Grayscale sued by hedge fund, Strike brings remittances to Africa and Paraguay stops ‘Crypto Law’
Fir Tree fund sues Grayscale in effort to force changes to Bitcoin Trust
Fir Tree Capital Management has filed a lawsuit against Grayscale Investments demanding information that could be used to force changes to the way it runs its flagship Bitcoin Trust.
According to Bloomberg, a Dec. 6 complaint was filed against Grayscale at the Delaware Court of Chancery and seeks to have Grayscale lower its fees, start redemptions and hand over documents relating to its relationship with the Digital Currency Group.
The hedge fund also wants to stop Grayscale’s efforts in converting its $10.7 billion Grayscale Bitcoin Trust (GBTC) into a spot exchange-traded fund (ETF).
In its complaint, the New York-based hedge fund said that around 850,000 retail investors had been “harmed by Grayscale’s shareholder-unfriendly actions.”
Strike brings lightning-based remittance payments to Africa
Bitcoin payments platform Strike has now expanded to Africa, enabling instant and low-cost remittances to the continent by leveraging its new “Send Globally” feature.
As announced by Strike on Tuesday, the feature was launched in partnership with the African Bitcoin company Bitnob. Within the app, U.S.-based Strike users can immediately send money to an African recipient, where the funds will be converted into their relevant local currency and deposited into their bank, mobile money, or Bitnob account.
Strike claims this feature will improve the ease of payments in Africa, where banking services are extremely limited and cross-border payment options are few and far between. Strike CEO Jack Mallers specifically pointed to the high fees and service halts from incumbent payment providers as a primary benefit.
“High fees, slow settlement, and lack of innovation in cross-border payments have negatively impacted the developing world. Strike offers an opportunity for people to transfer their US dollars easily and instantly across borders.”
Paraguay lawmakers shelve ‘Crypto Law’
Paraguay’s plans to regulate the crypto mining industry have come to a screeching halt after lawmakers nixed the country’s “Crypto Law” on Monday.
The bill, which was set to create a tax and regulatory framework for crypto mining in the country, was yesterday shelved by politicians after months of toing and froing. It had already been vetoed in August when President Mario Abdo Benitez claimed mining Bitcoin used too much energy and brought small employment benefits to the country.
Lawmakers then rejected the president’s veto in a move that made it look like senators were on the way to regulating the industry — which operates in a legal gray area in the Latin American nation.
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