NewsBriefs - US government moves 4,000 BTC to Coinbase amid market pressure

Jun 26, 5:20 PM Crypto Briefing

US government moves 4,000 BTC to Coinbase amid market pressure

The US government transferred approximately 3,940 Bitcoin, valued at around $241 million, to Coinbase from a wallet associated with the Silk Road seizure. This move, part of broader activities involving large-scale crypto transactions by the government, could potentially influence Bitcoin's market dynamics as it adds to the selling pressure following similar transfers by other entities and ongoing payouts from the Mt. Gox repayment plan.

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• Jun 29, 8:14 AM The Block

  SEC sends back Ethereum ETF S-1 forms for additional filings

  The US Securities and Exchange Commission (SEC) has returned the S-1 registration forms to companies issuing Ethereum-based exchange-traded funds (ETFs), indicating that further revisions are required before final approval. The issuers must address the SEC's comments and resubmit the forms by July 8. This latest development requires at least one more round of submissions before the ETFs can commence trading.

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• Jun 28, 8:15 PM Coindesk

  IRS finalizes crypto broker tax rules for 2025, delays decisions on DeFi and unhosted wallets

  The US Treasury Department has released new tax regulations for crypto brokers effective from 2025, mandating that brokers file 1099 forms and track customers' token cost basis starting in 2026. The rules apply to transactions involving cryptocurrencies, stablecoins in limited scenarios, and NFTs with over $600 annual earnings. However, decentralized finance (DeFi) entities and providers of non-custodial wallets have been granted a delay in their specific regulations pending further review. This decision follows extensive industry feedback, reflecting ongoing debates about the classification of digital assets and a shift towards more refined crypto tax compliance measures.

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• Jun 28, 5:03 PM Crypto Briefing

  SEC sues ConsenSys over MetaMask staking tokens and swaps

  The SEC has sued ConsenSys, accusing the firm of conducting unregistered brokerage and sale of securities via its MetaMask platforms since 2016. The company is alleged to have brokered over 36 million transactions through MetaMask Swaps and Staking, generating $250 million in fees without the necessary legal registrations, thus compromising investor protections. The SEC also challenges the status of staking tokens like stETH and rETH from Lido and Rocket Pool as unregistered securities.

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• Jun 28, 4:59 PM CoinDesk

  VanEck and 21Shares file for Solana ETFs, betting on a Trump victory

  Asset managers VanEck and 21Shares have submitted applications for Solana ETFs, speculating that a potential Trump administration could foster a more supportive environment for crypto products in the US. These actions represent anticipatory moves by both firms, gambling on regulatory changes favorable to crypto under a new presidency, despite the current administration's stringent stance. Solana, while a major crypto, still lacks the regulated derivatives market needed for ETF approval under the SEC's existing guidelines.

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• Jun 28, 7:03 AM Coindesk

  Ether expected to hit $6,500 later this year, driven by ETF inflows

  Ether is expected to achieve a price target of $6,500 later this year, influenced by anticipated strong inflows into newly-approved spot Ethereum exchange-traded funds (ETFs) in the US. Analysts, including those from Steno Research, predict substantial net inflows ranging from $15 billion to $20 billion within the first year of ETF trading, contributing positively to Ether's valuation relative to Bitcoin. This optimistic forecast emerges despite the current market's bearish sentiment concerning the ETFs' introduction.

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• Jun 28, 6:13 AM The Block

  Animoca Brands eyes public listing in second half of 2025

  Animoca Brands, a Hong Kong-based gaming and metaverse company, plans to consider a public listing in the second half of 2025. The listing could occur in Hong Kong or the Middle East, leveraging regions with crypto-friendly policies. Previously delisted from the Australian Securities Exchange in 2020 due to its crypto activities, Animoca is currently valued at $5.9 billion and actively invests in major blockchain and Web3 projects such as The Sandbox, Axie Infinity, and the TON network.

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• Jun 28, 2:55 AM Coindesk

  Crypto sidelined in first 2024 US presidential debate

  Despite high industry hopes, crypto was not discussed during the first 2024 presidential debate between President Joe Biden and former President Donald Trump. The debate, hosted by CNN in Atlanta, Georgia, covered various topics such as the economy, abortion, and foreign policy but omitted any mention of crypto. The digital assets industry remains keen on favorable legislative developments, with significant political contributions aimed at supporting sympathetic candidates.

