The move is part of a phased termination of BUSD support by February 2024.
Coinbase’s Legal Expert Outlines What To Expect In FTX’s Sam Bankman-Fried Jury Selection
Coinbase’s Chief Legal Officer (CLO) Paul Grewal has weighed in on what to expect in the jury selection in the trial of the former CEO of the defunct crypto exchange FTX, Sam Bankman-Fried (SBF), which is set to take place on October 3.
FTX’s Sam Bankman-Fried Jury Selection Should Be Quick
Grewal noted that the voir dire proceedings have generally improved over time, as in the past, the process could drag on for days. As such, he expects Sam Bankman-Fried’s jury selection to “move quick” as the court while trying to ensure a fair trial, also ensures not to waste the time of prospective jurors.
The jury selection for SBF’s trial is expected to last just a day (October 3) as, according to the trial calendar, the trial is set to officially commence on October 4, with the prosecution set to open its case on that day.
As part of the voir dire proceedings, both parties will question the potential jurors to determine their competency and identify any bias that could influence their decision. However, Grewal doesn’t expect Judge Lewis Kaplan, the judge in charge of Sam Bankman-Fried’s case, to be a mere bystander as he noted that federal judges “exercise a much hand over questioning” than their state counterparts.
According to him, these judges don’t just “hand over” the process to the lawyers because they understand that both parties aren’t looking for a fair jury but one that can help them win.
It is worth mentioning that Grewal has judicial experience as he was once a US magistrate judge for the United States District Court for the Northern District of California. During his time as a judge, he picked 35 juries, although they were in civil matters, unlike this, which is a criminal one.
The Jury And Its Composition
Sam Bankman-Fried’s jury is expected to comprise 12 jurors from all walks of life. They will be required to give a verdict on each of the defendant’s charges (SBF is being charged with seven counts of fraud-related charges). This verdict will be unanimous, with all jurors participating in it.
As regards the jury composition, Grewal noted that it was “critical to a fair outcome.” However, he stated that prosecutors prefer their case to depend on “damning evidence” rather than the juror makeup. A plausible reason could be that certain biases could exist depending on who the jury consists of, unlike damning evidence that can hardly be refuted.
The legal expert seems to be one of those foreseeing a conviction, as he added that there was no shortage of “damning evidence in this case” as Sam Bankman-Fried faces a statutory maximum sentence of 110 years if found guilty of all charges.
Coinbase’s Legal Expert Outlines What To Expect In FTX’s Sam Bankman-Fried Jury Selection
Coinbase’s Chief Legal Officer (CLO) Paul Grewal has weighed in on what to expect in the jury selection in the trial of the former CEO of the defunct crypto exchange FTX, Sam Bankman-Fried (SBF), which is set to take place on October 3.
FTX’s Sam Bankman-Fried Jury Selection Should Be Quick
Grewal noted that the voir dire proceedings have generally improved over time, as in the past, the process could drag on for days. As such, he expects Sam Bankman-Fried’s jury selection to “move quick” as the court while trying to ensure a fair trial, also ensures not to waste the time of prospective jurors.
The jury selection for SBF’s trial is expected to last just a day (October 3) as, according to the trial calendar, the trial is set to officially commence on October 4, with the prosecution set to open its case on that day.
As part of the voir dire proceedings, both parties will question the potential jurors to determine their competency and identify any bias that could influence their decision. However, Grewal doesn’t expect Judge Lewis Kaplan, the judge in charge of Sam Bankman-Fried’s case, to be a mere bystander as he noted that federal judges “exercise a much hand over questioning” than their state counterparts.
According to him, these judges don’t just “hand over” the process to the lawyers because they understand that both parties aren’t looking for a fair jury but one that can help them win.
It is worth mentioning that Grewal has judicial experience as he was once a US magistrate judge for the United States District Court for the Northern District of California. During his time as a judge, he picked 35 juries, although they were in civil matters, unlike this, which is a criminal one.
The Jury And Its Composition
Sam Bankman-Fried’s jury is expected to comprise 12 jurors from all walks of life. They will be required to give a verdict on each of the defendant’s charges (SBF is being charged with seven counts of fraud-related charges). This verdict will be unanimous, with all jurors participating in it.
As regards the jury composition, Grewal noted that it was “critical to a fair outcome.” However, he stated that prosecutors prefer their case to depend on “damning evidence” rather than the juror makeup. A plausible reason could be that certain biases could exist depending on who the jury consists of, unlike damning evidence that can hardly be refuted.
The legal expert seems to be one of those foreseeing a conviction, as he added that there was no shortage of “damning evidence in this case” as Sam Bankman-Fried faces a statutory maximum sentence of 110 years if found guilty of all charges.
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Bitcoin News: Revival Of “Satoshi Nakamoto” Account Could Signal Slump In BTC Price?
