NewsBriefs - Former FTX executive Ryan Salame receives 7.5-year sentence and $11 million fine
05/28/2024 23:37
Former FTX executive Ryan Salame has been sentenced to seven and a half years in prison and fined over $11 million for his role in making unlawful political contributions and operating an unlicensed money-transmitting business. His sentence also includes three years of supervised release. Salame, who held high-ranking positions at Alameda Research and FTX Digital Markets, was involved in a scheme that compromised the integrity of US elections and financial systems by utilizing illegal methods to foster FTX's rapid growth and size.
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Former FTX executive Ryan Salame receives 7.5-year sentence and $11 million fine
Former FTX executive Ryan Salame has been sentenced to seven and a half years in prison and fined over $11 million for his role in making unlawful political contributions and operating an unlicensed money-transmitting business. His sentence also includes three years of supervised release. Salame, who held high-ranking positions at Alameda Research and FTX Digital Markets, was involved in a scheme that compromised the integrity of US elections and financial systems by utilizing illegal methods to foster FTX's rapid growth and size.
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Former FTX executive Ryan Salame receives 7.5-year sentence and $11 million fine
Former FTX executive Ryan Salame has been sentenced to seven and a half years in prison and fined over $11 million for his role in making unlawful political contributions and operating an unlicensed money-transmitting business. His sentence also includes three years of supervised release. Salame, who held high-ranking positions at Alameda Research and FTX Digital Markets, was involved in a scheme that compromised the integrity of US elections and financial systems by utilizing illegal methods to foster FTX's rapid growth and size.
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Semler Scientific invests $40 million in Bitcoin, boosting stock prices by 32%
Semler Scientific, a public-listed healthcare company, has added $40 million in Bitcoin to its treasury, marking a significant strategy shift in asset management. This purchase, amounting to 581 BTC, has propelled the company's stocks to rise by 32.4%. Highlighting Bitcoin’s attributes as a finite asset and potential inflation hedge, the company’s chairman, Eric Semler, expressed confidence in Bitcoin's role as 'digital gold' with prospects for substantial returns. This move also aligns with broader institutional acceptance and recent SEC approvals for Bitcoin ETFs.
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Solana validators vote to redirect all priority fees to themselves, ending current fee split
Solana validators have decided to allocate 100% of priority fees to themselves, discontinuing the previous arrangement of splitting the fees 50/50 between burning and rewarding validators. This decision, passed with 77% approval through proposal SIMD-0096, addresses concerns about side deals and network security issues. However, critics like Hanko Baggins worry that removing the burn mechanism could negatively affect Solana’s long-term market stability and price due to increased inflation.
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Justin Sun calls for crypto community support for pro-crypto US presidential candidates
Justin Sun, the founder of Tron blockchain, has advocated for the crypto community's support of a pro-crypto presidential candidate in the upcoming US elections to ensure the sector's influence on regulatory decisions. This appeal highlights the strategic political involvement necessary for the growth and acceptance of crypto within the broader US economy, amidst shifting political and regulatory attitudes towards cryptocurrencies.
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Bitcoin must reach $70,000 to trigger new highs, experts say
Crypto expert Michael van de Poppe stated that Bitcoin needs to break through the $70,000 mark to potentially set a new all-time high (ATH). Despite a long consolidation phase anticipated by analysts like Arthur Hayes and Rekt Capital, the potential breakout from $70,000 could lead to a significant bullish trend, with predictions of reaching up to $78,000 and further setting the stage for a higher surge towards $100,000.
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Trump pushes for US dominance in the crypto sector
Donald Trump, potential Republican presidential candidate, has articulated strong support for leading the global crypto sector, emphasizing the necessity for the US to hold a prime position and not settle for less.
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Bitcoin.org reinstates Bitcoin whitepaper after legal battle with Craig Wright
The Bitcoin whitepaper has been restored on the Bitcoin.org website following a legal dispute involving Craig Wright, who falsely claimed to be the creator of Bitcoin known as Satoshi Nakamoto. Wright had initially forced the removal of the document from the site citing copyright infringement. However, his claim was discredited, and despite winning a default lawsuit due to non-appearance by the defendant Cøbra, the document is now publicly accessible again.
