Bitcoin Reaches New Heights: Surges Above $63,000

Bitcoin Reaches New Heights: After falling below $60,000 last week, Bitcoin’s (BTC) price has slowly risen above $63,000 once again on Monday. Part of last week’s price drop was due to investors’ fears following the announcement by the now-defunct cryptocurrency exchange Mt. Gox that it would be returning customer assets to those who had them stolen about a decade ago.

Additionally, cryptocurrency-related legal news was abundant last week. Consensys, a blockchain technology company, is facing allegations from the US Securities and Exchange Commission (SEC) over the alleged sale of securities through its cryptocurrency wallet MetaMask. Coinbase (COIN) has taken legal action by suing the SEC and the FDIC.

Optimistically, VanEck, a financial management firm, has applied for a spot in the Solana exchange-traded fund (ETF) because they are certain the regulatory climate for cryptocurrency in the United States will improve.

Justices File Lawsuit Against Consensys

The SEC has sued Consensys, claiming that since 2020, Consensys has been using its crypto-wallet MetaMask for the unregistered offer and sale of securities and functioning as an unregistered broker. The complaint was filed on June 28th and stated that Consensys had earned more than $250 million in revenues from its unregistered services.

In its lawsuit against Consensys, the SEC aims to punish the company for violating federal securities laws by imposing civil penalties, a permanent injunction, and other equitable relief.

The SEC’s anti-crypto campaign has relied on ad hoc enforcement actions. Consensys states this is the most recent instance of the SEC’s regulatory overreach, an open effort to change long-standing legal norms and increase the agency’s power through litigation.

The parties had been involved in a court dispute before. In April, Consensys took legal action in response to an earlier Wells warning by suing the SEC, asking the agency to affirm its classification of Ethereum’s core Bitcoin Reaches New Heights, ether (ETH), as a security.

Fresh Legal Action Taken by Coinbase Against the SEC and the FDIC

For failing to comply with its demands for information regarding prior crypto probes, Coinbase has launched legal actions against the SEC and the FDIC. The SEC is suing Coinbase, claiming it is an unregistered securities exchange. This further legal action is happening at the same time.

Coinbase has taken legal action, claiming that the SEC and FDIC failed to respond to FOIA requests and withheld crucial information.

These requests aimed to get information regarding closed investigations of crypto businesses and the SEC’s position on the proof-of-stake transition for Ethereum. Another point for Bitcoin Reaches New Heights by Coinbase’s lawsuit against the FDIC is the purported attempt to separate the cryptocurrency business from monetary services.

Solana ETF Files by VanEck

VanEck applied for a Solana (SOL) ETF on Thursday. Because the SEC prefers the earliest applications, the business is racing to be the first to submit a Solana ETF for evaluation. Even though there is doubt regarding the SEC’s clearance, considering Solana’s status as a security in previous litigation, VanEck Head of Digital Assets Research Matt Sigel told The Block that the current regulatory climate for crypto is positive, making it the perfect time to develop this financial product.

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Recent legislative developments and the SEC’s surprising approval of spot ether ETFs are evidence of a changed landscape, according to Sigel, who uses them to support his theory. Sigel disputes the need for such a stipulation, even though some analysts question the possibility of acceptance because Solana has no future. He points out that BlackRock’s IBIT bitcoin ETF is only one example of how information-sharing agreements can be used to accomplish market surveillance.

Many meme coins and tokens endorsed by celebrities have recently made their way to Solana. The Solana ETF offering was followed by 21Shares’ filing, which VanEck filed.

Forecasts for This Week’s Markets

All eyes are on bitcoin prices this week following last week’s volatility as the rest of the crypto markets await the SEC’s final clearance for ether ETFs.

Much is also expected with cryptocurrency regulation, particularly following the recent rulings of the U.S. Supreme Court.

The Supreme Court rejected the Chevron case last week by a 6-3 ruling. It relied on vague language in the statute. Which gave federal agencies substantial discretion in interpreting laws.

Campbell argues that the decision gives much-needed legal certainty to industries like Bitcoin. The SEC, CFTC, and banking institutions must strictly follow codified criteria. Suppose lawmakers are now more inclined to clarify laws. The Bitcoin business stands to gain from increased judicial and legal certainty. Several cryptocurrency industry members have taken to social media to express their disappointment. The SEC has failed to clarify specific requirements for legal business in the US.