"CoinDesk Daily" breaks down the biggest crypto headlines today, including the details of former Alameda Research CEO Caroline Ellison's testimony in the criminal trial against FTX founder Sam Bankman-Fried.
A new legal speed bump for Coinbase and a step forward for JP Morgan's Blockchain efforts. Welcome to Coin Desk Daily. I'm your host, Michael Casey. It's been a quiet day so far for the crypto markets. The coin desk Bitcoin price XBX index is slightly down hovering just above 27,000. The largest Cryptocurrency by market cap is also relatively unchanged for the week. This comes as trad five player, JP Morgan notches a new milestone. The banking giant carried out its first live Blockchain based collateral settlement transaction involving Blackrock and Barclays. JP Morgan's Ethereum based onyx Blockchain and the bank's tokens collateral network was used by Blackrock to tokenize shares in one of its money market funds. The tokenisation of traditional financial assets is a big deal for banks and it's an area where JP Morgan has been leading the charge. Yeah. Former Elevator Research, Ceo Caroline Ellison is back on the stand in the trial of FDX founder Sam Beman Fried prosecutors allege Elam research stole billions of dollars from customers of its sister company FTX on Tuesday, Ellison testified that she committed fraud at the direction of Beman Fried saying quote, I sent balance sheets at the direction of Sam that made elevators balances look less risky to investors. And Coinbase legal fight with the SEC faces a new hurdle on Tuesday three amicus briefs were filed to support the SEC in those filings us state authorities and legal experts argue crypto is insignificant, only uses speculation and that the SEC can take on digital assets under existing law. Earlier this year, the SEC sued Coinbase and several other crypto exchanges for securities violations. Coinbase wants that case tossed out arguing crypto lies outside of the S ECs jurisdiction. And that's a wrap for coin us daily, check out more updates on coins dot com and we'll see you next time.