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Crypto Millionaire Spotlights Rumors Of Solana Under Investigation, What’s Happening?
Rumors are swirling around Solana as Crypto Bitlord, a well-known figure in the crypto world, suggested on X that the cryptocurrency might be under investigation. This speculation, he claims, has been building for weeks and could soon become public, potentially causing significant repercussions for Solana.
Is Solana Under Investigation?
Crypto Bitlord posted, “We are hearing rumors that $SOL is under investigation.” In addition, he noted that a “huge case is about to become public.” This has been brewing for weeks now and couldn’t come at a worse time. If what we heard is true, start praying for Solana.”
The recent comment has stirred significant skepticism in the Solana community. Crypto Bitlord spotlighted this and stated, “I’ve already seen a lot of cope and denial in the comments.” Addressing the concerns, he added, “It’s sad when everyday people get caught up in things they don’t understand and lose money from it.”
The latest speculations around Solana being under investigation mirrors Ethereum’s (ETH) recent scrutiny. After the U.S. Securities & Exchange Commission (SEC) closed its 14-month long investigation on Ethereum, Solana seized the limelight over the debates on security status. However, these debates were short-lived and didn’t gain significant attention until the latest speculations splurged in.
Amid these rumors, Solana’s value plunged nearly 8% to $124. The decline might not be directly connected to the rumors but could have been influenced by them, along with other market factors. Furthermore, SOL experienced a massive selloff. According to Coinglass, Solana saw $10.75 million in long liquidation as investors, gripped by panic, sold off to mitigate losses.
In addition, Shiba Inu’s marketing lead, Lucie, also raised concerns around the Solana community on X. She stated, “Celebrities’ accounts posting SOL addresses left and right are probably hacked. PLEASE BE WISE and don’t get scammed.” These events have heightened scrutiny around the Solana ecosystem, but they do not confirm the rumors spread by Crypto Bitlord.
About Crypto Bitlord
Crypto Bitlord has a notable history in the cryptocurrency space. He was an early contributor to the Ethereum ICO, adopted Bitcoin in 2012. In addition he supported projects like ADA and Dot/KUSAMA from their inception. Moreover, his knack for identifying early trends includes backing billion-dollar meme coins like Shiba Inu (SHIB), Floki (FLOKI), and Pepe Coin (PEPE).
Despite this, his reputation has been tarnished by a rug pull controversy. In November 2023, he raised $5 million for a mystery project (MOLLY) that quickly plummeted in value, leading to accusations of a rug pull. Hence, the legitimacy of the Solana investigation rumors is questioned.
Also Read: Solana Exec Explains How ZK Compression Cuts On-chain Storage Cost By Over 99%
SEC Drops Ethereum Probe
In contrast, Ethereum recently saw a positive turn of events. Earlier this month, ConsenSys, an Ethereum software firm, reached out to the SEC regarding the status of its investigation into Ethereum 2.0. In a letter sent earlier in the month, ConsenSys sought clarity on whether the approval of a Spot Ethereum ETF would result in the closure of the ongoing investigation. Moreover, ConsenSys later announced that the SEC had closed its investigation into Ethereum 2.0.
This confirmed that sales of ETH are not considered securities transactions. ConsenSys stated, “Today we’re happy to announce a major win for Ethereum developers, technology providers, and industry participants: the Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0.”
Furthermore, the closing of the Ethereum investigation is seen as a victory. However, it also highlights the ongoing regulatory challenges faced by the crypto industry. ConsenSys emphasized that clear guidelines are essential for the advancement of crypto technologies and innovations.
Meanwhile, the rumors about Solana emerge amid 3iQ’s Solana Fund application in Canada, claiming to be the first Solana ETP in North America. Hence, this situation mirrors Ethereum’s regulatory challenges, which has led to a cautioned approach among industry participants.
Also Read: ETH Price Reversal Soon As Ethereum ETF Coming In Two Weeks
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Charles Hoskinson, a prominent figure in the blockchain industry and founder of Cardano (ADA), has expressed concerns about the current U.S. administration’s approach to cryptocurrency. He argues that the upcoming elections present a critical opportunity for the cryptocurrency community to use their votes strategically to steer policy.
Charles Hoskinson Blasts Biden’s Crypto Regulatory Approach
Charles Hoskinson has been outspoken about the detrimental effects of President Joe Biden‘s policies on the cryptocurrency sector. He highlights the administration’s support for the Securities and Exchange Commission’s (SEC) aggressive regulatory tactics, which he terms “regulation by enforcement.” Charles Hoskinson says this approach has stifled innovation and contributed to significant job losses within the burgeoning trillion-dollar industry.
Charles Hoskinson advises that US voters must vote wisely if they want a better future. The blockchain debate has spilled over into politics.#Cardano $ADA pic.twitter.com/L17dtazfXZ
— Cardanians (CRDN) (@Cardanians_io) July 1, 2024
Moreover, he is critical of the lack of a Democratic primary, suggesting it could have exposed what he perceives as Biden’s declining competence. Hoskinson’s critique extends to a broader disappointment with the media’s portrayal of the situation, which he feels fails to hold the administration accountable for these perceived missteps.
