COINDESK DAILY: Caroline Ellison Sentenced to Two Years in Prison; Rep. Maxine Waters Pushes for Stablecoin Bill
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 25 September 2024
⏱️ 2 minutes
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Summary
Host Christine Lee breaks down the news in the crypto industry from Caroline Ellison's two-year sentence to Rep. Maxine Waters' push for a stablecoin bill.
"CoinDesk Daily" host Christine Lee breaks down the biggest headlines in the crypto industry today, as former Alameda Research CEO Caroline Ellison was sentenced to two years in prison by a federal judge on Tuesday. Plus, Rep. Maxine Waters continues her push for a stablecoin legislation this Congress and protestors gather outside the United Nations in New York to demand the freedom of former Binance executive Tigran Gambaryan.
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This episode was hosted by Christine Lee. “CoinDesk Daily” is produced by Christine Lee, Jennifer Sanasie, Melissa Montañez and edited by Victor Chen.
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Transcript
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| 0:00.0 | Caroline Ellison sentenced to two years in prison and Maxine Waters continues her push for a stable coin bill. |
| 0:07.2 | This is CoinDust Daly. I'm your host, Christine Lee. |
| 0:14.4 | Former Alameda Research CEO Caroline Ellison was sentenced to two years in prison by a federal judge on Tuesday. The judge |
| 0:22.3 | saying Ellison could serve the sentence at a minimum security facility near Boston where her family |
| 0:27.8 | lives. Ellison will also have to forfeit about $11 billion and spend three years on supervised |
| 0:34.6 | released after she serves her term. Despite the sentence, Judge Lewis |
| 0:39.7 | A. Kaplan seemed sympathetic to Ellison. Minutes before announcing the sentence, the judge said, |
| 0:45.0 | quote, you were vulnerable and you were exploited. In an SEC oversight hearing on Tuesday, |
| 0:51.3 | Representative Maxine Waters suggested that she and Representative Patrick McHenry should finish a bill this year to regulate U.S. stable coin issuers. |
| 1:00.2 | Waters saying to McHenry, chairman of the House Financial Services Committee, that she wants to, quote, strike a grand bargain on stable coins and other long overdue bills. |
| 1:10.5 | McHenry responding that it's his hope |
| 1:13.0 | to sue stable coin legislation this Congress, but admitted the toughness of getting it done. |
| 1:18.5 | Waters and McHenry had previously worked for months on a compromise bill on stable coin regulation, |
| 1:24.2 | but a bipartisan effort hasn't yet crossed the finish line. |
| 1:28.6 | Binance saying it has helped India's enforcement directorate trace funds and arrest four people |
| 1:33.9 | involved in a gaming scam worth over $47 million. The fraud is related to the PhiWin gaming app |
| 1:41.3 | in which victims were lured into online betting and gaming, promising easy earnings |
| 1:46.7 | before trapping their funds. Indian authorities saying Binance, quote, provided critical intelligence |
| 1:52.1 | that was instrumental in tracing the funds and uncovering the fraud network. In other Binance |
| 1:57.6 | news, their compliance director, Tigran Gambarian, continues to be held in captivity in Nigeria. |
| 2:03.6 | Protesters outside the United Nations in New York are demanding his freedom this morning. |
| 2:07.6 | The Nigerian government is accusing Binance of enabling capital flight contributing to the fall of the Naira, their national currency, |
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