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SBF pleads not guilty to fraud charges

SBF the former CEO and co-founder of crypto exchange FTX, has pleaded not guilty to fraud and money laundering charges levied in an updated indictment by prosecutors, according to a report. 

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SBF the former CEO and co-founder of crypto exchange FTX, has pleaded not guilty to fraud and money laundering charges levied in an updated indictment by prosecutors, according to a report. 

The latest court proceedings against SBF were heard by Magistrate Judge Sarah Netburn. The former FTX CEO was charged with seven counts of fraud and money laundering along with an additional charge of campaign finance. Bankman-Fried pleaded not guilty on all counts.

SBF’s counse also raised concerns pertaining to his medical needs, sharing that SBF takes Adderall and follows a vegan diet but has not received his medication in the last 11 days. The court proceedings also saw SBF’s lawyers request a vegan diet for their client.

The counsel also cited Sixth Amendment concerns, saying their client cannot prepare for trial, as he has been under remand since Aug. 11. The counsel noted further that they have been offered “only fictions as solutions.”

Bankman-Fried appeared in the Southern District of New York courthouse on Aug. 22, facing accusations of misusing customer funds for personal use and political donations. The fraud and money laundering charges are from December; however, prosecutors added additional campaign finance charges earlier this month.

The latest proceedings in the FTX lawsuit come after Bankman-Fried’s bail was revoked, with SBF leaving the New York courtroom in handcuffs.

Earlier in the week, Bankman-Fried requested the court grant him permission to spend five weekdays outside of detention to work with his legal team on his defense. However, a federal judge overseeing SBF’s criminal case issued an order allowing him to meet with his legal team outside of jail for roughly seven hours.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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