Here’s what happened in crypto today

Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

The United States Securities and Exchange Commission (SEC) has filed a lawsuit against MetaMask developer Consensys. New data from Santiment suggests Bitcoin’s price could be about to wake from its bearish slumber, and the United States crypto industry is picking apart the first presidential debate between Joe Biden and Donald Trump. 

Consensys sued by SEC

The SEC has filed a lawsuit against Consensys, alleging that the development company has been operating an unregistered broker and selling unregistered securities through its MetaMask platform. 


In its complaint, the SEC alleges that Consensys has collected more than $250 million in brokerage fees through MetaMask despite not obtaining appropriate registration. The regulator seeks a permanent injunction, civil penalties and other relief against the firm for its alleged violation of securities laws. 


“Since January 2023, Consensys has engaged in the unregistered offer and sale of securities in the form of crypto asset staking programs, and acted as an unregistered broker, through its MetaMask Staking service," the regulator said. “By its conduct as an unregistered broker, Consensys has collected over $250 million in fees.”


In its complaint, the SEC also classified staking services as investment contracts. In doing so, it specifically referred to the programs offered by Rocket Pool and Lido. 

It's not the first time the SEC has gone after staking services. In February, it reached a $30 million settlement with crypto exchange Kraken over its staking program. 


In response to the lawsuit, a Consensys spokesperson said: "The SEC has been pursuing an anti-crypto agenda led by ad hoc enforcement action. This is just the latest example of its regulatory overreach — a transparent attempt to redefine well-established legal standards and expand the SEC’s jurisdiction via lawsuit.”


Bitcoin social sentiment decline may signal market bottom

The recent bearish market turmoil has dampened the previously high levels of bullish remarks and euphoria surrounding Bitcoin’s price, which could indicate a potential market bottom.

Data from crypto analytics firm Santiment shows that bullish Bitcoin 

BTC


tickers down

$60,943


 remarks across social media platforms such as X, Reddit, Telegram, 4Chan and BitcoinTalk have dropped significantly over the past few weeks.


BTC’s price has been trading sideways since the Bitcoin halving in April.

Santiment data indicates that trader sentiment was most bullish at the beginning of April in the lead-up to the Bitcoin halving.


However, over the past three months, optimism has gradually waned as traders have lost confidence in the markets due to Bitcoin’s failure to reach new all-time highs.


On the other hand, the bearish crowd calls have also declined over the same time period, but not as drastically as the bullish crowd calls. Santiment said the decline in trader euphoria around Bitcoin is a potential bottom signal.


Crypto watchers eye U.S. presidential debate

On June 27, President Joe Biden and former President Donald Trump will hold their first debate ahead of the 2024 election. While neither candidate has officially accepted nominations to represent their party, polls overwhelmingly suggest the 2024 presidential election will be Biden-Trump rematch.


Crypto has become a hot-button topic for both nominees, with Trump emerging as the pro-Bitcoin candidate despite being hostile to digital assets during his time in office. Meanwhile, Biden has taken several anti-crypto actions during his time in office, though the tide seems to be shifting among Democrats.

“While it is unlikely that the moderators will address cryptocurrency in this first debate, they certainly should,” Moe Vela, a former adviser to then-Vice President Biden, told Cointelegraph. “Crypto is not only a significant economic and financial issue, but it also represents a large segment of millennial, Gen Z, and young professional voters. The outcome of this election could hinge on the crypto community.”

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