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<p class="is-style-lead">Today’s edition of the weekly recap: SEC sues Consensys despite suspending investigation into Ethereum 2.0; MiCA goes live; VanEck files for the first-ever Solana ETF in the U.S.; Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) ETFs record mild inflows.</p>
<h2 class="wp-block-heading" id="sec-sues-consensys-mica-goes-live">SEC sues Consensys; MiCA goes live</h2>
<ul>
 <li>Regulatory developments prevailed last week. The Nigerian SEC <a href="https://crypto.news/nigeria-gives-vasps-30-day-ultimatum-to-comply-with-new-rules/" rel="noopener noreferrer nofollow">announced</a> that Virtual Asset Service Providers (VASPs) have a window of 30 days to update their licensing applications on the back of a comprehensive rule amendment.</li>
</ul>
<ul>
 <li>In the U.S., the securities regulator <a href="https://crypto.news/lido-and-rocket-pool-tokens-tank-after-sec-sues-consensys/" rel="noopener noreferrer nofollow">filed</a> a lawsuit against Ethereum development firm Consensys over its staking and wallet services on MetaMask. The lawsuit came up shortly after the SEC closed its investigation into Ethereum 2.0.</li>
</ul>
<ul>
 <li>America’s largest exchange Coinbase <a href="https://crypto.news/coinbase-sues-sec-and-fdic-over-freedom-of-information-requests/" rel="noopener noreferrer nofollow">sued</a> the SEC and the FDIC for failing to comply with its FOIA demand. Coinbase is seeking clarity on several issues, including the SEC’s position on whether Ethereum is a security.</li>
</ul>
<ul>
 <li>While industry leaders bemoaned regulatory uncertainty in the U.S., the European Union <a href="https://crypto.news/mica-is-live-how-new-eu-regulation-will-affect-the-global-crypto-market/" rel="noopener noreferrer nofollow">implemented</a> a phased launch of MiCA on June 30. The stablecoin aspect of the regulation will take effect from the beginning of July.</li>
</ul>
<h2 class="wp-block-heading" id="bitcoin-etfs-witness-positive-shift">Bitcoin ETFs witness positive shift&nbsp;</h2>
<ul>
 <li>Last week, Bitcoin ETFs <a href="https://crypto.news/bitcoin-etfs-begin-third-week-of-outflows-amid-market-wide-fud/" rel="noopener noreferrer nofollow">began</a> their third week of net outflows, recording $174.5 million in negative net flows on June 24. This marked the seventh day of net outflows for these products.</li>
</ul>
<ul>
 <li>However, a positive shift was observed on June 25, when the Bitcoin ETFs witnessed their first net inflow in a week, totaling $31 million.&nbsp;</li>
</ul>
<ul>
 <li>The ETF products retained this positive trend for three more days despite the market uncertainty last week. By the end of the week, they had <a href="https://crypto.news/spot-bitcoin-etfs-rebound-with-137-2m-inflow-surge/" rel="noopener noreferrer nofollow">recorded</a> $137 million in cumulative net inflows over four days. However, their weekly flow remained negative.</li>
</ul>
<h2 class="wp-block-heading" id="vaneck-files-for-first-ever-us-solana-etf">VanEck files for first-ever US Solana ETF</h2>
<ul>
 <li>VanEck leveraged the ongoing ETF social trend to <a href="https://crypto.news/solana-jumps-8-as-vaneck-files-first-sol-etf-bid/" rel="noopener noreferrer nofollow">file</a> for the first-ever spot Solana ETF with the U.S. SEC last week. Following reports of the filing, Solana spiked 8%, bucking the bearish trend in the market.</li>
</ul>
<ul>
 <li>A day later, 21Shares, another top asset manager in the spot crypto ETF race, also <a href="https://crypto.news/21shares-files-spot-solana-etf-with-sec/" rel="noopener noreferrer nofollow">filed</a> with the SEC to launch a spot Solana ETF dubbed the 21Shares Core Solana ETF.</li>
</ul>
<h2 class="wp-block-heading" id="other-etf-developments">Other ETF developments</h2>
<ul>
