Author: dfmines

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Asset managers Osprey Funds and Grayscale Investments agreed to settle a lawsuit over alleged violations of Connecticut law in the advertising and promotion of Grayscale’s Bitcoin exchange-traded fund (ETF). According to an April 9 court filing, the parties agreed to settle the two-year-old case and are finalizing documentation and settlement terms. The filing noted that once those steps are completed, Osprey will withdraw its appeal.“Soon after this appeal was filed, the parties reached a settlement of this case,” the motion stated. “It is expected that all these tasks can be done within 45 days, and it is uncertain whether a shorter extension would suffice.”Details of the settlement have not been made public. Grayscale and Osprey reach settlementThe legal battle between the two firms started on Jan. 30, 2023, when Osprey filed a suit in the Connecticut Superior Court. Osprey claimed it was Grayscale’s only competitor in the over-the-counter Bitcoin (BTC) trust market and that Grayscale had maintained its market share through deceit. Osprey claimed Grayscale promoted its Grayscale Bitcoin Trust (GBTC) as a means to access a spot Bitcoin ETF through a conversion. Osprey argued that the conversion was presented as a certainty, despite regulatory uncertainty at the time.Grayscale’s application to convert GBTC into a spot ETF was approved by the US Securities and Exchange Commission in January 2024. An August 2023 ruling compelled the SEC to reconsider its rejection of Grayscale’s application to convert the fund into an ETF. The SEC’s approval allowed GBTC to transition into a spot ETF and begin trading on the NYSE Arca exchange.Related: Crypto ETPs shed $240M last week amid US trade tariffs — CoinSharesLawsuit settlement follows Osprey appeal On Feb. 7, Judge Mark Gould sided with Grayscale, ruling that Osprey’s claims against the asset manager were exempted from the Connecticut Unfair Trade Practices Act. Osprey responded by filing a motion for reargument on Feb. 10. The fund claimed that Gould’s ruling came “before the close of discovery,” which is the formal evidence-gathering phase of a lawsuit.The fund claimed that the ruling overlooked the differences between how the Federal Trade Commission and Connecticut courts treat deceptive advertising. The settlement ended one of the more prominent legal clashes among crypto asset managers competing for early ETF dominance. Grayscale’s GBTC remains one of the largest Bitcoin investment vehicles in the United States.Magazine: Illegal arcade disguised as … a fake Bitcoin mine? Soldier scams in China: Asia Express

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Thailand has approved significant amendments to the digital asset and cybercrime laws to combat cybercrime and online scams. Combating Mule Accounts in the Crypto Industry The Thailand Cabinet has approved significant amendments to the Digital Asset Business Law and the Cybercrime Law, aiming to bolster the nation’s defenses against cybercrime and the use of “mule […]

The Illinois Senate by a vote of 39 to 17 passed a regulatory bill aimed at curbing cryptocurrency fraud and protecting investors from deceptive practices, including rug pulls and misleading fee structures.On April 10, the chamber passed Senate Bill 1797 (SB1797), also known as the Digital Assets and Consumer Protection Act, which Senator Mark Walker introduced in February.The bill gives the Illinois Department of Financial and Professional Regulation authority to oversee digital asset business activity within the state.Under the legislation, any entity engaging in digital asset business with Illinois residents must be registered with the state’s financial regulator. The bill also requires crypto service providers to offer advance full disclosure of user fees and charges.Bill SB1797. Source: Ilga.gov“A person shall not engage in digital asset business activity, or hold itself out as being able to engage in digital asset business activity, with or on behalf of a resident unless the person is registered in this State by the Department under this Article […],” the bill states.Related: Trump family memecoins may trigger increased SEC scrutiny on cryptoWalker has previously highlighted the need to address crypto-related fraud in Illinois. In an April 4 X post, he stated:“The rise of digital assets has opened the door for financial opportunity, but also for bankruptcy, fraud and deceptive practices. We must set standards for those who have evolved in the crypto business to ensure they are credible, honest actors.”Illinois’ push for stronger oversight follows a wave of high-profile memecoin meltdowns and insider-led scams that have left retail investors with substantial losses.In March, New York introduced Bill A06515, aiming to establish criminal penalties to prevent cryptocurrency fraud and protect investors from rug pulls.Related: Trump’s tariff escalation exposes ‘deeper fractures’ in global financial systemMemecoin scams spark regulatory momentumOne of the most notorious recent cases was the collapse of the Libra token, a memecoin reportedly endorsed by Argentine President Javier Milei. In March, the project’s insiders allegedly withdrew over $107 million in liquidity, causing a 94% price crash and wiping out roughly $4 billion in market value.Libra token crash. Source: Kobeissi LetterInsider scams and “outright fraudulent activities” like rug pulls, which are “not only unethical but also clearly illegal, with case law to support enforcement,” should see more thorough regulatory attention, Anastasija Plotnikova, co-founder and CEO of blockchain regulatory firm Fideum, told Cointelegraph, adding:“In my view, these activities should fall firmly within the jurisdiction of law enforcement agencies.”The latest meltdown occurred on March 16, after Hayden Davis, the co-creator of the Official Melania Meme (MELANIA) and the Libra token, launched a Wolf of Wall Street-inspired token (WOLF).Source: BubblemapsOver 82% of the token’s supply was held by the same entity, which led to a 99% price crash after the token peaked at a $42 million market capitalization.Argentine lawyer Gregorio Dalbon has asked for an Interpol Red Notice to be issued for Davis, citing a “procedural risk” if Davis were to remain free as he could access vast amounts of money that would allow him to either flee the US or go into hiding.Magazine: Caitlyn Jenner memecoin ‘mastermind’s’ celebrity price list leaked

