From SBF getting convicted with fraud to Dubai giving green light to XRP and TON, here is a 3-minute breakdown of things that happened in crypto today.
Co-author: Davier M
The crypto markets are continuing their fall rebound with a strong start to November. Following the gains we saw in October, it seems the momentum of this rally is still going strong! That's hopeful news to cap off a week where the long-awaited crypto trial of Sam Bankman-Fried came to an end. And in an unsurprising outcome, he was convicted on all fraud and money laundering charges.
Today we'll break down the conviction of Sam Bankman-Fried and other important crypto stories. Here is a TLDR:
- SBF convicted of fraud
- Dubai to use XRP and TON
- Alongside offers crypto index fund
- ProShare’s Ethereum short ETF
- Hong Kong issues token rules
- Paypal receives SEC’s subpoena
Let’s dive in!
SBF Convicted of Fraud
In the trial of the century (in crypto, TradFi has seen far worse!), Sam Bankman-Fried was convicted on all fraud charges. Prosecutors say he engineered a multi-billion dollar "scheme" but his lawyers say he got caught up in forces beyond his control (aka crypto volitality).
Either way, the once-celebrated crypto billionaire faces decades behind bars.
Will an appeal overturn the verdict? Read the full story!
Dubai To Use XRP and TON
Dubai continues adding crypto to its cocktail of regulatory ingredients, approving XRP and TON in its special economic zone. That's great news for the thousands of companies that will now be able to use these assets.
But is it enough for Dubai to become THE global crypto hub? Is it working on other coins to add to its economic arsenal? Read the full story!
Alongside Offers Crypto Index Fund
An Andreessen Horowitz-backed startup wants to shake up crypto index funds with a decentralized Ethereum basket product. By removing centralized control, they aim for better, faster, and cheaper investing. But the tech migration isn't fully done yet.
Legacy systems dominated yesterday - can decentralized innovation own tomorrow? Will they be able to pull off the revolution? Which popular companies are supporting the startup with its vision? Read the full story!
ProShare’s Ethereum Short ETF
ProShares is letting traders bet against Ethereum with a new short ETF. But with ETH over $1,800, the game of speculation has turned into a contact sport.
ProShares warns of risks though emphasizes the benefits too. Ultimately, traders must ask themselves what's behind that ETF ticker: opportunity, or overexposure? Anyway, what’s in it for crypto? Fully story here!
And that brings us to our Word of the Day!
It’s ‘Short’!
Shorting in crypto is a trading strategy that involves borrowing cryptocurrency from a broker or exchange and selling it on the open market with the expectation that the price will fall.
To short-sell, a trader must find a broker or exchange offering margin trading and shorting. The trader then borrows the cryptocurrency and immediately sells it on the open market. When the price drops, they buy back the cryptocurrency at a lower price and return it to the lender, keeping the difference as profit.
But how can you short crypto? Read more!
Now back to our daily stories!
Hong Kong Issues Token Rules
Hong Kong released new guidelines explaining how tokenized securities must follow traditional rules. Strict compliance seems good, but does their descriptive approach leave loopholes?
Regulating new tech is never easy. Visionaries see a new world where assets flow freely across screens, borders and blockchains. Hong Kong's prudence reminds us the future arrives 1 step at a time, not in a giant leap.
More on how it intends to protect the citizens!
Paypal Receives SEC’s Subpoena
The SEC requested information from PayPal regarding its new PYUSD stablecoin. This reflects growing regulatory attention on stablecoins amid rapid innovation. PayPal states it is cooperating fully with the inquiry.
Increased oversight may strengthen trust if done collaboratively, but regulator requests often mean someone's in the hot seat.
For now, it remains unclear what specifically prompted the SEC's interest in PYUSD. Hopefully, PayPal's stablecoin plans don't get burned. Read the full story!
And that's a wrap for today! Check back tomorrow as CoinMarketCap keeps you plugged into the latest crypto events.
Before you head out, take a sec to sign up for our newsletter below, and we'll deliver the hottest crypto stories straight to your inbox!
