Bitcoin Inches Back Above $63K

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

Bitcoin’s price movement

The U.S. Securities and Exchange Commission (SEC) filed charges against blockchain technology firm Consensys related to its alleged offering of securities through its crypto wallet MetaMask, while Coinbase (COIN) sued the SEC and the Federal Deposit Insurance Corporation (FDIC).

“The regulatory situation for crypto in the U.S. is bound to improve.” - Matt Sigel, VanEck Head of Digital Assets Research

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

SEC Sues Consensys

The SEC has filed a lawsuit against Consensys alleging that the company has been operating as an unregistered broker and engaging in the unregistered offer and sale of securities through staking on their crypto-wallet MetaMask since 2020.

SEC logo

According to the complaint filed on June 28th, Consensys has generated over $250 million in fees via its unregistered services.

Coinbase Files New Lawsuits Against SEC and FDIC

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

Coinbase logo

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

VanEck Files for Solana ETF

On Thursday, VanEck submitted an application for a Solana (SOL) ETF.

Solana logo

The firm aims to be first in line for SEC review of a Solana ETF, considering that initial submissions often receive priority. Despite skepticism about SEC approval, given Solana’s classification as a security in past lawsuits, VanEck Head of Digital Assets Research Matt Sigel told The Block that now is the opportune moment to pursue this financial product due to crypto regulatory conditions becoming more favorable.

What to Expect in the Markets This Week

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

Bitcoin’s price movement

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