In recent Bitcoin news, the creator of the cryptocurrency, Satoshi Nakamoto, has been back in the spotlight. A recent email and the resurgence of an X account allegedly associated with Nakamoto attracted the crypto community’s attention, an event that could impact BTC’s price action.
As of this writing, Bitcoin trades at $27,600 after hitting a 24-hour high of $28,500 and losing momentum. The cryptocurrency rallied back to these highs, but a spike in selling pressure killed the upside price action in the short term.
Bitcoin News Around Satoshi Nakamoto To Impact BTC Price?
Two Bitcoin news associated with Satoshi Nakamoto, the re-emergence of the satoshi handle on social media X, and an email sent to computer scientist Wei Dai have been making the rounds. Only two of these events are genuinely linked to the Bitcoin inventor: the email where Nakamoto expresses admiration for Dai.
One of the few living scientists referenced in the Bitcoin Whitepaper, Dai’s contribution to the invention of digital currencies with the creation of b-money. This page, along with Adam Back’s Hashcash, was one of the precedents for what later became the Bitcoin network.
The crypto community has celebrated the emergence of this historical document. As for the other event, the re-activation of the satoshi handle has attracted negative attention.
The account has been linked to potential fraudulent activity, turned into a meme, and even linked to suspicious individuals within the crypto space. One analyst even linked the account to a bearish event for the BTC price action.
In 2018, at the top of the Bitcoin bull run that took the cryptocurrency from its all-time high of $20,000 to fresh lows, the satoshi handle posted a link allegedly pointing to the Bitcoin Whitepaper. After that, the cryptocurrency’s price crashed to $3,100, as seen in the image below.
Bitcoin Price Analysis, Bearish Momentum To Extend?
The Bitcoin price action and the re-emergence of this X account seem unrelated and more likely classified into the series of memes coming out of the event. However, the price of the cryptocurrency shows signs of further losses.
As NewsBTC reported yesterday, based on data from QCP Capital, the recent rally was driven by seasonality and the approval of an Ethereum futures exchange-traded fund (ETF) in the US. The second of these events has been proven to operate as a bearish catalyzer for the crypto market. The trading firm said:
We would even go further to say a futures-only ETF is arguably detrimental to spot price – as it potentially directs demand away from the spot market into a synthetic market.
Cover image from Unsplash, chart from Tradingview
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Bitcoin And Gold Poised For Growth Amidst US Fiscal Troubles, Top Macro Investor Says
Bitcoin (BTC) and gold, two seemingly divergent assets, find common ground in the eyes of veteran macro investor Luke Gromen. In a recent interview, Gromen posits that these assets could flourish as the fiscal challenges in the United States continue to mount.
Gromen’s argument hinges on the idea that both gold and Bitcoin are “duration assets” with fixed supplies and the potential for their face values to rise. In times of fiscal distress, these assets tend to shine.
As the US grapples with fiscal issues exacerbated by relentless quantitative easing and potential shifts in Federal Reserve policies, Gromen believes that this environment will create a fertile ground for gold, oil, and Bitcoin.
“[Gold and BTC will do well] because they are simply duration assets with a more fixed supply and a face value that can rise,” he stated.
“They do well when a nation has a fiscal problem, and when the reserve currency issue of the world and her allies all have fiscal problems, and hers is at least as bad or probably worse than the others – even Europe – then it’s really good for gold and Bitcoin.”
BRICS And The Dollar’s Reshaping
Gromen also delved into the potential ramifications of the BRICS nations (Brazil, Russia, India, China, and South Africa) launching a gold-backed currency. Such a move could undermine the US dollar’s longstanding position as the world’s reserve currency. The prospect of a gold-backed currency gaining traction among these major economies could weaken the dollar’s dominance in international trade and finance.
Meanwhile, the cryptocurrency sector is experiencing a bullish surge, with Bitcoin leading the charge. It has surpassed the critical psychological threshold of $28,000, sparking optimism among investors. Notably, Cryptoinsightuk, a pseudonymous crypto trading analyst, has conducted a revealing analysis of Bitcoin’s relative strength index (RSI) indicator.
Bitcoin’s Bullish Momentum
Cryptoinsightuk’s analysis tracks the instances when Bitcoin’s weekly RSI crossed above the 50 mark (green) and then dropped below this level (red). The expert found that, on average, these events led to a remarkable 1,100% price increase for Bitcoin. Such a surge could become a reality in the right circumstances, including a supply squeeze and the introduction of a spot Bitcoin exchange-traded fund (ETF).
As Bitcoin’s price currently hovers around $27,539 with a 1.2% decline over the past 24 hours but a 4.9% gain over the last seven days, investors are closely monitoring these developments, eagerly awaiting signs of whether Bitcoin’s bullish momentum will persist in the coming weeks and months.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from iStock
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Crypto Watchlist For October: Altcoins To Keep On Your Radar
As the dynamic crypto landscape evolves, attention is turning not only to the giants but increasingly to emerging altcoins that show promise and innovation. October is shaping up to be a pivotal month for a select group of these altcoins, with potential frontrunners positioning themselves. Here are our top 4 altcoins for October.
