New York Attorney General Takes Legal Action Against Cryptocurrency Companies, FTX’s Nishad Could Potentially Face 75 Years in Prison, and Grayscale’s Involvement in…

NY sues crypto firms, FTX's Nishad faces 75 years in jail, and Grayscale...

Top Cryptocurrency News of the Week: Grayscale’s New Bitcoin ETF Application, NY Attorney General Sues Gemini, Genesis, and DCG, FTX’s Ex-Director Faces Jail Time, Binance Shuts Down European Visa Debit Card, and Elon Musk & Mark Cuban Challenge SEC Trial Strategies”

Grayscale Investments Pursues New Bitcoin ETF on NYSE Arca Major crypto investment firm Grayscale Investments has submitted a fresh application to the U.S. Securities and Exchange Commission for a spot Bitcoin exchange-traded fund (ETF). Grayscale aims to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF, and this move follows their recent SEC lawsuit victory. Grayscale also filed with the SEC to list an Ether futures ETF in September.

New York Attorney General Takes Legal Action Against Gemini, Genesis, and DCG The New York Attorney General has filed a lawsuit against cryptocurrency companies Gemini, Genesis, and Digital Currency Group (DCG) for allegedly deceiving more than 23,000 investors through the Gemini Earn investment program. The suit asserts that Gemini falsely portrayed the program as a low-risk investment, while investigations discovered financial risks tied to Genesis. The lawsuit also implicates Genesis’ former CEO, Soichiro Moro, and DCG’s CEO, Barry Silbert, for concealing over $1.1 billion in losses. The case also aims to prohibit Gemini, Genesis, and DCG from participating in New York’s financial investment industry.

Former FTX Engineering Director Faces Extended Jail Term Nishad Singh, the former engineering director of the now-defunct FTX crypto exchange, could serve up to 75 years in prison after pleading guilty to charges related to defrauding the exchange’s users. Singh revealed the internal struggles at FTX due to liquidity issues in 2022, where inconsistencies emerged between the exchange’s public statements and behind-the-scenes activities.

Binance to End European Visa Debit Card Services Binance will discontinue its Visa debit card services in the European Economic Area in December. This decision comes shortly after the exchange restored euro deposits and withdrawals, which had been unavailable for a month. Binance continues to face challenges, as it has suspended onboarding new users in the United Kingdom due to the loss of a third-party service provider.

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Elon Musk and Mark Cuban Challenge SEC’s Trial Strategies Elon Musk, Mark Cuban, and others have jointly submitted an amicus brief to the U.S. Supreme Court, raising concerns about the U.S. Securities and Exchange Commission’s approach to conducting internal proceedings without jury involvement. This challenge centers around the SEC vs. Jarkesy case, where George Jarkesy argues that the SEC’s internal adjudication process, overseen by an administrative law judge without a jury, infringes upon his Seventh Amendment rights.

Winners and Losers At the end of the week, Bitcoin (BTC) is trading at $29,590, Ether (ETH) at $1,607, and XRP at $0.52, with a total market cap of $1.12 trillion. Among the top 100 cryptocurrencies, the top gainers of the week are Bitcoin SV (BSV) at 59.00%, Stacks (STX) at 25.91%, and MX TOKEN (MX) at 25.26%. The top three losers are Conflux (CFX) at -8.03%, Frax Share (FXS), and Sui (SUI) at -6.35%.

Editorial Staff

Cointelegraph Magazine writers and reporters contributed to this article.

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