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SBF Faces Jail Time, Bitcoin ETF Postponed, and SEC Appeals Ripple Case: Hodler's Digest, Aug. 6-12

SBF Faces Jail Time, Bitcoin ETF Postponed, and SEC Appeals Ripple Case: Hodler’s Digest, Aug. 6-12

– Sam Bankman-Fried, former CEO of FTX, has had his bail revoked and has been remanded to custody by a federal judge. The judge believed that Bankman-Fried’s interviews with The New York Times were intended to intimidate a witness in his upcoming trial.

– The U.S. SEC has delayed its decision on whether to approve or disapprove the spot Bitcoin ETF proposed by ARK Investment Management and 21Shares. This delay has raised expectations that a final decision will come alongside applications from other major players in the industry.

– The SEC is seeking an appeal and stay in its court case against Ripple Labs. The commission believes that the judge’s decision regarding Ripple’s native token, XRP, warrants further review by an appellate court.

– PayPal has launched a new stablecoin called PayPal USD (PYUSD), which is backed by U.S. dollar deposits and can be used as a mode of payment for various purchases.

– Eighteen venture capital firms, including Temasek and SoftBank, are facing a class-action lawsuit for their alleged involvement in the FTX fraud.

– Bitcoin is currently priced at $29,379, Ether at $1,842, and XRP at $0.63. The top altcoin gainers of the week are THORChain, Shiba Inu, and dYdX, while the top losers are GMX, Mantle, and XDC Network.

– Only six out of 45 cryptocurrency wallet brands have undergone penetration testing to identify security vulnerabilities.

– The U.S. Federal Reserve is expanding its oversight of banks involved with the cryptocurrency and blockchain industry.

– The SEC has reached a $24 million settlement with Bittrex and its former CEO for operating an unregistered exchange.

– This week’s features include discussions on the decentralization of blockchain games, the development of AI by Apple, and the blind tasting offered by Grails to buy NFTs from famous artists.

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