Cryptocurrency Market News: Bitcoin Inches Back Above $63K

Bitcoin (Bitcoin) has climbed back above $63,000 on Monday after dipping below $60,000 last week. The price weakness last week was partly due to investors getting nervous as the defunct cryptocurrency exchange Mt. Gox announced plans to return assets to its customers after being hacked nearly a decade ago.

Last week was also full of legal news for cryptocurrencies. Securities and Exchange Commission (SEC) filed charges against blockchain technology firm Consensys related to its alleged securities offering through its MetaMask crypto wallet, while Coinbase (CURRENCY) sued the SEC and the Federal Deposit Insurance Corporation (FDIC).

On the brighter side of things, investment manager VanEck is so convinced that the regulatory situation for cryptocurrencies in the US is set to improve that it has filed an application for a Solana spot. exchange-traded fund (ETF).

SEC sues Consensys

The SEC has filed a complaint against Consensys alleging that the firm has been operating as an unregistered broker-dealer and engaging in the unregistered offer and sale of securities through participation in its crypto wallet. MetaMask Since 2020. According to the complaint filed on June 28, Consensys has generated more than $250 million in fees through its unregistered services.

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

"The SEC has been pursuing an anti-cryptocurrency agenda led by ad hoc enforcement measures. This is just the latest example of its regulatory overreach – a transparent attempt to redefine well-established legal standards and expand the SEC's jurisdiction through lawsuits," Consensys said in a statement.

This is not the first time the two sides have been involved in a legal dispute. In response to a previous notice from Wells, Consensys sued the SEC in Aprilchallenging the agency to confirm its classification of ether (Ethnicity), which is the underlying cryptocurrency in Ethereumas collateral.

Coinbase files new lawsuits against SEC and FDIC

Coinbase has initiated legal proceedings against the SEC and FDIC for failing to comply with its requests for information on past crypto research. This legal action comes amid a pending lawsuit before the SEC claiming that Coinbase operates as an unregistered stock exchange.

Coinbase claims the SEC and FDIC withheld critical information and failed to respond to Freedom of Information Act (FOIA) requests.

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

VanEck files for Solana ETF

On Thursday, VanEck filed an application for a Solana license (SUN) ETFs. The firm aims to be first in line for SEC review of a Solana ETF, considering that initial filings often receive priority. Despite skepticism about SEC approval, given Solana's classification as a security in previous lawsuits, VanEck's director of digital asset research Matt Sigel told The block that now is the right time to adopt this financial product because the regulatory conditions for cryptocurrencies are becoming more favorable.

To support his theory, Sigel points to recent legislative progress and The SEC's unexpected approval of ether spot ETFs as indicators of a changing landscape. While some experts doubt the likelihood of approval due to the absence of futures for Solana, Sigel refutes the need for such a requirement. He points out that market surveillance can be achieved through other means, such as information-sharing agreements, as demonstrated by the BlackRock case. That's going to go Bitcoin ETF.

Recently, Solana has gained a reputation as the preferred launchpad for various meme coins and celebrity endorsed tokensFollowing VanEck’s filing, 21Shares also introduced its own Solana ETF offering.

What to expect from the markets this week

As the rest of the cryptocurrency markets await final SEC approval for ether ETFs, all eyes are on bitcoin prices this week, after much volatility last week.

Much is also expected in terms of cryptocurrency regulation, especially after recent rulings by the US Supreme Court.

Last week, in a 6-3 vote, the Supreme Court found the Chevron precedent unworkable because it relied on ambiguity in the law. The court’s decision to overturn the doctrine, which allowed federal agencies significant leeway in interpreting laws, could be “incredibly important” for the cryptocurrency sector, according to Zero Knowledge Consulting founder Austin Campbell.

Campbell says the regulatory stability this ruling offers is crucial for industries like crypto, where the SEC, Commodity Futures Trading Commission (CFTC)and banking regulators must now strictly adhere to written rules. This change may also push Congress to take a more active role in clarifying laws, which will ultimately provide greater legal and judicial certainty for the cryptocurrency sector. Notably, the cryptocurrency industry has criticized the SEC for failing to provide clear guidelines on how to legally operate in the US.