PayPal will allow its users to convert their crypto into dollars; FTX has a total of $ 7 billion in assets; Gary Gensler wants cryptos to be treated as securities
PayPal’s crypto capabilities are on the rise
Payment giant PayPal is preparing to add another crypto-related service.
The company had previously launched an “on ramp” service for its customers to buy cryptocurrency. Now the “off ramp” service will be launched.
In the statement made by PayPal, the following statements were made:
“PayPal previously launched the On Ramps service for US consumers to buy cryptocurrency directly with PayPal through MetaMask and Ledger integration.
US users can now convert their cryptocurrencies directly into US dollars with the Off Ramps service. So they can shop, send money or transfer it to their bank accounts”
Service activated
The company announced that the Off Ramps service is currently available on wallets, dApps, NFT marketplaces and MetaMask.
The company did not neglect to publish a video for information.
PayPal took a very important step for the cryptocurrency industry last month. Accordingly, the company decided to launch a stablecoin in partnership with Paxos.
As it will be remembered, PayPal announced that it would offer crypto service in 2020 and was among the most important catalysts of the bull rally to be experienced later.
FTX has a total of $ 7 billion in assets
Cryptocurrency exchange FTX was revealed to have $7 billion in assets.
According to a new filing with the court, the bankrupt exchange’s assets include $1.6 billion of SOL tokens, as well as 38 properties in the Bahamas.
The exchange had paid billions of dollars to the company’s founder Sam Bankman-Fried before declaring bankruptcy last year, Watcher.guru reported.
The documents revealed in court clearly reveal how big the cryptocurrency exchange was at one time. It is also known that the company currently holds Bitcoin worth about $ 560 million.
FTX wants to pay back its customers
According to the US, one of the biggest financial offences related to FTX was Sam Bankman-Fried’s misuse of customer funds.
FTX’s experiences in November last year are among the biggest scandals in the cryptocurrency industry.
The court document also alleged that SBF was paid $ 2.2 billion in cash before bankruptcy.
Meanwhile, the new management of FTX continues to work at full speed to reimburse aggrieved customers. The exchange is planning to recover some of the payments made to Shaquielle O’Neal and famous tennis player Naomi Osaka, with whom it had an advertising agreement in the past.
In addition to the two star names, FTX had also signed various partnerships with the MLB organisation and the Miami Heat, one of the leading clubs in the NBA. Before the company’s bankruptcy, Miami’s basketball arena was known as FTX Arena.
Gary Gensler wants cryptos to be treated as securities
US Securities and Exchange Commission (SEC) Chairman Gary Gensler believes that cryptocurrencies should be treated in the same way as securities such as stocks.
According to The Block, Gensler will appear before the Senate Banking Committee tomorrow to speak on the issue.
Gensler seems to insist on his classic attitude towards cryptocurrencies. The SEC Chairman was one of the important defenders of the crypto sector before taking office.
The text of Gensler’s speech tomorrow was published today. The following statements drew attention in the text:
“Given the wide-ranging incompatibility of this sector with securities laws, it is not surprising that we face many problems in the markets. We have seen this story before. The situation is similar to what we experienced before the enactment of securities laws in the 1920s.”
Regarding the organisation’s policies, Gensler said:
“As such, we have initiated a series of actions, some settled and some still in litigation, to hold wrongdoers accountable and ensure investor protection.”
Litigation between the SEC and companies continues
The SEC’s most important case is undoubtedly the lawsuit against Ripple, which has been ongoing since 2020. The regulator filed a lawsuit by considering Ripple’s XRP sale as an unregistered securities sale, but a decision contrary to what he expected a while ago. Judge Analisa Torres ruled that the sale of XRP on exchanges is not a sale of securities. The regulator has applied to appeal the process.
The SEC sued both Binance and Coinbase at the beginning of June, causing the sector to be completely confused.
However, Grayscale sued the SEC after its proposal to convert the GBTC product into a spot Bitcoin ETF was rejected and won the case. According to the court’s decision, the SEC will have to reconsider its rejection decision.
