Markets
Here’s What Happened to Crypto Today — TradingView News
The United States Securities and Exchange Commission (SEC) has filed a lawsuit against MetaMask developer Consensys. New data from Santiment suggests that the price of Bitcoin may be about to wake up from its bearish slumber, and the US cryptocurrency industry is breaking down 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 operates an unregistered broker-dealer and sells unregistered securities through its MetaMask platform.
In its complaint, the SEC alleges that Consensys collected more than $250 million in brokerage fees through MetaMask despite failing to obtain proper registration. The regulator is seeking a permanent injunction, civil penalties and other relief against the company for its alleged violation of securities laws.
“Since January 2023, Consensys has been involved in the unregistered offer and sale of securities in the form of crypto asset staking programs and has acted as an unregistered broker-dealer, through its MetaMask Stake service,” the regulator said. broker, Consensys has collected more than $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. Cointelegraph
This isn’t the first time the SEC has gone after staking services. In February, it reached a $30 million settlement with cryptocurrency 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 actions. 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 through litigation.”
Bitcoin’s declining social sentiment could signal a market bottom
The recent bearish market turbulence has dampened the previously high levels of bullish commentary and euphoria surrounding the price of Bitcoin, which could indicate a potential market bottom.
Data from cryptocurrency analytics firm Santiment shows Bitcoin is on the rise 
The price of BTC has been trading sideways since the Bitcoin halving in April.
Data from Santiment indicates that traders’ sentiment was more optimistic in early April, before the Bitcoin halving.
However, over the past three months, optimism has gradually faded as traders have lost confidence in the markets due to Bitcoin’s failure to reach new all-time highs.
On the other hand, bearish sentiment from the crowd also declined during the same period, but not as drastically as bullish sentiment. Santiment said the decline in traders’ euphoria around Bitcoin is a potential sign of a bottom.
Crypto watchers eye US 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 the nominations to represent their party, polls overwhelmingly suggest that the 2024 presidential election will be a rematch between Biden and Trump.
Crypto has become a hot-button issue for both nominees, with Trump emerging as the pro-Bitcoin candidate despite being hostile to digital assets during his term. Meanwhile, Biden has taken several anti-crypto actions during his term, though the tide appears to be turning among Democrats.
“While it’s unlikely that the moderators will address cryptocurrency in this first debate, they certainly should,” Moe Vela, a former aide to then-Vice President Biden, told Cointelegraph. “Not only is cryptocurrency 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 depend on the crypto community.”
Additional reporting by Felix Ng, Sam Bourgi and Geraint Price.