Ellison spent over ten hours testifying during Bankman-Fried’s trial this week, notably entering through the front doors of the federal court in Manhattan, joined by her attorneys. According to Ellison, she had not seen Bankman-Fried since the crypto empire failed in November last year. But their communication eroded even months before. Continue Reading on Coin Telegraph More
The BlockFi team warned its leadership about the crypto lender’s over-exposure to FTX Token (FTT) in August 2021, according to evidence presented in court on Oct. 13 during Sam Bankman-Fried’s trial.Continue Reading on Coin Telegraph More
The court’s verdict was reached by a panel of three judges, but it was subject to potential review by a larger panel. The SEC’s decision not to oppose this ruling effectively paves the way for Grayscale’s transformation.Grayscale has long argued that such a transition would unlock billions in investor value by enabling simplified share creation and redemption – features absent in their current closed-end structure. This existing structure has often been criticized for preventing investors from redeeming shares when prices fall, resulting in steep discounts relative to Bitcoin’s inherent value.The introduction of the Bitcoin ETF is expected to provide investors with greater flexibility and potentially stimulate more participation in the cryptocurrency market.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
“We are working on how we can add substance to the different pillars of IPEF … We hope there will be something to announce by the time of the APEC summit,” Lawrence Wong told Washington’s Center for Strategic and International Studies after talks with U.S. officials this week.”In areas like supply chains, green economy, digital economy; these are things that we are pursuing, and we hope certainly that there can be some substantial progress.”U.S. President Joe Biden launched IPEF as part of efforts to step up economic engagement with Asia to compete with China after his predecessor, Donald Trump, pulled out of a pan-Pacific trade pact, but it lacks the market-access provisions Asian states want.Wong, who is also Singapore’s finance minister, said that given it may be difficult in some instances to get consensus among all 14 IPEF members, Singapore had said its bilateral cooperation with the United States could be a “pathfinder” for others to follow.”We set high standards, it can be a pathfinder, it can be a test-bed that we do together before it is expanded to the broader region,” he said.Sources familiar with plans for IPEF discussions at APEC say there is hope countries could agree to language around the third and fourth pillars of the framework, which deal with clean energy and decarbonization as well as anti-corruption. The first pillar on trade could prove too far a bridge for a November consensus, they say, and talks on the second pillar, involving supply chains, were largely agreed in May.The summit meetings of the 21-member APEC forum will take place in the week of Nov. 11-17 in San Francisco. Wong said Singapore would like to see more far-reaching agreements with the United States, including market access and trade liberalization, but recognized “there’s no mood to talk about these issues” at the moment in the U.S. given its domestic political environment.”But I think we should maintain high ambition and hopefully down the road, in years to come, the conditions may change.” More
NEW YORK (Reuters) -The U.S. Securities and Exchange Commission (SEC) will not appeal a recent court ruling that found it was wrong to reject an application from Grayscale Investments to create a spot bitcoin exchange-traded fund (ETF), said a source familiar with the matter.The District of Columbia Court of Appeals in Washington in August ruled that the SEC was wrong to reject Grayscale’s proposed bitcoin ETF, in a case that has been closely watched by the industry which has been trying for a decade to advance such products. The SEC’s decision not to appeal likely paves the way for the agency to review Grayscale’s application.A spokeswoman for Grayscale did not immediately provide comment.A spot bitcoin ETF would give investors exposure to the world’s largest cryptocurrency by market capitalization without having to own it. The SEC has denied all spot bitcoin ETF applications, including Grayscale’s, on the grounds applicants have not shown they can protect investors from market manipulation.Grayscale sued the SEC, arguing that because the agency previously approved certain surveillance agreements to prevent fraud in bitcoin futures-based ETFs the same setup should be satisfactory for Grayscale’s spot ETF, since both spot and futures funds rely on bitcoin’s price.The appeals court ruled that the SEC arbitrarily denied Grayscale’s application because it never explained why the two arrangements were materially different.The appeals court is expected to issue a mandate specifying how its decision should be executed, which will likely include instructing the SEC to revisit Grayscale’s application. Several other asset managers, including BlackRock (NYSE:BLK), Fidelity and Invesco, have similar filings pending with the SEC for a spot bitcoin ETF. The SEC is due to decide on those applications by next year at the latest. The SEC’s press office did not immediately provide comment. More
In this week’s newsletter, European securities regulators have published a report on the DeFi ecosystem that lists the risks it poses to the European Union’s financial system — but also highlights the benefits of DeFi.Continue Reading on Coin Telegraph More
The cryptocurrency was trading at $61.52 on Friday, indicating potential for a relief rally. Market indicators such as the Relative Strength Index (RSI) point towards growing bullish strength despite the Money Flow Index (MFI) showing continued bearish outflows since October.Whale activity presents a mixed picture. The largest holders, those with over 1 million LTC, have been selling since July, while mid-level holders with between 100,000 to 1 million LTC have remained inactive.Charlie Lee launched Litecoin in 2011 to counter Bitcoin’s limitations like transaction speed and high fees. As of September 2023, Litecoin was valued at about $63.53.The cryptocurrency also leverages faucets that reward users with free LTCs for tasks such as solving captchas or playing games. This concept was initiated by Gavin Andresen with a Bitcoin faucet website. Leading LTC faucets for 2023 include Cointiply, Coinpayu, Free-Litecoin.com, Fire Faucet, Allcoins.pw, Claim Free Coins and LitecoinFaucet.com. These platforms contribute to currency adoption and enhance brand awareness while offering varied payouts depending on market conditions.The anniversary’s coincidental date on Friday the 13th was humorously noted as safe from “Jason and his machete.” The article also mentions the “Litecoin Profit Calculator” for portfolio assessment.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
In a similar fashion, SOL rallied from a two-week low of $21.07 to reach an intraday high of $21.59, as traders capitalized on the dip near its own support level at $21.00. If the current price strength around 50.00 holds, market participants may aim to push SOL above the $22.00 mark over the weekend.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More
