Key Highlights of the Week
Sam Bankman-Fried handed 25-year jail term
Ex-FTX CEO Sam “SBF” Bankman-Fried was sentenced to a 25-year imprisonment by Judge Lewis Kaplan of the U.S. District Court for the Southern District of New York on March 28. This decision came after he was found guilty on seven felony charges, including witness tampering and perjury related to FTX user funds. Bankman-Fried, associated with FTX and Alameda Research, is the first individual from these entities to face incarceration.
Fidelity submits S-1 application for ETH ETF with staking to SEC
Fidelity lodged an S-1 application with the U.S. Securities and Exchange Commission (SEC) on March 27 for the establishment of an Ether exchange-traded fund (ETF). Expectedly, the ETF will enable Fidelity to stake a portion of their ETH holdings. Fidelity Digital Asset Services, in association with sponsor FD Funds Management, would act as the ETH custodian. Approval for other spot ETH ETFs has been deferred by the SEC until May 23. Currently, there are eight applicants awaiting a decision from the SEC.
SEC authorized to proceed with Coinbase lawsuit: Court verdict
A U.S. court has rejected Coinbase’s attempt to dismiss the SEC’s lawsuit against it. U.S. District Judge Katherine Failla’s ruling allows the SEC to continue its legal proceedings against Coinbase. In June 2023, the SEC accused the crypto exchange of breaching federal securities laws by listing 13 tokens classified as securities. Coinbase had requested the dismissal of the case, contesting the SEC’s jurisdiction over crypto exchanges.
SEC to demand $2B in fines and penalties — Ripple’s head legal advisor
Stuart Alderoty, the chief legal officer at Ripple Labs, revealed that the U.S. SEC has requested a $2-billion penalty…
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