PayPal's Stablecoin Splash; Sam Bankman-Fried Still on the Hook for Campaign Finance-Related Charge

Crypto investors dissect paypal stable coin pitch and SPF is an off the hook for a campaign finance charge. Just yet. Welcome to Coin Desk Daily. I'm your host, Jenna taking a look at the markets. Bitcoin remains stuck in a holding pattern, failing to break above that psychological $30,000 level, the largest Cryptocurrency by market cap has lagged in recent weeks as 109 of the 183 assets in the coin desk market index have outperformed Bitcoin month over month. Computing leads among sectors as two protocols associated with managing on chain oracles have seen double digit returns. Fintech giant paypal launching its own stable coin is a major turning point for crypto in terms of bringing regulation to the business. That's according to Paxis trust, the firm issuing paypal US D take a listen to what Walter Hesser head of strategy at Paxis told Coindesk TV. Earlier today, this of course is a seminal moment for uh really the whole industry uh from our perspective and, and, and even more broadly for financial services and payments. Uh having paypal now enter this market with a trusted stable coin that's bringing a new level of access, a new level of uh potential adoption and certainly a new level of utility into the Blockchain ecosystem. A Ceo Kay Wood and Galaxy Digital's Mike. No Gratz are both bullish about the approval of a spot. Bitcoin ETF, Cathy Wood told Bloomberg that she thinks if the SEC does green light a spot. Bitcoin ETF the regulator will approve more than one at once separately. Nora said it's not a question of if, but when one of the current outstanding applications for a spot, Bitcoin ETF will receive sec approval during a company earnings call. And Sam Bank Fried will still face a campaign finance related charge. According to the Department of Justice, it was previously noted that they couldn't bring the charges against the FTX founder due to a treaty obligation with the Bahamas. But now the DOJ plans to fold the campaign finance allegations into a wire fraud charge. That's it for Coindesk daily. Get more updates on coindesk dot com and we'll see you next time.