Square Outage Update; Crypto Firm LBRY to Challenge Ruling It Violated U.S. Securities Law

Catch up and square coming back online after some outages and a new legal twist ahead of Sam Baman Fried's upcoming criminal trial. You're watching Coindesk Daily, I'm your host, Jenna. Let's take a look at the markets. Starting with Bitcoin. The largest Cryptocurrency by market cap has been mostly stuck below $26,000 this month. As traders wait for clarity on a spot. Bitcoin ETF in the United States. September is a difficult month for Bitcoin which has posted negative returns every year since 2016. So far 2023 looks to be no exception. There are new legal developments for former FTX executive Ryan Salem after he pled guilty to federal criminal charges tied to the exchange as part of his plea agreement, Salem has been ordered to forfeit more than $1.5 billion. Salem agreed to forfeit $6 million before his sentencing, which includes handing over a Porsche multiple properties and ownership in an entity. If he pays the $6 million and turns over various properties. By those deadlines, Salem will be off the hook for the full amount crypto startup library filed intent to appeal a new Hampshire Court's decision that it failed to register with the SEC last year, the SEC filed a suit alleging the Blockchain based file sharing network violated securities laws with the sale of its native library token which the firm maintained were not securities after the suit library said it would shut down. The announcement comes after ripple labs who faced similar allegations from the SEC received a partial win. The court finding that while the direct sale of XRP to institutional investors violated securities laws, the programmatic sale to retail investors through exchanges did not. And Square says services are steadily regaining their functionality after users were unable to access their accounts or send funds on Thursday and early Friday morning, the payment service said they were experiencing outages that could affect peer to peer payments and other transactions in a status update on Thursday. Square said that multiple services were affected and that users should expect slight delays. Square Inc is the parent company of Square and Cash App. That's a wrap for Coindesk daily. Get more updates on coindesk dot com and we'll see you next time.