.
The new rules have the potential to boost activity on national crypto exchanges and to lure international players to establish local offices. A number of global crypto exchanges operate in the country, including Binance, Coinbase, Bitso, and Crypto.com, as well as local players such as Mercado Bitcoin and Foxbit.
Brazil's Congress moves to levy higher taxes on cryptocurrencies
If approved, the legislation would place crypto assets held by Brazilians overseas subject to the same tax rules governing traditional assets.
Brazil's Congress moves to levy higher taxes on cryptocurrencies
If approved, the legislation would place crypto assets held by Brazilians overseas subject to the same tax rules governing traditional assets.
Bitcoin has bottomed despite 'astonishing' BTC price action — Analyst
Bitcoin is due to offer nothing beyond "classic weekend chop," signs of change on BTC price charts continue to flow in.
CFTC charges residents of Florida, Louisiana, Arkansas for crypto fraud
The regulatory body asserts that the defendants managed to entice over 14,000 individuals by creating false weekly returns.
CFTC charges residents of Florida, Louisiana, Arkansas for crypto fraud
The regulatory body asserts that the defendants managed to entice over 14,000 individuals by creating false weekly returns.
Curve Finance vows to reimburse users after $62 million hack
The platform further emphasizes its current priority, which revolves around assessing the proportional portions of each impacted user.
DeFi tries to recover from Curve hack, but exploits continue: Finance Redefined
Binance jumped in with a $5 million Curve token investment to help with efforts to minimize the risk of contagion.
Victim of 90 ETH exploit set to claw funds back after hacker was blacklisted
The hacker’s wallet with more than $100K worth of USDT was blacklisted and frozen, while the Victim had been drained for almost $170K worth of NFTs and other assets.
Senator Lummis files Amicus Brief supporting Coinbase's dismissal motion against SEC
Senator Lummis argued that the SEC is attempting to “circumvent the political process” by establishing itself as the main authority on crypto.
3AC co-founder avoids contempt charges following evidence of Singaporean citizenship
Lawyers for Kyle Davies filed evidence that his U.S. citizenship had been renounced in 2021, which, according to a bankruptcy judge, left him outside the court's jurisdiction.
Price analysis 8/11: BTC, ETH, BNB, XRP, DOGE, ADA, SOL, MATIC, LTC, DOT
Bitcoin (BTC) continues to frustrate investors with its tight range consolidation, giving no clue about the possible direction of the breakout. Typically, the longer the range, the stronger the eventual breakout from it. Therefore, traders should be on their toes to latch on to the breakout when it happens.
A minor positive in favor of the bulls is that they are holding on to a large part of the gains seen in 2023. That indicates a lack of urgency among the bulls to book profits as they anticipate the uptrend to resume.
Daily cryptocurrency market performance. Source: Coin360Bloomberg senior ETF analyst Eric Balchunas highlighted that 15 of the best performing equity exchange-traded funds in 2023 have been crypto-related with exposure to crypto and blockchain.
Do Bitcoin and the select altcoins show any signs of a potential breakout from their respective ranges? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin price analysis
The bulls pushed Bitcoin above the 50-day simple moving average ($29,960) on Aug. 8 and 9 but could not sustain the higher levels. This suggests that the bears are selling on rallies.
