The Week in Crypto– FTX, Argo and Bitcoin ETFs

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Today in crypto we’ve seen Sam Bankman-Fried withstanding a week from hell, the SEC resisting in its Bitcoin ETF argument with Grayscale, and Argo Blockchain fending off insolvency … in the meantime. If you’re sitting conveniently, then I’ll start.

No. 3– SEC Answers Back in Grayscale Bitcoin ETF Case

The Securities and Exchange Commission (SEC) today made its very first discuss the suit submitted versus it by Grayscale over its choice not to award the business a Bitcoin ETFGrayscale had actually used to turn its GBTC platform into a Bitcoin ETF, however when this was declined in June, Grayscale submitted legal procedures on the very day.

The SEC argued that “the 2 items are not the exact same” and have “essential distinctions in the capability to spot and hinder scams and control”, which is why they turned down the conversion. It boosted its case by highlighting a declaration from the New York Stock Exchange that “scams and adjustment might exist which bitcoin trading on any provided exchange might disappear distinctively resistant to scams and control than other product markets.”

No. 2– Argo Blockchain Keeps the Wolf From the Door

Struggling Bitcoin miner Argo Blockchain today handled to ward off bankruptcy, although it has actually confessed that it might not see out the month. Following news at the end of October that it required emergency situation financing to continue running and the suspension of its shares on Friday, the crypto world had lots of expectation that the other day would bring a statement of Chapter 11 personal bankruptcy, specifically after a prepared statement was inadvertently published to its site and after that removed.

Argo has stated that it is working on an “devices funding deal” that will keep it going for the brief term, however confessed that its future isn’t looking great. Times are notoriously hard for Bitcoin miners today, and although the problem rate has actually dropped a little in current days, this is still insufficient to make Bitcoin mining a beneficial pursuit at present.

No. 1– Sam Bankman-Fried’s Week From Hell

Today saw FTX co-founder and disgraced previous CEO Sam Bankman-Fried apprehended by Bahamas authorities at the demand of U.S. authorities, simply hours prior to he was because of affirm prior to a U.S. House financing committee. Bankman-Fried was jailed on several charges consisting of wire scams, wire scams conspiracy, securities scams, securities scams conspiracy and cash laundering.

Bankman-Fried was rejected bailafter which the then SEC officially charged him with 3 counts of scams, arguing that he “managed a years-long scams” to hide several things from FTX’s financiers. He has actually switched his billion dollar house for the Bahamas Department of Correctional Services where he will remain till his extradition hearing, which is slated for February 8, 2023.