Your weekly roundup of all the significant events in the cryptocurrency world! A rundown of the most fascinating and top stories that made crypto headlines.
Welcome to the first edition of Last Week in Crypto, where we take you on a journey through all the major happenings in the crypto world! Follow through as we unveil the most intriguing and groundbreaking stories that made waves over the past week.
TL;DR
- FTX Founder Sam Bank-man Fried to Face Dual Trials for Fraud
- SEC Accused of Favoring Corporate Capitalism over Investors
- SEC’s SPIKES Futures Exemption Reversed by Court
- SHIB Bridge goes live for Testing
- Yield Guild Games empowers Web3 with new games & jobs
FTX Founder Sam Bank-man Fried to Face Dual Trials for Fraud
Sam Bank-man Fried, the founder of FTX, is facing multiple charges in two upcoming trials. Due to an extradition agreement with the Bahamas government, the Department of Justice was able to dismiss a claim of campaign financing before the October trial; nevertheless, additional alleged illegal activity is still under investigation.
As a result, he will answer to seven allegations in October, including schemes to commit wire fraud, securities fraud, and money laundering. He will also be charged with five additional offences next year, including bank fraud and conspiring to bribe foreign government officials.
SEC Accused of Favoring Corporate Capitalism over Investors
Attorney John E Deaton, a supporter of XRP, claims that the SEC favours corporate capitalism above investor protection. He thinks there is a bigger agenda at play when the SEC targets the cryptocurrency sector, particularly Coinbase and Ripple.
Deaton criticizes the SEC’s strategy to regulate cryptocurrencies because it places too much emphasis on the secondary market rather than addressing fraud in the cryptocurrency industry.
According to him, the industry’s innovation and expansion could be hampered by this conflicting set of priorities. Deaton also draws attention to the SEC’s unwillingness to take regular investors’ opinions into account in the Ripple case, indicating a bias in favour of bigger financial institutions.
He argues that corporate capitalism, rather than real capitalism, is the operating system for the contemporary financial environment.
SEC’s SPIKES Futures Exemption Reversed by Court
The SEC’s 2020 decision exempting the SPIKES Index from securities futures was overturned by the Court of Appeals, which labelled it “arbitrary and capricious.”
By providing the exception, the SEC hoped to encourage competition among volatility indexes, but the court identified weaknesses in the SEC’s reasoning and failure to take essential factors into account.
This ruling reclassifies SPIKES Index futures as “securities futures” as opposed to just “futures,” necessitating a three-month wind-down period for market participants’ transactions.
According to ETF analyst Eric Balchunas, the decision may have repercussions for legal disputes between crypto companies and the SEC and it emphasizes the fact that the latter can lose in court.
SHIB (Shiba Inu) Bridge goes live for Testing
Shibarium Blockchain, built on the Shiba Inu platform, is set to launch next month, marking SHIB’s transition from a meme coin to a significant blockchain contender.
The new layer-2 networks will use Bone, Treat, Shib, and Leash tokens for different blockchain applications, potentially increasing their token prices as demand rises.
A live Ethereum bridge allows users to test token transfers between Shibarium and Ethereum, with each transfer taking up to 30 minutes. However, real assets are not yet supported in the bridge.
Shibarium’s primary focus on metaverse and gaming applications aligns with the projected growth of the NFT sector in the upcoming challenges.
Yield Guild Games empowers Web3 with new games & jobs
On July 26, 2023, Yield Guild Games (YGG) presented brand-new Web3 games and employment opportunities at the Web3 Community Summit in Manila, Philippines.
To encourage and empower the nation’s flourishing Web3 community, the event brought together leaders, content producers, and community members. The Summit, which was co-presented by Globe and GCrypto, included gaming demonstrations, competitions, workshops, and debates.
More than a thousand members of the YGG community got the opportunity to play upcoming Web3 games and apply for more than 100 job openings in the industry.
Through initiatives like Guild Advancement and SuperQuests, YGG continues to promote participation and development, getting ready for the forthcoming Web3 Games Summit in November to achieve this goal.
Final Thoughts
Last week, the crypto space was filled with significant events and developments. These events indicate the ongoing dynamism and volatility of the crypto market, reminding investors to approach it with caution and informed decision-making.
