Bitcoin regains ground, surpassing $63,000

Bitcoin (BTC) climbed back above $63,000 on Monday following a drop below $60,000 last week. The recent price volatility was influenced partly by concerns over the return of assets by Mt. Gox, a former crypto exchange hacked years ago. Legal developments included the SEC charging Consensys for alleged securities offerings via MetaMask, and Coinbase suing the SEC and FDIC. On a positive note, VanEck remains optimistic about U.S. crypto regulations, filing for a Solana ETF.

SEC lawsuit targets consensys over unregistered broker activities

The SEC has filed a lawsuit against Consensys, accusing them of operating as an unregistered broker and conducting unregistered securities offerings through MetaMask since 2020. The complaint, filed on June 28th, claims Consensys earned over $250 million in fees from these services. Consensys criticized the SEC's actions as part of what they view as an anti-crypto agenda, highlighting a history of legal disputes. This includes Consensys suing the SEC in April following a Wells notice regarding the classification of ether (ETH) as a security.

Coinbase sues SEC and FDIC over information access issues

Coinbase has filed lawsuits against the SEC and FDIC, alleging that they failed to provide requested information regarding past crypto investigations. The legal action follows an ongoing SEC lawsuit accusing Coinbase of operating as an unregistered securities exchange. Coinbase claims that the SEC and FDIC withheld critical information and did not respond to Freedom of Information Act (FOIA) requests. Specifically, Coinbase sought details on the SEC's position on Ethereum's proof-of-stake transition and information from closed investigations involving crypto entities. The complaint against the FDIC also addresses concerns over alleged attempts to limit banking services for the crypto industry.

VanEck applies for Solana ETF amid regulatory optimism

VanEck has submitted an application for a Solana (SOL) ETF, aiming to expedite SEC review by being among the first applicants. Despite concerns over SEC approval, particularly given past lawsuits categorizing Solana as a security, VanEck's Head of Digital Assets Research, Matt Sigel, sees current regulatory conditions as favorable. Sigel cites recent legislative advancements and the SEC's approval of spot ether ETFs as signs of a changing regulatory environment. He argues against the necessity of futures for Solana, suggesting alternative methods for market oversight. Following VanEck's move, 21Shares also filed for their own Solana ETF, highlighting growing interest in the cryptocurrency.

Market outlook for the week: Focus on Bitcoin and regulatory developments

As the SEC nears a decision on ether ETFs, attention in the crypto markets shifts to bitcoin's price stability following recent volatility. Anticipation also mounts regarding crypto regulations, particularly after recent U.S. Supreme Court rulings.

Last week, the Supreme Court's 6-3 decision to overturn the Chevron precedent, known for granting federal agencies broad interpretive powers, could have profound implications for the cryptocurrency sector. According to Austin Campbell from Zero Knowledge Consulting, this ruling offers regulatory stability crucial for industries like crypto. It mandates agencies like the SEC, CFTC, and banking regulators to strictly follow written rules, potentially prompting congressional action to clarify laws and provide legal certainty for the crypto sector. Criticism persists within the crypto industry over the SEC's ambiguity in regulatory guidance for U.S. operations.