This week has been another busy week in the crypto world. Donald Trump's World Liberty Financial (WLFI) plans to launch stablecoin, BlackRock's Spot Bitcoin ETF reaches $30 billion in assets in 293 days, former FTX executive Nishad Singh He was spared prison and Immutable was awarded the Wells Medal. Notice from the SEC.
Let's take a closer look at these and summarize what happened in crypto this week.
Donald Trump's World Liberty Financial plans to issue stablecoins
As the US election approaches, Donald Trump's World Liberty Financial Project plans to enter the crypto market by tying its stablecoin to the US dollar.
The news comes as the project has raised $14 million in initial funding. However, despite the intention to capitalize on the growing demand for stablecoins, the project had limited success, falling short of the $300 million token sale.
What's more, Etherscan says the platform's website crashed shortly after the sale started, and only 6,832 unique wallets are holding WLFI tokens, despite 100,000 people signing up. .
With only a few days left until Election Day, if Mr. Trump becomes President of the United States again, he will have a significant influence on the regulatory environment surrounding stablecoins, making this a pivotal move for the future of WLFI. There is a possibility.
BlackRock Spot Bitcoin ETF has total assets of $30 billion
BlackRock's Spot Bitcoin Exchange Traded Fund (ETF) has set a new record by reaching $30 billion in assets in 293 days. This beats gold, which took 1,790 days, and JPMorgan Equity Premium Income ETF ($JEPI), which took 1,272 days.
BlackRock holds more than 433,000 Bitcoins worth $30.5 billion, according to iShares data.
BlackRock's milestone comes 10 months after the company launched its Spot Bitcoin ETF in January. It was then reported that BlackRock traded $7.5 million in stock within the first 10 minutes of its launch.
Together, the Spot Bitcoin ETFs currently hold more than 1 million Bitcoins and could soon overtake Satoshi Nakamoto's wallet, which holds 1.1 Bitcoins.
If you have 12,000 BTC a day, you won't need a doctor (lol). At this rate, he will overtake Satoshi within two weeks. But they can't keep up this Joey Chestnut-level pace, can they? https://t.co/dLVNsjMlxK
— Eric Balchunas (@EricBalchunas) October 31, 2024
Former FTX executive Nishad Singh avoids prison
Earlier this week, Nishad Singh, former director of engineering at cryptocurrency exchange FTX, was sentenced in federal court in New York to prison and three years of supervised release.
“This may have been one of the greatest crimes in American history,” Judge Lewis Kaplan said. Kaplan also said Singh's involvement appears to be limited compared to FTX founder Sam Bankman Fried and former Alameda Research CEO Caroline Ellison. He also pointed out that he could see it.
His lawyer argued for a lighter sentence, citing Mr Singh's “substantial assistance”. Bankman Freed was sentenced to 25 years in prison, and Ellison, who is scheduled to turn himself in by November 7, was sentenced to 24 months in prison.
As the crackdown on FTX executives continues, Singh becomes the fourth former executive to be sentenced, with co-founder Gary Wang scheduled to appear in court on November 20.
Immutable receives Wells notice from SEC
Blockchain gaming platform Immutable has become the latest company to receive a Wells Notice from the US Securities and Exchange Commission (SEC) alleging violations of securities laws.
According to Immutable, the notice did not specify anything. However, the company believes that “the claims target IMX's listing and private sale in 2021.” Immutable said it believes the IMX token is not a security.
Immutable said the Wells notice before the U.S. election explains why “the industry is highly skeptical of the SEC's purported attempts to provide clarity.”
“Prior to the issuance of a Notice of Wells, there are often months of meetings and conversations between the company’s lawyers and the SEC, so the SEC can fully understand the situation,” Immutable added. . “Instead, during our initial communication with the SEC, we were told that a Wells Notice would be issued to the company within a week. We then received it within hours.”
Immutable joins a growing list of companies in the crypto industry that have faced or are facing lawsuits against the SEC. Other cryptocurrency organizations that have received wells notices from the SEC include Coinbase, Crypto.com, and OpenSea.
