FTX's Sam Bankman-Fried Heads to Court; SEC Extends Review of Cathie Wood's Spot Bitcoin ETF

The SEC puns a decision on spot Bitcoin ETF S and Sam Baman Fried is back before a judge. Welcome to Coy Desk Daily. I'm your host, Jen Senai. Let's take a look at the markets. The coin desk, Bitcoin price XPX index is currently trading around the $29,300 mark. This comes as the SEC extended its review of the ARC 21 shares. Bitcoin ETF application. The agency published an order calling for public input a standard move that pushes any decision by another several weeks. It comes as the regulator reviews several spot Bitcoin ETF applications from traditional finance heavyweights like black rock and fidelity massive layoffs could be coming at Prime Trust. That's according to former employees, the sources who requested anonymity told coindesk that up to 75% of jobs could be eliminated. The crypto custodian is grappling with financial and regulatory challenges. A Nevada Court recently put the company into Receivership after the state ordered it to cease operations. Prime Trust didn't immediately respond to Coin Desk's request for comment. Adoption of paypal stable coin is unlikely to be significant in the near future. That's according to a recent Bank of America report. However, analysts also say it will drive payment efficiencies and an improved customer experience. Earlier this week, paypal launched its own dollar pegged stable coin paypal US D the Ethereum based Token will be available first on paypal and then on Venmo and can be exchanged for dollars at any time. And Sam Baman Fried is back in court today. A judge could decide if the embattled FTX founder will be sent back to jail ahead of his trial. In October. The justice department claims SBF shared former Alameda research, Ceo Caroline Ellison's diary with the New York Times and violated his bail conditions. The defense claims that Bank Fried has done nothing improper and jail would make it far more difficult for him to prepare for trial. Coindesk is monitoring the latest developments on this case. Check out Coindesk dot com for more info. That's a wrap for Coindesk daily. Get all your updates on coindesk dot com and we'll see you next time.