It’sbeenanotherbusyweekincrypto:DonaldTrump’sWorldLibertyFinancial(WLFI)isplanningtolaunchastablecoin,BlackRock’sspotBitcoinETFhit$30billioninassetsin293days,ex-FTXexecutiveNishadSinghavoidedprison,andImmutablereceivedaWellsnoticefromtheSEC.
Let’stakeacloserlookattheseandgiveyouarecaponwhathappenedthisweekincrypto.
DonaldTrump’sWorldLibertyFinancialisplanningtolaunchastablecoin
WiththeUSelectiondrawingcloser,DonaldTrump’sWorldLibertyFinancialprojectplansonenteringthecryptomarketbylinkingastablecointotheUSdollar.
Thenewsofthiscomesastheprojectraised$14millionininitialfunding;however,despiteintentionstocapitalizeonthegrowingdemandforstablecoins,theprojectsawlimitedsuccess,fallingshortofits$300milliontokensale.
Ontopofthat,shortlyafterthesalewentlive,theplatform’swebsitecrashedandeventhough100,000peoplesignedup,only6,832uniquewalletsholdWLFItokens,accordingtoEtherscan.
Withonlyafewdaysuntilelectionday,ifTrumpdoesbecometheUSPresidentagain,hewouldholdsignificantinfluenceovertheregulatoryenvironmentsurroundingstablecoins,whichcouldbeapivotalmoveforthefutureofWLFI.
BlackRock’sspotBitcoinETFhit$30billioninassets
BlackRock’sspotBitcoinexchange-tradedfund(ETF)hassetanewrecord,reaching$30billioninassetsin293days.Bydoingso,itsurpassesgold,whichdiditin1,790daysandJPMorganEquityPremiumIncomeETF($JEPI),whichdiditin1,272days.
BlackRockholdsmorethan433,000Bitcoin,valuedat$30.5billion,accordingtoiSharesdata.
ThemilestonefromBlackRockcomes10monthsafterthecompanylauncheditsspotBitcoinETFinJanuary.Then,itwasreportedthatBlackRockhadtraded$7.5millioninshareswithinthefirst10minutesoflaunching.
WiththecombinedspotBitcoinETFs,theynowhaveoveronemillioninBitcoinholdingsandcouldsoonpassSatoshiNakamoto’swallet,whichholds1.1Bitcoin.
12,000btcadaykeepsthedoctorawaylol.Atthisratethey’llpassSatoshiinlessthantwoweeks.Althotheycan’tkeepupthisJoeyChestnut-levelpace,canthey?https://t.co/dLVNsjMlxK
—EricBalchunas(@EricBalchunas)October31,2024
Ex-FTXexecutiveNishadSinghavoidsprison
Earlierthisweek,NishadSingh,theformerengineeringdirectorofcryptoexchangeFTX,wassentencedtotimeservedandthreeyearsofsupervisedreleaseinafederalcourtinNewYork.
JudgeLewisKaplansaid,“thismayhavebeenoneofthebiggestcrimesinAmericanhistory.”KaplanalsonotedthatSingh’sinvolvementappearedlimitedcomparedtoFTX’sfounderSamBankman-FriedandformerAlamedaResearchCEOCarolineEllison.
Dueto“substantialassistance”fromSingh,hislawyersarguedforalenientsentence.Bankman-Friedwassentencedto25yearsinprisonandEllisonisexpectedtosurrenderbyNovember7andwassentencedto24monthsinprison.
AsthecrackdownonFTXexecutivescontinues,Singhisthefourthformerexecutivetoreceivesentencing,withco-founderGaryWangsettofacethecourtonNovember20.
ImmutablereceivesaWellsnoticefromtheSEC
BlockchaingamingplatformImmutablehasbecomethelatesttoreceiveaWellsnoticefromtheUSSecuritiesandExchangeCommission(SEC),allegingsecuritieslawsviolations.
AccordingtoImmutable,nothingwasspecifiedinthenotice;however,itbelievesits“claimsaretargetingthelistingandprivatesalesofIMXin2021.”ImmutablehassaidtheyareconfidentthattheIMXtokenisnotasecurity.
ImmutablesaidtheWellsnoticebeforetheUSelectionillustrateswhythe“industryissoskepticalofanyattemptsfromthisSECtoargueitisattemptingtoprovideclarity.”
“PriortotheissuanceofaWellsnotice,thereareoftenmultiplemonthsofinterviewsandconversationsbetweencompanycounselandtheSEC,sotheSECcanfullyunderstandthesituation,”Immutableadded.“Instead,inourveryfirstinteractionwiththeSEC,weweretoldaWellsnoticewouldbeissuedtothecompanywithintheweek.Wethenreceiveditwithinhours.”
ImmutablejoinsalistofcompaniesinthecryptoindustrythathavefacedorarefacinglawsuitsagainsttheSEC.OthercryptoorganizationsthathavereceivedaWellsnoticefromtheSECincludeCoinbase,Crypto.com,andOpenSea.
coinjournal.net