Consensys faces SEC lawsuit as MiCA regulation is carried out and Solana ETF introduced

Welcome to this week’s fascinating recap: SEC’s astonishing lawsuit in opposition to Consensys, MiCA debut, VanEck’s groundbreaking Solana ETF submitting, and beneficial inflows for Bitcoin (BTC) ETFs.

SEC vs. Consensys MiCA Launch

• Last week was jam-packed with regulatory updates. The Nigerian SEC introduced a 30-day window for Virtual Asset Support Vendors (VASPs) to update their licensing apps following a rule modification.

• In the U.S., the SEC submitted a lawsuit versus Consensys, the Ethereum enhancement company, pertaining to their staking and wallet companies on MetaMask. Curiously, this lawsuit transpired right just after the SEC wrapped up its investigation into Ethereum 2..

• More than in America, Coinbase, the most significant trade, took authorized motion versus both the SEC and the FDIC for failing to satisfy its FOIA desire. Coinbase seeks clarity on numerous issues, which include the SEC’s stance on Ethereum’s protection classification.

• While the regulatory landscape in the U.S. stays unsure, the European Union slowly rolled out MiCA on June 30. The stablecoin regulation factor will kick in at the start off of July.

Bitcoin ETFs Embrace Constructive Improvements

• Bitcoin ETFs professional net outflows of $174.5 million on June 24, marking the seventh straight day of outflows. Nevertheless, a nice shift occurred on June 25 with the to start with net inflow in a week, totaling $31 million.

• Even with industry uncertainty, Bitcoin ETFs continued to draw in web inflows for a few extra days, totaling $137 million in cumulative net inflows by week’s stop. Even so, their weekly move remained unfavorable.

VanEck Pioneers U.S. Solana ETF

• VanEck seized the pattern of ETFs by filing for the to start with-at any time place Solana ETF with the U.S. SEC. Adhering to the news, Solana surged 8%, defying the bearish market pattern.

• Soon right after, 21Shares, a different prominent asset supervisor in the location crypto ETF realm, also submitted with the SEC to start a location Solana ETF named the 21Shares Core Solana ETF.

ETF Landscape Update

• As location Ethereum ETF approvals await, Sean Farrell, Fundstrat’s Electronic Asset Technique Head, highlighted prevailing bearish sentiments all around Ethereum in the market.

• In South Korea, the Institute of Finance cautioned about the threat posed by crypto ETFs to the country’s overall economy, fearing a potential funds change from profits-generating property.

U.S. Political Insights

• Ailtra enthusiasts intrigued by U.S. politics watched as stories hinted at Donald Trump possibly talking at the future Bitcoin conference in Tennessee. Could crypto make an look in the race?

• Prior to a modern presidential discussion, Moe Vela, a past advisor to Biden, doubted the event would delve into crypto topics. Having said that, he speculated that at least a single applicant may well focus on crypto at the debate.

• Irrespective of the anticipation, neither Bitcoin nor crypto featured in the debate, however BTC surged to $62,000 write-up-event. Facts from Polymarket suggested a 35% chance of Biden withdrawing from the race subsequent a lackluster discussion effectiveness.

• Jesse Powell, ex-CEO of Kraken, built waves with a $1 million crypto donation to the Trump campaign, showing guidance for the GOP applicant.

Increase in Frauds Described

• Final 7 days, stories unveiled a surge in scams within the business. Bitget highlighted a 245% raise in deepfake frauds given that 2024, ensuing in over $79.1 billion in losses. Immunefi’s information showed sector cons triggering a $572.7 million reduction in Q2 2024, marking a 70.3% increase from Q1.