Litecoin Finally Has its Moment: Kraken Fights IRS, Nasdaq Refiles ETF

• Litecoin is finally having a moment in the sun after years of relative obscurity.
• Kraken has fought the IRS to protect clients from potential harms like identity theft.
• Nasdaq, Fidelity, VanEck, and others have refiled spot Bitcoin ETF applications with Coinbase as their surveillance-sharing partner.

Litecoin’s Moment in the Sun

After years of relative obscurity, Litecoin is finally having a moment in the sun. The cryptocurrency has seen an upsurge in popularity as institutional investors flock to it for its low transaction fees and faster processing times compared to other cryptocurrencies like Bitcoin.

Kraken Fights IRS

Kraken, one of the leading cryptocurrency exchanges, has fought off the US Internal Revenue Service (IRS) in order to protect its clients against identity theft and other potential harms. The exchange won a court case against the IRS to prevent their customers’ data from being released without due cause or proper process.

ETF Applications Refiled

Nasdaq has refiled BlackRock’s spot-Bitcoin exchange-traded fund (ETF) application on July 3rd after clarifying that it intends to enter into a surveillance-sharing agreement (SSA) with Coinbase — which will serve as the spot-Bitcoin exchange required by the SEC. This mirrors applications filed by Cboe Global Markets on behalf of global asset manager Fidelity Investments and ARK Investments, both of whom also chose Coinbase as their SSA partner.
Fidelity, VanEck, and more have also refiled spot Bitcoin ETF applications after reports of rejections by the SEC. South Korea recently passed new crypto legislation focusing on investor protections as well.

Surveillance-Sharing Agreement

The SSA between Coinbase and Nasdaq will ensure compliance with existing regulations while allowing investors access to Bitcoin ETFs without subjecting them to unnecessary risks or burdensome fees associated with opening accounts on cryptocurrency exchanges directly. It is hoped that this will pave way for further regulatory acceptance of digital assets such as Bitcoin around the world.

Conclusion

All these developments seem promising for those hoping for greater adoption and mainstream use of cryptocurrencies such as Litecoin and Bitcoin within financial markets worldwide. As more countries pass crypto legislation focused on investor protection, we can expect even more institutional investment into digital assets over time – potentially paving way for widespread adoption in our future society!