Crypto Weekly Recap: VanEck Files for SOL ETF; SEC Sues Consensys; Coinbase Sues SEC; & More (June 23–29, 2024)

4 min read2 days ago

This week, the crypto market experienced relative stability. It started with a high of over $64,000 before dropping to around $61,000 at press time. The decline followed Mt. Gox’s announcement of $9 billion in repayments to creditors scheduled for July 2024.

Adding to the bearish sentiment is the anticipated delay in launching a spot Ethereum ETF in the United States. Initially expected by July 2, the SEC’s extended review of the S-1 forms has postponed the launch to mid-July or later.

Now, let’s dive into the main updates you won’t want to miss. Here are the top cryptocurrency stories of the past week, covering six key developments in the dynamic crypto market.

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TOP CRYPTO NEWS RECAP (June 23–29, 2024)

VanEck Files for Solana ETF Amid Rising Crypto Opportunities
Coinbase Sues SEC and FDIC Over FOIA Requests
SEC Sues Consensys Over Unregistered Broker Activities
Nubank Partners with Lightspark to Bring Bitcoin Lightning to Latin America
Bitcoin Market Sentiment Points to Potential Bottom
Crypto ATM Installations Near All-Time High

VanEck Files for Solana ETF Amid Rising Crypto Opportunities

VanEck has officially filed for a Solana ETF in the U.S., marking a pivotal move into the booming cryptocurrency market. As head of digital assets research, Matthew Sigel emphasized Solana’s robust decentralized infrastructure and utility.

The VanEck Solana Trust aims to mirror SOL’s price performance and will utilize the MarketVector Solana Benchmark Rate for valuation. This filing follows the SEC’s recent approval of spot Ether ETFs, suggesting cryptocurrencies like SOL could be regarded as commodities.

After that, 21Shares also filed for the same Solana fund in the United States.

Coinbase Sues SEC and FDIC Over FOIA Requests

Coinbase has filed lawsuits against the SEC and FDIC, alleging they ignored FOIA requests. The suits, filed on June 27, claim these agencies are trying to exclude the crypto industry from banking.

The FOIA requests sought SEC information on Ethereum’s transition to a proof-of-stake consensus and records on Ethereum 2.0, Zachary Coburn, and Enigma MPC.

Coinbase’s legal team argues that federal regulators are attempting to undermine the digital asset industry. Chief Legal Officer Paul Grewal criticized the lack of transparency and clear regulations for digital assets.

SEC Sues Consensys Over Unregistered Broker Activities

The U.S. Securities and Exchange Commission (SEC) has sued Consensys, MetaMask’s parent company, for operating as an unregistered broker and offering unregistered securities through MetaMask Swaps since 2020.

The SEC claims Consensys earned over $250 million in fees from these activities, depriving investors of essential protections. Consensys had previously sued the SEC, challenging attempts to classify Ether and staking services as securities.

The SEC’s complaint also targets Lido and Rocket Pool's staking programs, stating that they were offered as unregistered investment contracts, violating federal securities laws.

Nubank Partners with Lightspark to Bring Bitcoin Lightning to Latin America

Brazilian neobank Nubank has teamed up with Lightspark to introduce the Bitcoin Lightning Network to its 100 million customers in Latin America. This partnership aims to enable faster, low-cost blockchain transfers. Lightspark, co-founded by former PayPal president David Marcus, will integrate the Universal Money Address standard, allowing email-like addresses for money transfers.

This integration marks a significant milestone for the Lightning Network, enhancing its overall usage. Nubank, backed by Berkshire Hathaway, also facilitates trading in 14 cryptocurrencies and has a large customer base, primarily in Brazil, Mexico, and Colombia.

Bitcoin Market Sentiment Points to Potential Bottom

Recent market downturns have quelled the previous Bitcoin euphoria, hinting at a potential market bottom. Crypto analytics firm Santiment reports a significant drop in bullish Bitcoin remarks on social media platforms like X, Reddit, and Telegram over recent weeks.

Since the April halving, Bitcoin’s price has moved sideways, trading between $60,000 and $70,000, with a current price of $61,500. Despite the decline in bullish sentiment, both bullish and bearish sentiments have decreased, suggesting a possible trend reversal. Historically, post-halving consolidation precedes a bullish breakout.

Crypto ATM Installations Near All-Time High

The number of cryptocurrency ATMs globally has surged 17.8% over the past year to 38,279, nearing the 39,541 set in December 2022. So far, in 2024, 2,564 new ATMs have been added, and they are on track to outpace the 2,861 machines removed in 2023. Leading operators include Bitcoin Depot, Coinflip, and Athena Bitcoin. The United States hosts over 82% of these ATMs, with significant growth in Australia, which now has 1,107 machines. As of now, 72 countries have at least one cryptocurrency ATM.

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