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SEC approves 8 Ethereum spot ETFs
The SEC has authorized the introduction of spot Ethereum ETFs after concluding a rigorous registration and exchange communication process. This approval could potentially channel between $15 to $45 billion of institutional funds into the Ethereum market within the first year, as forecasted by Standard Chartered's expert. Multiple leading crypto firms such as Fidelity and Grayscale have adapted to SEC regulations by confirming non-participation in ETH staking for yields. This move follows the recent approval of Bitcoin ETFs and reflects a more favorable regulatory environment for crypto under the current US administration.
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ByBit counters insolvency rumors amid scrutiny of Ethena's stablecoin operations
Recent rumors suggested ByBit might be insolvent, impacting Ethena's $2.5 billion stablecoin, USDe. Despite these rumors, which ByBit has denied, Ethena's asset prices have not dropped and the company maintains its collateral off-exchange. Ethena, championed by Arthur Hayes, offers a 37% yield through complex trades meant to protect against ETH price fluctuations, but faces significant risks due to its centralization and dependency on crypto exchanges like ByBit.
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Nvidia's Q1 results soar as AI crypto tokens gain
Nvidia has reported a first-quarter revenue of $26 billion, surpassing market expectations with a 5.5% increase. Following this announcement, AI crypto tokens, including Fetch.ai, Render, Bittensor, SingularityNET, and AIOZ Network, have seen significant price gains. Despite a general downturn in the crypto market, these AI-related tokens surged in response to Nvidia’s strong financial performance and strategic corporate decisions, notably the introduction of a stock split and projections of further revenue growth.
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Tether and Circle mint $1.3 billion in stablecoins as Ether ETF approval likelihood increases
Tether and Circle significantly increased their stablecoin issuances by $1.3 billion due to improved prospects for Ethereum ETF approvals by the Securities and Exchange Commission. This surge reflects heightened crypto market activity and investor anticipation. The minting processes adhere strictly to know-your-customer (KYC) protocols, ensuring that each stablecoin is backed by fiat reserves. These latest issuances contribute to the overall rise in crypto prices and demand, with stablecoin market capitalization reaching $160.6 billion in 2024.
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SEC chair Gensler criticizes FIT21 Act despite congressional and crypto community support
Gary Gensler, the SEC Chairman, voiced significant concerns about the proposed FIT21 Act, stating it would weaken consumer protections by creating loopholes in crypto investment contract regulations. Despite Gensler's opposition, the bill enjoys substantial support from US Congress and the crypto industry, offering greater regulatory clarity and intending to enhance market safety. The White House also indicated it would not veto the legislation if passed.
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WisdomTree's Bitcoin and Ethereum ETPs approved for listing on the London Stock Exchange
WisdomTree has received approval from the Financial Conduct Authority to list its WisdomTree Physical Bitcoin and WisdomTree Physical Ethereum ETPs on the London Stock Exchange. Starting May 28, these ETPs will provide UK-based professional investors with low-cost, regulated access to crypto assets. This marks a significant development in increasing institutional adoption of crypto in Europe, as it removes previously existing regulatory barriers.
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Trump's acceptance of crypto boosts $TRUMP token by 14%
Following the announcement that Trump now accepts crypto for campaign contributions, the $TRUMP token witnessed a 14% surge in price. This development highlights the growing influence of political figures on crypto market dynamics.
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SEC signals potential approval of Ethereum spot ETFs to exchanges
The SEC is reportedly moving towards approving spot Ethereum ETFs, signaling a shift from its earlier hesitation, as stated by Barrons. After considering feedback on the applications, the commission has indicated a positive stance to exchanges. Successful approval by the upcoming deadline for VanEck and subsequent filings from other firms could considerably open Ethereum to institutional investments, potentially influencing the broader crypto market.
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