In this weekly recap, we cover:
- Caroline Ellison Receives Two-Year Sentence: The former Alameda Research CEO is sentenced to two years in prison for her role in the FTX fraud, with her cooperation playing a key role in Sam Bankman-Fried’s conviction.
- BNY Secures SEC Crypto Custody Exemption: BNY becomes the first bank to receive an SEC exemption from strict crypto custody rules, paving the way for broader digital asset services.
- Kamala Harris Talks Crypto and Blockchain: The presidential candidate makes her first public remarks on crypto, highlighting the importance of U.S. dominance in emerging technologies like blockchain and AI.
- Gary Gensler Grilled Over Crypto Regulation: SEC Chair Gensler faces intense scrutiny from Congress about his enforcement-first approach to regulating digital assets.
- TrustToken and TrueCoin Settle with SEC: The two companies settle allegations of misrepresenting the reserves backing TrueUSD, agreeing to pay penalties and disgorgement fees.
- Polymarket Eyes $50 Million Funding Amid Election Bets: The prediction platform seeks $50 million in new funding as election-related bets drive high trading volumes, but concerns linger over its post-election future.
- PayPal’s PYUSD Stablecoin Declines on Solana: PYUSD experiences a sharp 42% decline in market cap on Solana as reduced incentives lead to waning user interest.
- Grayscale’s Ethereum Trust Sees Large Outflows: Grayscale’s Ethereum Trust experiences its largest single-day outflow since July, as Ether investors take profits on recent gains.
- Sky Reconsiders Offboarding Wrapped Bitcoin (WBTC): Following discussions with BitGo, Sky is reconsidering its decision to offboard WBTC as collateral, reducing concerns over Tron founder Justin Sun’s involvement in its custody.
