Technology

The NY Crypto Showdown: FTX’s Nishad on the Hot Seat, Grayscale in Trouble—75 Years of Legal Limbo!

Grayscale Files for New Spot Bitcoin ETF on NYSE Arca

Grayscale Investments, a major cryptocurrency investment firm, has filed an application with the U.S. Securities and Exchange Commission (SEC) for a new spot Bitcoin exchange-traded fund (ETF). This filing is part of Grayscale’s ongoing efforts to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF. The move comes after Grayscale won an SEC lawsuit for its spot Bitcoin ETF review, with the court of appeals ordering the SEC to explain its rejection of Grayscale’s application. Grayscale also filed with the SEC to list an Ether futures ETF in September.

New York Attorney General Sues Gemini, Genesis, and DGC for Alleged Fraud

New York’s attorney general has filed a lawsuit against cryptocurrency firms Gemini, Genesis, and Digital Currency Group (DCG) for allegedly defrauding over 23,000 investors through the Gemini Earn investment program. The suit claims that Gemini misled investors by presenting the program as a low-risk investment, while investigations by the New York State Attorney General’s office found that Genesis’ financials were actually risky. The lawsuit also accuses Genesis’ former CEO and its parent company’s CEO of defrauding investors by attempting to hide over $1.1 billion in losses. The case seeks to ban Gemini, Genesis, and DCG from operating in the financial investment industry in New York.

Former FTX Engineering Director Faces Prison Time Following Guilty Plea

Nishad Singh, the former engineering director at now-defunct crypto exchange FTX, has pleaded guilty to fraud charges and faces up to 75 years in prison. Singh admitted to defrauding users of the crypto exchange and testified that he felt “suicidal” when liquidity issues arose at FTX. He also claimed that FTX CEO Bankman-Fried made purchase decisions for Alameda Research without consulting others.

Binance to Shut Down European Visa Debit Card in December

Binance, one of the largest cryptocurrency exchanges, will be closing its Visa debit card services in the European Economic Area in December. This announcement comes shortly after Binance restored euro deposits and withdrawals, which had been unavailable for a month after a payments processor dropped the exchange. Binance is still not onboarding new users in the United Kingdom due to the loss of a third-party service provider.

Elon Musk, Mark Cuban Challenge SEC Trial Strategies

Elon Musk, Mark Cuban, and others have submitted a shared amicus brief to the Supreme Court of the United States, raising concerns about the U.S. Securities and Exchange Commission’s (SEC) approach to conducting internal proceedings without juries. This legal challenge stems from the SEC vs. Jarkesy case, where George Jarkesy argues that the SEC’s internal adjudication process violates his Seventh Amendment rights. The amicus brief argues that the process lacks a jury and allows a single entity to act as judge, jury, and enforcer.

Market Analysis

At the end of the week, Bitcoin is priced at $29,590, Ether at $1,607, and XRP at $0.52. The total market cap is $1.12 trillion. The top three altcoin gainers of the week are Bitcoin SV, Stacks, and MX TOKEN, while the top three altcoin losers are Conflux, Frax Share, and Sui.

For more information on crypto prices, read Cointelegraph’s market analysis.

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