 <li>Meanwhile, as the industry awaits the final approval of spot Ethereum ETFs, Sean Farrell, the Digital Asset Strategy Head at Fundstrat, <a href="https://crypto.news/fundstrat-exec-says-sentiment-around-ethereum-etf-too-bearish/" rel="noopener noreferrer nofollow">emphasized</a> that market sentiments around Ethereum remain largely bearish.</li>
</ul>
<ul>
 <li>In South Korea, the Institute of Finance <a href="https://crypto.news/korea-institute-of-finance-warns-spot-crypto-etfs-can-harm-local-economy/" rel="noopener noreferrer nofollow">stressed</a> that crypto ETFs could pose a risk to the country’s economy. The agency warned that the products could trigger a shift in capital from assets that are capable of generating cash flow.</li>
</ul>
<h2 class="wp-block-heading" id="us-politics">US politics</h2>
<ul>
 <li>U.S. politics made headlines in the crypto community last week. <a href="https://crypto.news/trump-is-in-talks-to-speak-at-bitcoin-2024-in-july-report/" rel="noopener noreferrer nofollow">Reports</a> suggested Republican presidential candidate Donald Trump is considering delivering a speech at this year’s Bitcoin convention scheduled for July in Tennessee.</li>
</ul>
<ul>
 <li>Before the presidential debate last week, Moe Vela, a former advisor to Biden, <a href="https://crypto.news/presidential-debate-may-clarify-crypto-regulatory-approach/" rel="noopener noreferrer nofollow">stressed</a> that the event might not feature any crypto-related questions. However, Vela noted he believes at least one candidate could discuss crypto during the event.</li>
</ul>
<ul>
 <li>Despite the speculation, especially with Trump constantly warming up to the crypto community, neither Bitcoin nor the crypto industry <a href="https://crypto.news/bitcoin-wasnt-mentioned-in-the-trump-v-biden-debate-bitcoin-didnt-care/" rel="noopener noreferrer nofollow">secured</a> a mention in the debate. Interestingly, BTC increased to $62,000 following the event.&nbsp;</li>
</ul>
<ul>
 <li>Following the debate, which involved a supposedly disappointing performance from President Joe Biden, <a href="https://crypto.news/biden-odds-presidential-race-hit-35-percent-polymarket/" rel="noopener noreferrer nofollow">data</a> from Polymarket, a decentralized prediction resource, suggested there was a 35% chance Biden could withdraw from the race.&nbsp;</li>
</ul>
<ul>
 <li>Jesse Powell, former CEO and founder of American exchange Kraken, <a href="https://crypto.news/krakens-powell-donates-1m-to-trump-to-unite-behind-only-pro-crypto-candidate/" rel="noopener noreferrer nofollow">disclosed</a> a donation of $1 million in crypto to the Trump campaign in support of the GOP candidate.</li>
</ul>
<h2 class="wp-block-heading" id="scams-surge">Scams surge</h2>
<ul>
 <li>Reports from last week confirmed a trend of growth in scams within the industry. Bitget <a href="https://crypto.news/deepfake-frauds-in-crypto-spiked-by-245-globally-bitget-says/" rel="noopener noreferrer nofollow">revealed</a> that deepfake scams have increased by a massive 245% in 2024 due to the advent of AI. These deepfake scams have led to over $79.1 billion in losses since 2022.</li>
 <li>Web3 platform Immunefi also <a href="https://crypto.news/crypto-industry-lost-572-7-million-to-hacks-and-scams-in-q2/" rel="noopener noreferrer nofollow">showed</a> that scams across the industry resulted in a loss of $572.7 million in Q2 2024. This represented a 70.3% rise from the losses recorded in the first quarter of the year.</li>
</ul>
<p>Read more: <a href="https://crypto.news/can-trumps-return-to-power-and-pro-crypto-policies-spark-a-historic-bull-run/" rel="noopener noreferrer nofollow"> Can Trump’s return to power and pro-crypto policies spark a historic bull run? </a></p>

SEC sues Consensys, MiCA goes live, VanEck files first-ever Solana ETF | Weekly Recap

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