Crypto Mogul Sam Bankman-Fried Convicted: Implications for PayPal and the SEC
Former FTX CEO Sam Bankman-Fried has been found guilty of multiple charges, including wire fraud and money laundering conspiracy, and will be sentenced in March 2024; PayPal has received a subpoena from the SEC regarding its stablecoin and is cooperating with the investigation; Invesco Galaxy's spot Bitcoin ETF has appeared on the DTCC website, indicating progress in the application process; Switzerland's St.Galler Kantonalbank has partnered with SEBA Bank to offer Bitcoin and Ether trading to its customers; Jack Dorsey's Block reported $5.62 billion in revenue and $44 million in Bitcoin profits in Q3.