Jan 17, 2024

"CoinDesk Daily" host Jennifer Sanasie breaks down the biggest headlines shaping the crypto industry, including Sam Bankman-Fried's parents asking a court to dismiss a lawsuit by FTX seeking to recover funds.

Video transcript

The Sam Bakeman freed saga continues and de dollarization expectations might be premature. You're watching Coindesk Daily, I'm your host, Jen Sani. The Sam Bateman Fried Saga is far from over this time, his parents are asking a court to dismiss a lawsuit by FTX seeking to recover funds that it alleges were fraudulently transferred in September last year. FTX sought to recover millions of dollars from Joseph Beman and Barbara freed that the bankrupt crypto exchange claims were misappropriated. Both parents are professors at Stanford law school in a court filing. They argued that it's not enough for FTX to plead that the parents knew or should have known. Instead, the filing argued that FTX should have produced specific facts, showing actual knowledge that the pair quote knew certain actions would result in a breach of fiduciary duty. Data shows that the dollar remained the most favored currency in international transactions with global demand for us. Government bonds holding steady. So what does this mean for crypto? Well, it could mean that de dollarization expectations are a bit premature credit. Agricole's GT FX strategy team set in a note to clients on Monday, quote, U sds share in international swift transactions surged in 2023 to reach its highest level in more than 10 years. In contrast, the euro share collapsed and that of the yen and pound moderated and quote. According to the note, the dollar is likely to remain the currency of choice or haven asset during times of stress sucking money from other assets like Bitcoin and stocks and will the metaverse take off? Magic leap? Sure thinks so the mixed reality start up that raised almost $4 billion says the metaverse will take off once it properly aligns with market needs CTO of Magic Leap. Daniel Diaz told Venture Beat quote, true cap abilities of the metaverse will come to life when it's a fabric built of digital experiences ingrained or embedded into the physical world. End quote. Venture investment in the metaverse hit a multiyear low in 2023 and the coin desk metaverse select index is down 37.5% over the year. That's it for coin desk daily, get more updates on coindesk.com and we'll see you next time.

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