🚨Solana ETF Incoming! Coinbase Sues SEC & FDIC👩⚖️
It's a big news day for the crypto industry with the SEC taking a big loss, Coinbase goes on the attack, and a Solana ETF application filed.
Hey Thinkers 💡
First Solana ETF Filed!
VanEck has filed for a Solana ETF and becomes the first to do so in the US. Matthew Sigel, Head of digital assets research, stated the following as to why they filed for the SOL ETF.
“A competitor to Ethereum, Solana is open-source blockchain software designed to handle various applications, including payments, trading, gaming, and social interactions. Operating as a single global state machine without sharding or layer 2s, the Solana blockchain’s unique combination of scalability, speed, and low costs may offer a better user experience for many use cases.”
There has been lots of talk recently of both Solana and XRP ETFs coming in the near future once the Ethereum ETF was partially approved by the SEC. Digital asset manager 3iQ has filed for a Solana exchange-traded product listing on Canada’s Toronto Stock Exchange (TSE). - source
Coinbase Sues SEC & FDIC
Coinbase, which retained consultant firm History Associates Inc. to file the FOIA requests, took aim at the SEC and FDIC in lawsuits filed in the U.S. District Court for the District of Columbia on Thursday. The crypto exchange accused federal financial regulators of trying to cut off the crypto industry from the banking sector in the complaints.
Paul Grewal, Coinbase’s chief legal officer, said the following:
“Financial regulators have used multiple tools at their disposal to try to cripple the digital-asset industry. SEC has claimed sweeping authority, but refuses to provide any rules, let alone consistent or coherent ones. While FDIC pressured financial institutions to cut off the industry from the banking system. Today we filed lawsuits under the Freedom of Information Act for requests we made over a year ago seeking important information to which we, and the public, are entitled.”- source
SEC Takes A Big Loss
The Supreme Court has just ruled in a 6-3 vote that when the SEC seeks penalties for fraud, a defendant is entitled to a jury trial in federal court, as opposed to being subjected to the agency’s “in-house” legal proceedings.
The ruling upheld a lower court's decision in favor of George Jarkesy, a Texas hedge fund manager who contested the SEC's actions after being found guilty of securities fraud. - source
📈Crypto Market Metrics
Here are some key data points from Santiment
Top 10 Coins Trending via Social Media
Developer Activity
The top 10 coins with the most developer activity over the past 30 days.
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📺 Recent Interviews
Matt Hougan, CIO at Bitwise, talks Ethereum ETF approval and potential inflows. He also talks Solana and XRP ETFs.
SEC vs Crypto - Ethereum Consensys Security Case, Ripple XRP Lawsuit, Biden Trump Crypto Election with Attorney Fred Rispoli.
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-Tony