Recent events in the crypto industry highlight significant legal and economic aspects, including the Grayscale legal proceedings and the approval chances of the Litecoin ETF.
Grayscale Bitcoin Fund Lawsuit Takes a New Turn
Osprey Funds requested a Connecticut state court judge reconsider his recent ruling in favor of Grayscale Investments in a $2 million unfair trade lawsuit related to the Bitcoin fund. Osprey claims that the decision was premature and misinterpreted critical legal exemptions. In February 2023, Osprey sued Grayscale and Delaware Trust Company, accusing them of deceptive advertising and falsely portraying the conversion of GBTC to an ETF as inevitable, despite regulators likely not approving it at the time.
Litecoin ETF Has Highest Approval Odds
According to Bloomberg ETF analysis, there is a 90% probability of Litecoin spot ETF approval. Analysts believe that the SEC is likely to view Litecoin as a commodity, facilitating approval. This is significant amid the rising demand for Bitcoin and Ethereum ETFs, with possible approval by the end of 2024 and a launch in 2025.
North Carolina Proposes Bill to Invest Public Funds in Bitcoin
North Carolina has introduced legislation to allow state funds investment in digital assets, requiring a market capitalization of no less than $750 billion. Currently, only Bitcoin products meet this criterion.
The crypto industry continues to evolve amidst legal disputes and regulatory issues. Digital assets remain in focus, highlighted by ETF decisions and new legislative proposals.
