22. Februar 2024

Litecoin Moment: Kraken Fights IRS, Mastercard Seeks TradFi Rules

• Litecoin is having a moment in the sun, with Kraken protecting clients from IRS and Nasdaq partnering with Coinbase for surveillance.
• Fidelity, VanEck, and other firms refiling Bitcoin ETF applications after reports of SEC rejections.
• South Korea passing new crypto legislation focusing on investor protection.

Litecoin’s Moment in the Sun

After years of relative obscurity, Litecoin is finally having a moment in the sun. Kraken has taken steps to protect its clients against identity theft and other potential harms by fighting the Internal Revenue Service (IRS). Meanwhile, Nasdaq has refiled BlackRock’s spot-Bitcoin exchange-traded fund (ETF) application while naming Coinbase as a surveillance-sharing partner.

Bitcoin ETF Applications Refiled

Fidelity Investments, VanEck Associates Corp., and more have refiled their spot Bitcoin ETF applications following reports of rejections by the U.S. Securities and Exchange Commission (SEC). These firms are hoping that this time around regulators will approve their proposals as demand for cryptocurrency continues to grow amongst investors across the world.

South Korea Passes Crypto Legislation

South Korea recently passed new crypto legislation aimed at providing investors with added protections against fraud or manipulation when trading digital assets. The legislation also aims to ensure that all those involved in cryptocurrency transactions are properly certified and licensed by authorities to provide services within the industry. This could be seen as an effort by South Korean policymakers to legitimize cryptocurrencies within the country’s financial system and spur further adoption among investors.

Mastercard Calls for Regulations

Mastercard’s chief digital officer Jorn Lambert believes tokenization needs traditional finance rules to go mainstream as blockchain technology presents significant benefits including improvements for cross-border payments, trade finance insurance, capital markets, etc., but legacy systems still have a role to play in achieving mainstream adoption according to Lambert. He insists that tokenization must abide by financially regulated applications alongside central bank-backed money before it can reach its full potential within global finance networks.

Conclusion

It appears that cryptocurrency is gradually beginning to integrate itself into traditional finance systems across the world – from South Korea’s recent legislative measures designed to protect investors through Mastercard’s call for regulations among tokenized assets – but much work still remains before we can see widespread adoption of digital assets within global economies..