Sam Bankman-Fried convicted, PayPal faces SEC subpoena, and different information: Hodler’s Digest, Oct. 19 – Nov. 4

Former FTX CEO Sam Bankman-Fried was discovered responsible of all seven expenses by a jury in his felony trial in New York after about 4 hours of deliberation. He was convicted of two counts of wire fraud, two counts of wire fraud conspiracy, one rely of securities fraud, one rely of commodities fraud conspiracy and one rely of cash laundering conspiracy. He’ll return to court docket for sentencing by New York District Decide Lewis Kaplan on March 28, 2024. Authorities prosecutors will advocate a sentence, however Decide Kaplan can have the ultimate say. Bankman-Frieds crimes every carry a most sentence of between 5 and 20 years in jail with the wire fraud, wire fraud conspiracy and cash laundering conspiracy carrying a most 20-year sentence. His legal professionals, nevertheless, say the combat isnt over but.

Cost large PayPal (NASDAQ:) has acquired a subpoena from the USA Securities and Change Fee (SEC) relating to its U.S. dollar-pegged stablecoin. The subpoena requested that PayPal produce sure paperwork, the agency mentioned. We’re cooperating with the SEC relating to this request, PayPal famous in a monetary report. The SEC has sued a number of of the biggest native corporations within the crypto trade, together with its ongoing lawsuit towards Coinbase (NASDAQ:). In October 2023, the regulator moved to dismiss its lawsuit towards , the corporate behind the XRP token, one of many largest cryptocurrencies by market cap.

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