Former FTX CEO Sam Bankman-Fried was found guilty of all seven charges by a jury in his criminal trial in New York after about four hours of deliberation. He was convicted of two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy and one count of money laundering conspiracy. He will return to court for sentencing by New York District Judge Lewis Kaplan on March 28, 2024. Government prosecutors will recommend a sentence, but Judge Kaplan will have the final say. Bankman-Frieds crimes each carry a maximum sentence of between five and 20 years in prison with the wire fraud, wire fraud conspiracy and money laundering conspiracy carrying a maximum 20-year sentence. His lawyers, however, say the fight isnt over yet.
Payment giant PayPal (NASDAQ:PYPL) has received a subpoena from the United States Securities and Exchange Commission (SEC) regarding its U.S. dollar-pegged stablecoin. The subpoena requested that PayPal produce certain documents, the firm said. We are cooperating with the SEC regarding this request, PayPal noted in a financial report. The SEC has sued several of the largest local companies in the crypto industry, including its ongoing lawsuit against Coinbase (NASDAQ:COIN). In October 2023, the regulator moved to dismiss its lawsuit against Ripple, the company behind the XRP token, one of the largest cryptocurrencies by market cap.
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