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• Jun 28, 2:55 AM Hand-Picked

  21Shares submits 8-A12B filing for its spot Ethereum ETF

  21Shares has submitted an 8-A12B filing for its spot Ethereum ETF, which allows the ETF to be traded on exchanges as soon as it receives approval.

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• Jun 28, 2:37 AM Bloomberg Law

  Bolivia's central bank lifts ban on Bitcoin

  Bolivia has overturned its 2020 ban on Bitcoin and other crypto assets, enabling financial institutions to conduct crypto transactions. Despite the policy change, the Central Bank of Bolivia emphasized that crypto remains non-legal tender within the country. Bolivians currently trade approximately $10 million in crypto per month, a figure expected to rise following the new regulation.

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• Jun 27, 9:16 PM The Block

  Coinbase and Stripe partner to enhance crypto payments globally

  Coinbase has teamed up with payment company Stripe to integrate each other’s technologies enhancing global crypto transactions. Under the partnership, Stripe will incorporate Coinbase's Layer 2 network, Base, into its crypto payout options, while Coinbase will add Stripe as a payment method for purchasing crypto using credit cards or Apple Pay. Additionally, the collaboration will enable Coinbase customers to use the stablecoin USDC on Stripe's platform to facilitate easy fiat-to-crypto conversions, streamlining money transfers to over 150 countries.

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• Jun 27, 9:15 PM Cryptoslate

  Worldcoin Foundation backs Wormhole to integrate WorldID on Solana blockchain

  The Worldcoin Foundation has provided a $70,000 grant to Wormhole for implementing WorldID verification on the Solana blockchain. This initiative will allow Solana-based applications to authenticate user IDs previously verified on the Ethereum network, enhancing security, privacy, and interoperability across chains. It also underscores Worldcoin's commitment to expanding digital economic access worldwide.

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• Jun 27, 4:00 PM Crypto Briefing

  VanEck proposes first US Solana ETF as SOL price surges

  Solana's price leapt nearly 10% reaching $151 after VanEck filed with the SEC to launch the first US Solana ETF, marking it as a commodity. This development highlights Solana's attributes of scalability, speed, and low transaction costs, suggesting a growing institutional interest in crypto assets like Solana and Ethereum in the US market.

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• Jun 27, 3:59 PM The Block

  Vitalik backs MegaETH in $20m seed round for 100k TPS Ethereum-compatible chain

  MegaLabs successfully concluded its seed funding round, raising $20 million for MegaETH, a new blockchain designed to enhance performance by enabling 100,000 transactions per second (TPS) and offering full Ethereum compatibility. The funding, led by Dragonfly along with other notable investors like Ethereum co-founder Vitalik Buterin, elevated MegaETH's token valuation to over $100 million. The funds will be utilized to advance MegaETH’s capabilities, focusing on high throughput and computational efficiency, and to prepare for its upcoming mainnet launch later in the year.

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• Jun 27, 3:44 PM CoinDesk

  Supreme Court rules against SEC's use of in-house tribunals

  The US Supreme Court has decided, in a 6-3 vote, that the SEC's employment of in-house judges breaks constitutional rights by denying jury trials. Previously allowed by the 2010 Dodd-Frank Act, this decision mandates the SEC to now pursue all securities fraud cases in federal courts, impacting other federal regulators relying on similar internal enforcement methods. This ruling curtails the SEC's internal adjudication abilities, significantly affecting its handling of cases related to financial securities, including past crypto-related lawsuits.

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• Jun 27, 3:05 PM Cointelegraph

  Biden and Trump set for presidential debate potentially featuring crypto discussion

  In an unprecedented move, US President Joe Biden and former President Donald Trump are scheduled for a debate on June 27 at CNN’s Atlanta studios, where crypto might be discussed for the first time in US presidential debate history. With Trump reversing his stance to embrace crypto-friendly policies and Biden continuing a regulatory approach, the crypto community anticipates significant attention during the debate. Amidst heightened crypto advocacy, this debate could shape future US crypto policy landscapes.

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