Arbitrum (ARB)
Arbitrum (ARB) is thrust into the limelight as it inaugurates its Short Term Incentive Program (STIP), positioning 50 million ARB to be siphoned into protocols residing within its ecosystem. The maneuver is predictive of a substantial acceleration in liquidity, reminiscent of Optimism’s grant’s influential impact which witnessed the Total Value Locked (TVL) catapulting from $300 million to $1 billion during its grant distribution period, as highlighted by DeFi researcher Thor Hartvigsen.
In total, over 105 applications have already been funneled into the Arbitrum STIP, predominantly from DeFi applications, and notably DEXes which are commandeering the dominant category followed by yield aggregators and lending markets.
At press time, ARB was trading at $0.9295 after the price was rejected at the 38.2% Fibonacci retracement level ($0.9721). A break above this resistance is crucial. In particular, it is important for ARB not to fall below the descending trendline (black) again, which was breached on Sunday.
Solana (SOL)
Hartvigsen emphasized the potential he sees in SOL, noting, “Growing DeFi ecosystem and a very strong/vocal community. Solana has established itself as more than just another L1 as it has significant scaling benefits with product market fit.” This assertion further manifests with projects like Eclipse undertaking ambitious endeavors, specifically, “building an Ethereum L2 with the Solana VM.” Such innovations not only underscore Solana’s rising importance but also demonstrate its practicality and adaptability in the continuously evolving DeFi landscape.
In the last 22 days, the SOL price has increased by almost 40%, and the sentiment around Solana is extremely positive. As the latest CoinShares weekly report shows, SOL has been one of the most popular investments among digital asset funds around the world in recent weeks.
The Solana (SOL) price broke above the 200-day EMA on Sunday and also managed to cross the 38.2% Fibonacci retracement level. Assuming a successful retest, the SOL price could target the $26.63 and $32.35 levels.
Radiant Capital (RDNT)
Radiant Capital’s momentum in the crypto sphere took an intentional pause with the deferral of its Ethereum mainnet deployment from October 3rd to the 15th. Addressing this decision, Radiant Capital cited their unwavering commitment to quality, remarking: “During the final stages of testing for Ethereum mainnet deployment, we’ve identified opportunities for significant gas optimizations. It’s imperative to ensure competitive gas costs to deliver an optimal user experience.”
Beyond the temporary shift in launch timelines, the organization’s team remains palpable. Thor Hartvigsen reflected on Radiant Capital’s prowess, stating, “RDNT – Already leading the lending/borrowing market on Arbitrum. Expecting TVL to rise from the cross chain expansion. Expecting TVL to rise from the cross chain expansion. Further: Arbitrum STIP proposal to receive 3.36 million ARB aimed at ecosystem growth.”
RDNT saw a strong drawdown of close to 62% after the all-time high at $0.4956 on April 15. However, after the historical low at $0.1905, RDNT has already shown a strong reaction. Should the price break above the 23.6% Fibonacci retracement level at $0.2625, it could be interpreted as an indication of a breakout from the downtrend.
Maker (MKR)
Maker (MKR) has been generating significant attention in the crypto community, primarily due to its impressive rally in recent weeks. Central to Maker’s rise is its strong financial performance. Hartvigsen illuminates this by noting: “Maker is the largest revenue-generating protocol in DeFi with a current annualized revenue of $193m!” This revenue is primarily driven by interest accrued from DAI minters, with a significant proportion coming from Real World Assets (RWAs).
As he further elaborates, “Currently, 53% of all DAI collateral comes from RWAs such as US t-bills paying out nearly 5% APY. Roughly 63% of the $193m in annualized revenue comes from the RWA collateral.”
But what has precipitated this uptick in MKR’s valuation? Hartvigsen attributes it to two primary factors: “1) More of the collateral as RWA (and high US interest rates) and 2) A growing DAI supply.” He emphasizes the symbiotic relationship between Maker’s revenue and DAI’s market cap, stating that “Maker revenue depends primarily on the total market cap of DAI as the collateral backing this stablecoin is what generates fees.”
On the horizon, MKR’s prospects appear even more promising. Hartvigsen lists several catalysts that could further propel its growth. One notable highlight is the potential impact of DAI’s ongoing expansion: “If the DAI supply can continue to grow, the Maker revenue will continue to grow which most likely will impact the price positively.”
Additionally, forthcoming developments, including “a MKR 1:12000 token split,” a complete rebranding initiative, and the anticipated launch of subDAOs, are set to infuse MKR with enhanced utility and potentially greater demand in the market. As he concludes, these changes will enable “MKR holders to stake MKR to farm these new subDAO tokens which will create additional token utility.”
After the MKR price crossed the 200-day EMA at 1,110 three weeks ago, the odds are good that the rally will continue. A possible target could be the 23.6% Fibonacci retracement level at $1,888.
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