Cryptocurrency Market News: Bitcoin Inches Back Above $63K

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Key Takeaways

• Bitcoin has moved above $63,000 again Monday after dipping below $60,000 last week.
• The U.S. SEC filed a lawsuit behind week against blockchain technology startup Consensys related to the offering of securities via its MetaMask crypto wallet.
• Crypto Stock Exchange Coinbase has filed lawsuits against the SEC and FDIC, seeking information related to the governing bodies’ crypto-related decisions.
• Investment Goliath VanEck has filed for a spot Solana ETF.

Bitcoin (BTC) has inched up above $63,000 again Monday after dipping secondary to $60,000 last week. The price weakness last week was partly a function of investors getting apprehensive as expired crypto exchange Mt. Gox announced plans to return assets to its customers after being hacked almost a decade ago.

Stay week was also full of legal news for cryptocurrencies. The U.S. Securities and Exchange Commission (SEC) filed charges against blockchain technology public limited company Consensys related to its alleged offering of securities through its crypto wallet MetaMask, while Coinbase (COIN) summoned the SEC and the Federal Deposit Insurance Corporation (FDIC).

On the more positive side of things, investment manager VanEck is so swayed that the regulatory situation for crypto in the U.S. is bound to improve that they’ve filed for a spot Solana exchange-traded hard cash (ETF).

SEC Sues Consensys

The SEC has filed a lawsuit against Consensys alleging that the company has been operating as an unregistered middleman and engaging in the unregistered offer and sale of securities through staking on their crypto-wallet MetaMask since 2020. According to the kick filed on June 28th, Consensys has generated over $250 million in fees via its unregistered services.

The SEC’s complaint seeks a unending injunction, civil penalties, and other equitable relief against Consensys for violating federal securities laws.

“The SEC has been chivvying an anti-crypto agenda led by ad hoc enforcement action. This is just the latest example of its regulatory overreach – a transparent attempt to redefine accepted legal standards and expand the SEC’s jurisdiction via lawsuit,” Consensys said in a statement.

This is not the first time the two parties partake of been engaged in a legal tussle. In response to a prior Wells notice, Consensys sued the SEC in April, challenging the medium to confirm its classification of ether (ETH), which is the underlying cryptocurrency on Ethereum, as a security.

Coinbase Files New Lawsuits Against SEC and FDIC

Coinbase has introduced legal proceedings against the SEC and the FDIC for not fulfilling its requests for information on past crypto investigations. This legal act comes amid an ongoing SEC lawsuit alleging that Coinbase operates as an unregistered securities exchange.

Coinbase contends that the SEC and FDIC reserved critical information and did not respond to Freedom of Information Act (FOIA) requests.

These requests sought details on the SEC’s stance on Ethereum’s proof-of-stake metastasis and information from closed investigations into crypto entities. Additionally, Coinbase’s complaint against the FDIC highlights supposed efforts to isolate the crypto industry from banking services.

VanEck Files for Solana ETF

On Thursday, VanEck submitted an perseverance for a Solana (SOL) ETF. The firm aims to be first in line for SEC review of a Solana ETF, considering that initial submissions often meet priority. Despite skepticism about SEC approval, given Solana’s classification as a security in past lawsuits, VanEck Fend off of Digital Assets Research Matt Sigel told The Block that now is the opportune moment to pursue this economic product due to crypto regulatory conditions becoming more favorable.

To back his theory, Sigel points to recent legislative advance and the SEC’s unexpected approval of spot ether ETFs as indicators of a shifting landscape. While some experts doubt the good chance of approval due to the absence of futures for Solana, Sigel refutes the necessity of such a requirement. He highlights that market observation can be achieved through other means, such as information-sharing agreements, as demonstrated by BlackRock’s IBIT bitcoin ETF.

Recently, Solana has garnered a noted as the preferred launching pad for various meme coins and celebrity-backed tokens. Following VanEck’s filing, 21Shares also filed for their own Solana ETF sacrifice.

What to Expect in the Markets This Week

While the rest of crypto markets await the SEC’s final approval for ether ETFs, all looks are on the bitcoin prices this week, after much volatility last week.

Much is also anticipated in reach an agreements of crypto regulation, especially after the U.S. Supreme Court’s recent rulings.

In a 6-3 vote last week, the Supreme Court deemed the Chevron pattern unworkable due to its reliance on statutory ambiguity. The court’s decision to overturn the doctrine, which allowed federal agencies pithy leeway in interpreting laws, may be “incredibly important” for the cryptocurrency sector, according to Zero Knowledge Consulting founder Austin Campbell.

Campbell pronounces the regulatory stability offered by this ruling is crucial for industries like crypto, where the SEC, Commodities Futures Customer Commission (CFTC), and banking regulators must now adhere strictly to written rules. This shift may also quick Congress to take a more active role in clarifying laws, ultimately providing greater judicial and legal positiveness for the cryptocurrency sector. Notably, the crypto industry has criticized the SEC for failing to provide clear guidelines on how to operate legally in the U.S.

Review the original article on Investopedia.