The Daily CRYPTO Briefing - 18/11/2024

The Daily Crypto Briefing

Welcome to The Daily Crypto Briefing, your daily dose of crypto news. I'm Thomas, and here are today's headlines. In a market full of significant developments, we're covering major legal outcomes, institutional moves, and technical innovations that are shaping the crypto landscape. Today's stories include: Elon Musk's victory in the Dogecoin lawsuit, CFTC's green light for Bitcoin ETF options, Goldman Sachs' substantial Bitcoin ETF holdings, Ethereum's roadmap updates from Vitalik Buterin, and the sentencing in the Bitfinex hack case. First up, the $258 billion class action lawsuit against Elon Musk regarding Dogecoin manipulation has been dropped. Lawyers for both parties filed to dismiss the case, including all appeals and motions. This decision marks a significant victory for Musk, who had faced allegations of running a pyramid scheme through his Dogecoin endorsements. The dismissal could set an important precedent for future crypto-related lawsuits involving public figures. In institutional news, the CFTC has stepped aside from Bitcoin ETF options regulation, effectively clearing the path for their launch. This development hands control to the Options Clearing Corporation, with market analysts projecting potential listings as soon as late 2024 or early 2025. This move could significantly expand the cryptocurrency derivatives market and provide investors with new tools for portfolio management. Speaking of ETFs, Goldman Sachs has revealed substantial Bitcoin ETF holdings worth $718 million as of September 30. These investments are distributed across major providers including Ark Invest, Bitwise, Fidelity, Grayscale, Invesco, BlackRock, and WisdomTree. This level of institutional involvement demonstrates growing mainstream acceptance of crypto investments. On the technical front, Ethereum's founder Vitalik Buterin has outlined details of The Verge, the network's fourth roadmap phase. This update focuses on implementing Stateless Verification and introducing Verkle Trees and STARKs to reduce node storage requirements. These improvements aim to make the network lighter and faster, addressing key scalability challenges. Lastly, in a significant legal development, Ilya Lichtenstein has been sentenced to 5 years in prison for his role in laundering 120,000 Bitcoin stolen during the 2016 Bitfinex hack. The stolen funds, worth $71.8 million at the time, would be valued at nearly $11 billion today, making this one of the largest crypto-related criminal cases to date. As we wrap up today's briefing, these developments highlight the maturing crypto ecosystem, from institutional adoption to technical innovation and legal accountability. They demonstrate how the industry continues to evolve while facing both challenges and opportunities. This is Thomas, signing off from The Daily Crypto Briefing. Stay informed, and we'll see you tomorrow.