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CoinDesk Podcast Network

COINDESK DAILY: SEC’s Case Against Kraken Going to Trial; PayPal's PYUSD Tops $1B Market Cap

CoinDesk Podcast Network

CoinDesk

Tech News, Business News, Daily News, News

4.7698 Ratings

🗓️ 27 August 2024

⏱️ 3 minutes

🧾️ Download transcript

Summary

Host Jennifer Sanasie breaks down the news in the crypto industry from the rulings of SEC's lawsuit against Kraken to PYUSD reaching $1 billion market cap. "CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines in the crypto industry today, as a California judge ruled that the SEC's lawsuit against Kraken will proceed to trial. Plus, Celsius' bankruptcy administrator paid out over $2.5 billion to creditors, and PayPal's stablecoin, PYUSD surpassed $1 billion in market cap. - This episode was hosted by Jennifer Sanasie. “CoinDesk Daily” is produced by Jennifer Sanasie and Melissa Montañez and edited by Victor Chen. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:49.7

A judge will allow the SEC's lawsuit against Cracken to go to trial and PayPal's PYUSD surpasses

0:56.3

a billion dollar market cap. This is Coindesk Daily. I'm your host, Jen Senassi.

1:05.8

A California judge ruled that the SEC brought plausible allegations against Crackin,

1:10.7

meaning that the regulator's lawsuit against against Crackin, meaning that the

1:11.3

regulator's lawsuit against the exchange will proceed to trial. The SEC sued Cracken in November

1:16.2

23, alleging that the exchange had violated federal securities laws by failing to register with the

1:22.0

agency as a broker, clearinghouse, or exchange. The complaint requested that Cracken be permanently enjoined from further

1:28.7

securities violations. One thing to note is that Judge William H. Oric ruled that the tokens

1:33.9

traded on Crackin themselves were not securities. However, it does not mean that the purchase and sale

1:39.4

of them cannot plausibly be considered an investment contract. Seltius's bankruptcy administrator has distributed more than $2.53 billion to some 251,000

1:50.4

creditors.

1:51.5

That's according to its first status report on the payouts.

...

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