It was a tumultuous week in the cryptocurrency world, marked by a flurry of legal battles, Wall Street’s increasing interest in Solana-based investment products, and Vitalik Buterin’s involvement in a new blockchain project. This comprehensive recap delves into the key developments that may have slipped under your radar.
Lawsuits Galore
The U.S. Securities and Exchange Commission (SEC) found itself embroiled in several high-profile legal battles. The agency filed a lawsuit against ConsenSys, the company behind the popular MetaMask wallet, alleging that its MetaMask Swaps and staking services constitute unregistered securities offerings. Meanwhile, Coinbase took the SEC and the Federal Deposit Insurance Corporation (FDIC) to court, claiming that these agencies have not adequately responded to its Freedom of Information Act (FOIA) requests. Additionally, YouTuber Logan Paul sued fellow creator CoffeeZilla for defamation over the latter’s critical coverage of Paul’s CryptoZoo project.
The crypto industry also took note of the Supreme Court’s reversal of the so-called “Chevron” doctrine, which could potentially give the industry a legal advantage. Furthermore, the recent mixed decision in the SEC’s case against Binance was met with cautious optimism by industry experts.
Wall Street and Solana
Following the successful approval of spot Bitcoin and Ether exchange-traded funds (ETFs), Wall Street has set its sights on Solana-based investment products. VanEck was the first to file for a Solana ETF, citing the token as a commodity, while 21Shares followed suit with its own S-1 filing. While some, like JPMorgan, have expressed doubts about the likelihood of these applications being approved, the markets have responded positively, with Solana’s price gaining ground even as most other cryptocurrencies experienced declines.
Vitalik’s Mega Investment
Vitalik Buterin, the co-founder of Ethereum, made headlines by investing in a new blockchain project called MegaETH. The project, which raised $20 million in a funding round at a “nine-figure” token valuation, aims to achieve 100,000 transactions per second through a heterogeneous blockchain architecture and a “hyper-optimized” Ethereum Virtual Machine (EVM) execution environment.
Other Notable Events
- Mt. Gox is preparing to distribute $9 billion in Bitcoin and Bitcoin Cash repayments starting in July, potentially putting downward pressure on Bitcoin’s price.
- Ethereum Layer 2 network Blast issued 17 billion tokens in its long-awaited airdrop, with the token’s price mostly staying steady between 2 and 3 cents.
- Kraken founder Jesse Powell joined the Winklevoss twins and Cathie Wood in donating a significant amount, mostly in Ether, to former U.S. President Donald Trump’s campaign.
As the cryptocurrency landscape continues to evolve, these stories and their implications are crucial for understanding the industry’s ever-changing dynamics.
