Key Takeaways
Bitcoin has moved above $63,000 again Monday after dipping below $60,000 last week.The U.S. SEC filed a lawsuit last week against blockchain technology startup Consensys related to the offering of securities via its MetaMask crypto wallet.Crypto exchange Coinbase has filed lawsuits against the SEC and FDIC, seeking information related to the governing bodies’ crypto-related decisions.Investment giant VanEck has filed for a spot Solana ETF.
Bitcoin (BTC) has inched up 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.
Last week was also full of legal news for cryptocurrencies. 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).
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. According to the complaint filed on June 28th, Consensys has generated over $250 million in fees via 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-crypto agenda led by ad hoc enforcement action. 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 via lawsuit,” Consensys…
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