Weekly crypto news: ETF Delay, Stablecoin Launch & More

TL;DR

This week’s crypto news highlights include the SEC's postponement of the Bitcoin ETF verdict, the launch of PayPal's stablecoin, and ongoing legal issues for Sam Bankman-Fried.

Key Takeaways

The SEC has delayed its decision on the ARK 21Shares Spot Bitcoin ETF until early 2024.
PayPal launched a new USD-backed stablecoin, PYUSD, sparking mixed reactions.
Sam Bankman-Fried faces serious legal charges, including fraud and money laundering.
Bittrex settled with the SEC, agreeing to pay a $24 million fine.
Investigations into Worldcoin are ongoing in Kenya and Argentina.

What Happened with the SEC and the Bitcoin ETF?

The SEC (Securities and Exchange Commission) has postponed its verdict on the ARK 21Shares Spot Bitcoin ETF. This decision has disappointed many in the crypto community, as the SEC has delayed ETF applications for years. Major firms like BlackRock, ARK Invest, and VanEck have submitted applications that are still under review. The SEC can postpone decisions for up to 240 days, meaning investors will have to wait until early 2024 for a final verdict.

PayPal's New Stablecoin: PYUSD

PayPal has launched its new stablecoin, PayPal USD (PYUSD), which is backed by the US Dollar. This move allows users to make transactions between PayPal and external wallets. The launch has received mixed reactions from analysts, with some praising PayPal's efforts while others question its reliability and transaction fees compared to other stablecoins. PayPal aims to position itself as a safe and trusted platform.

Sam Bankman-Fried's Legal Troubles

Sam Bankman-Fried, once a prominent figure in the crypto space, is now facing serious legal issues. He was arrested on charges related to fraud and money laundering, stemming from the collapse of FTX. His arrest has shocked many in the crypto community, as he was previously seen as a role model. The Brooklyn court has not yet issued a statement regarding his case.

Crypto Bites: Quick News Roundup

Bittrex vs. SEC: Bittrex has settled its long-standing legal battle with the SEC, agreeing to pay a $24 million fine.
Worldcoin Investigations: Authorities in Kenya and Argentina are investigating Worldcoin, with police raids occurring in Kenya.
STA Token Scam in India: Two individuals were arrested in India for their involvement in a scam related to the STA token, valued at Rs. 1000 Crore.
Ripple vs. SEC: The SEC continues its legal battle against Ripple, despite Ripple's recent victory in court.

Crypto Moves Recap: Notable Gainers and Losers

Top Gainers: THOR Chain (RUNE), Rollbit Coin (RLB), Hedera (HBAR) Top Losers: Kaspa (KAS), GMX (GMX), FLEX Coin (FLEX)