• How long could Sam Bankman-Fried go to jail for? Crypto lawyers weigh in
FTX founder Sam “SBF” Bankman-Fried, once described as the “golden boy” of crypto, is set to stare down a jury next week for his role in the collapse of his $32-billion crypto exchange.
After a jury selection process on Oct. 3, the trial begins in earnest on Oct. 4, with Bankman-Fried facing seven charges. If found guilty on all counts, he faces a maximum sentence of 115 years in prison.
In mid-November last year, Bankman-Fried suffered one of the most rapid and public reputational declines of all time when his crypto exchange and its sister hedge fund, Alameda Research, collapsed and filed for bankruptcy, leaving a $10-billion hole in its wake.
• Chase U.K. to Block Crypto Payments Citing Fraud, Scams
Banking giant Chase is banning crypto-linked payments via debit card or by outgoing bank transfer for U.K. clients starting Oct. 16, according to an email to customers.
“If we think you’re making a payment related to crypto assets, we’ll decline it,” the email said, adding that customers are free to use a different bank or provider to invest in crypto.
However, finding a crypto-friendly bank in the country may not be the easiest thing, as U.K. credit institutions have a history of blocking or limiting customer access to crypto. The local financial watchdog – the Financial Conduct Authority (FCA) – recently said it had facilitated discussions between banks and crypto firms because lenders have shown a reluctance to offer services to that industry.
• 10-year Treasury yield rises to start the week, reaches highest level since 2007
U.S. Treasury yields were higher Monday as investors considered what could be next for interest rates and awaited fresh economic data due this week.
The yield on the 10-year Treasury rose by more than 10 basis points at 4.542%, reaching its highest levels since 2007 when it climbed as high as 4.57%. The 2-year Treasury yield was flat at 5.127%.
Yields and prices have an inverted relationship and one basis point equals 0.01%.
The central bank is expecting to hike rates once more this year, and to implement just two rate cuts in 2024, fewer than previously expected. Investors are therefore now expecting rates to remain higher for longer and considering whether another rate hike will be announced in November or December, which is when the two Fed meetings left this year will conclude.
• SEC Again Delays Decision on Ark’s Bitcoin ETF Filing
The US Securities and Exchange Commission (SEC) has again delayed approval for a set of Bitcoin spot ETF applications that have accumulated in its inbox.
One is GlobalX’s ETF application, for which a response was due from the agency on October 7 after the ETF provider joined the race later than competitors. However, it also delayed approval for the Ark/21Shares ETF, which wasn’t due until November 11.
“The Commission designates January 10, 2024, as the date by which the Commission shall either approve or disapprove the proposed rule change,” wrote the SEC in a Tuesday filing. This marks the absolute final deadline by which the agency must either approve or deny Ark’s application.
• The Metaverse is real: Zuck’s ‘incredible’ photorealistic tech wows crypto Twitter
While critics have been busy writing eulogies for Meta’s metaverse dream over the last few years, Mark Zuckerberg’s latest demonstration of its photorealistic avatars shows it could be pretty far from dead after all.
Appearing on a Sept. 28 episode of the Lex Fridman podacast, Zuckerberg and the popular computer scientist engaged in a one-hour, face-to-face conversation. Only, it wasn’t actually in person at all.
Instead, the entirety of Fridman and Zuckerberg’s conversation used photorealistic avatars in the metaverse, facilitated through Meta’s Quest 3 headsets and noise-canceling headphones.
“Ok the metaverse is officially real,” wrote pseudonymous account Gaut, a rare moment of seemingly genuine praise from a user typically known for his satirical and sarcastic takes on current events.
• Enter the Ether: VanEck releases two ETF ads ahead of possible Monday launch
On Sept. 28, VanEck released the two “Enter the Ether”-themed TV commercials, revealing that its Ethereum Strategy ETF — tickered EFUT — is “coming soon.”
The commercials came on the same day VanEck published a press statement about its upcoming EFUT, stating it will be listed on the Chicago Board Options Exchange and be managed by Greg Krenzer, head of active trading at VanEck.
Bloomberg ETF analysts Eric Balchunas and James Seyffart believe the TV ads could hint that Ether futures ETFs are “happening sooner than expected.”
- How long could Sam Bankman-Fried go to jail for?
- Chase U.K. to Block Crypto Payments Citing Fraud, Scams
- 10-year Treasury Yield Rises
- SEC Again Delays Decision on Ark’s Bitcoin ETF Filing
- The Metaverse is real: Zuck’s ‘incredible’ photorealistic tech wows crypto Twitter
- VanEck releases two Ether ETF ads ahead of possible Monday launch