Read also: What Does the US Marshals Service Gain from Partnering with Coinbase
Crypto Leaders Seek More Favorable Regulations
Other key players in the blockchain arena, including Messari CEO Ryan Selkis and the Winklevoss twins, support Hoskinson’s viewpoint and are dissatisfied with the current regulatory environment. Similarly, CEOs from major companies like Coinbase and Ripple (XRP) have transformed the crypto lobby into a significant political force, illustrating the industry’s growing readiness to influence policy directly.
Additionally, Anthony Scaramucci, a well-known figure in the investment and crypto sectors, offered only a tepid endorsement of Biden, preferring this to the unpredictability of former President Trump’s administration. These leaders and Hoskinson are pushing for more favorable regulatory conditions for the cryptocurrency industry to thrive.
Crypto Policies Key in Upcoming Elections
In response to these ongoing challenges, Charles Hoskinson urges the crypto community to become single-issue voters focusing on cryptocurrency policy in the upcoming elections. This strategy aims to shift the political landscape to support the technological and economic advancements that blockchain technology can offer better.
Earlier criticisms from Charles Hoskinson include a strong rebuke of a memo circulated among Democrat Committee members, poised to influence a significant hearing on digital asset regulation. This instance, among others, fuels his campaign to encourage critical consideration of crypto policies among U.S. voters.
Also Read: Hashdex Combined Bitcoin and Ethereum ETF Acknowledged By US SEC
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Solana (SOL) has gained traction as crypto assets start the week with slight gains. A look at the market shows crypto prices attempt a breakout after previous losses. At press time, the total market cap grew to $2.31 trillion, a 2.33% increase in the last 24 hours sparking a wider bullish projection.
Assets like Solana outpaced the market in the last attempted rebound as price fluctuations continued. Today, SOL price maintains a lead in weekly gains among the top 10 assets rallying on the heels of previous inflows after two ETF applications. While bulls eye the $150 mark, bears opine that poor sentiments and volatility might make the mark unsustainable.
Solana To Climb?
Solana’s price has moved above other assets in the top 10 cryptos by market cap except for Cardano (ADA). SOL trades at $148.15, a 3.78% increase in the last 24 hours behind only ADA with a 5% rebound. The asset’s growth takes its market cap above $68.5 billion while daily trading volumes jumped a massive 45.8% to $1.89 billion.
The weekly growth of Solana points to a renewed upswing as it notched over 16% gains while monthly figures are still in the red zone. Based on recent on-chain data, market analysts have projected an upward trajectory for the asset.
At the moment, SOL is behind previously hit resistance levels after taking a tumble with the wider market. As a result, a reduced uptick was recorded in Solana meme coins and decentralized finance numbers, bearish traders argue.
Bulls Look To Spot ETF
The recent filing of spot Solana ETFs remains a major driving factor for the asset’s price. This year, ETFs have rallied the crypto market following huge institutional investments in the sector. Spot Bitcoin ETF approval in January changed the dynamics after the asset soared to an all-time high above $73,000. Ethereum products are also expected this summer which also ignited bullish activity. Solana holders point to institutional inflows as a pathway to sustained growth.
Also Read: Dogecoin Price To Attempt $2 With Memecoin Supercycle Says Analyst
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Coinbase Prime has landed a $32.5 million contract with the U.S. Marshals Service (USMS). The partnership mandates Coinbase Prime to custody and manage large-cap digital assets. This collaboration marks a critical step in utilizing blockchain technology for government asset management and reflects a strengthening trust in digital currencies’ viability and security.
Coinbase Prime Secures Major Government Contract
Coinbase Prime will offer advanced trading services and custody solutions, managing the considerable volume of digital assets seized under the US government’s forfeiture programs. The selection of Coinbase for this role followed a thorough competitive evaluation, showcasing its capability to operate securely on a large scale. The agency has emphasized the need for professional, lawful management and disposal of cryptocurrency assets, which must align with the stringent policies of the Department of Justice and USMS.
Moreover, the contract aims to enhance the efficiency of the processes involved in handling digital assets. By consolidating custody and management operations, the USMS intends to improve the administration and liquidation of these assets. The arrangement also supports the diversification of cryptocurrency types that the government can manage and dispose of, broadening the scope of its digital asset capabilities.
Also Read: Circle Bags MiCA’s E-Money License For USDC and EURC
Coinbase Sues U.S. Agencies Amid Challenges
The agreement with the USMS comes when Coinbase has faced significant scrutiny and legal challenges from U.S. regulators, including the Securities and Exchange Commission (SEC). Last year, the SEC filed a lawsuit against Coinbase for operating without proper registration, a case still progressing through the judicial system. Despite these hurdles, Coinbase continues to assert its presence in the digital asset space, recently suing several federal agencies over alleged discriminatory practices against the cryptocurrency sector.
Despite these controversies, Coinbase Prime has demonstrated robust performance in institutional trading. As of the first quarter of 2024, the platform safeguarded assets worth approximately $330 billion and recorded significant institutional trading volume. This ongoing success and the new partnership with the USMS underline growing institutional confidence in Coinbase’s capabilities and cryptocurrency’s legitimacy as a substantial asset class.
Also Read: Metaplanet Boosts Bitcoin Strategy With 10:1 Share Consolidation Amid Key Changes
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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