COINDESK DAILY: SEC’s Case Against Kraken Going to Trial; PayPal's PYUSD Tops $1B Market Cap
CoinDesk Podcast Network
CoinDesk
4.7 • 698 Ratings
🗓️ 27 August 2024
⏱️ 3 minutes
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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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