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According to a recent X post by crypto analyst Ali Martinez, Ethereum (ETH) is inching closer to a critical demand zone that has historically marked market bottoms. Notably, ETH has declined by more than 21% over the past two weeks. Ethereum About To See Trend Reversal? Ethereum may soon witness a relief rally, as the second-largest cryptocurrency by market cap nears a key demand zone that has historically marked market bottoms and offered strong buying opportunities. Related Reading: Is Ethereum Repeating Its 2020 Trend Reversal? Analyst Predicts ETH To ‘Explode’ In Q2 2025 Sharing his analysis, Martinez posted the following chart, illustrating how ETH is likely approaching the -1 standard deviation pricing band based on Market Value to Realized Value (MVRV) Extreme Deviation Pricing Bands. According to the chart, the -1 standard deviation pricing band lies around $1,387, while ETH’s realized price hovers around $2,005. The last time ETH touched this band – back in July 2022 – it marked a local market bottom. For the uninitiated, MVRV Extreme Deviation Pricing Bands are on-chain metrics that help identify potential market tops or bottoms by measuring how far ETH’s current market value deviates from its realized value. These bands highlight historically significant overvalued or undervalued zones, often aligning with periods of extreme investor sentiment or price reversals. As ETH nears the -1 standard deviation pricing band, it suggests the asset may be significantly undervalued at its current price. Fellow crypto analyst TraderPA appears to support Martinez’s view. In an X post, TraderPA shared a weekly Ethereum chart showing that ETH’s price decline aligns with a low Stochastic Relative Strength Index (RSI) value – indicating the cryptocurrency may be oversold following the recent sell-off. The Stochastic RSI is a momentum indicator that applies the stochastic oscillator formula to RSI  values rather than price, making it more sensitive and responsive to short-term movements. Unlike the standard RSI – which ranges from 0 to 100 – the Stochastic RSI ranges between 0 and 1, helping traders identify overbought or oversold conditions. Whales Losing Confidence In ETH While Martinez and TraderPA’s analyses suggest ETH may be undervalued, recent whale activity points to a possible loss of confidence. A previously dormant ETH whale dumped 10,702 ETH after nearly two years of inactivity, signaling weakening conviction among large investors. Related Reading: Ethereum Sentiment Dips Among Retail Investors, Yet A Breakout Looms Interestingly, the whale had originally received ETH back in 2016, when it was valued at just $8. Despite holding through the 2021 peak near $4,000, the recent price drop seems to have triggered a significant sell-off. Additionally, Martinez’s latest analysis suggests that ETH could drop to $1,200, as the asset continues to break below multiple key support levels. At press time, ETH trades at $1,553, up 5.5% in the past 24 hours. Featured image from Unsplash, charts from X and TradingView.com