Weekly Crypto News: SEC Delays ETF Verdict, PayPal’s Stablecoin & More


What’s up? People. We know you must be waiting for us to publish this week’s latest crypto news that made massive noise in the ever-evolving digital world. So, here, we’re Coin Informer, your ultimate provider of weekly crypto news. Without wasting any time, let’s discuss some of the top headlines in the crypto world. Hold your cup of coffee and read until the last line.

Top Headlines Catching Everyone’s Eye in Crypto World:

SEC Postpones Verdict on ARK 21Shares Spot Bitcoin ETF

The crypto world was disappointing when the pivotal crypto authority of the United States, the SEC (Securities and Exchange Commission), postponed the verdict on spot bitcoin being an ETF. On Friday morning, this news garnered massive attention from all different sectors of the whole. Many investors also questioned the guidelines of the SEC. Since the applications for approving a spot cryptocurrency ETF have been delayed for years. Many asset management firms, like BlackRock, ARK Invest, and VanEck, have filed to list their Bitcoin ETF applications. However, the applications are under review.

Final Verdict:

In a final statement, United States SEC needs more time to give a final verdict on the Bitcoin ETF approval decision. As per SEC federal powers, SEC has the authority to postpone ETF applications judgment for up to 240 days. Meanwhile, investors must wait until early 2024 to bless their ears to listen to SEC’s decision.

PayPal Unleashes PYUSD: A New Era for Stablecoins Begins

In the last few years, PayPal is reaching new parts of the world thanks to its flexible digital payment system. But, this week, it garnered massive attention in the crypto world. Earlier this week, PayPal debuted a US Dollar-backed stablecoin – PayPal USD (PYUSD). This allows its users to make flexible transactions or payments between PayPal and outside wallets. However, on Twitter, crypto analysts were divided into two sides – one praising the efforts of PayPal, while the other defaming its functioning. Just a few days after the primary announcement, PayPal announced Alex Chriss as the company’s new CEO.

Final Verdict:

You’ll get many different points of view on the reliability of PayPal. Many users question its technical robustness and efficiency as its transaction fees are higher than other top stablecoins. In defense, PayPal is arguing about being a safe and trusted platform and promised to make further improvements.

Sam Bankman-Fried’s Legal Odyssey: Behind Bars Before Trial?

Sam Bankman-Freid, one of the most influential individuals in the crypto world, was detained behind the bars of notorious Brooklyn Jail. Can you imagine, one year ago, Sam was living his dream life in a $40 million penthouse in the Bahamas? And, now, he is locked in the same jail which has held people like R. Kelly, 6IX9INE, and Frank Cali. On Friday morning, Sam Bankman was arrested based on fraud schemes when FTX faced a liquidity crisis. His federal charges that cause his arrest include money laundering, illegal political funding in the 2022 US Mid-Term Elections, and other financial crimes.

Final Verdict:

Sam Bankman’s fraud crimes came as a shock to the whole world. While many crypto enthusiasts who were looking at him as a role model argued about their feelings on Twitter. No statement by the Brooklyn court has been published after the official arrest and new charges. It means we must wait for the destiny the court has written for Sam.

Crypto Bites: Quick News Roundup

Bittrex vs. SEC: Resolving the Crypto Conundrum – The Final Chapter

Nowadays, crypto news without mentioning Bitcoin can be understandable. However, without saying SEC, crypto news feels incomplete. The long legal battle between SEC and Bittrex was finally resolved, where Bittrex decided to pay a $24 Million fine to SEC as a settlement.

Kenya and Argentina Take on Worldcoin: Winds of Change in Crypto

In our last weekly crypto roundup, we checked how many official authorities investigate Worldcoin. Meanwhile, things were more difficult this week, too, for Worldcoin. The Kenya Police raided Worldcoin’s warehouse and confiscated their documents and machines. Moreover, Argentina’s Agency of Access to Information Public (AAIP) also investigated their office.

STA Token Scam Unveiled: India’s Million-Dollar Crypto Conundrum

Now, let’s turn our heads to India, where Odisha Police finally arrested two individuals involved in the STA token scam worth Rs. 1000 Crore (INR). The arrest was much-needed to aware rural people of crypto scams.

Crypto Turmoil Continues: SEC vs. Ripple – Endless Legal Showdown

Last month, the crypto world was overwhelmed with the legal victory of Ripple over the SEC, but it looks like this long-running sage will continue in the future, too. On Wednesday, SEC filed an interlocutory appeal in court to take action against Ripple’s problematic sales of XRP.

Crypto Moves Recap: Notable Gainers and Loser

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

Compact Summary:

In this week’s crypto news roundup, the SEC’s postponement of a verdict on the ARK 21Shares Spot Bitcoin ETF stirred disappointment across the crypto community. The SEC’s delay has left investors questioning the agency’s guidelines, affecting firms like BlackRock, ARK Invest, and VanEck. The final decision has been pushed to early 2024, as per SEC’s powers. PayPal made waves by launching PYUSD, a USD-backed stablecoin, igniting divided opinions from crypto analysts.

Sam Bankman-Fried, once a prominent figure, now faces legal troubles, including charges of fraud and money laundering, surprising the crypto world. Bittrex settled with the SEC, paying a $24 million fine. Worldcoin faced investigations in Kenya and Argentina. India arrested individuals involved in a million-dollar STA token scam. The SEC’s battle with Ripple continues, despite Ripple’s recent legal victory. Notable gainers included THOR Chain, Rollbit Coin, and Hedera, while Kaspa, GMX, and FLEX Coin were among the top losers.