Want to know what made crypto happen today? Here are the daily events and trends that affect the price of Bitcoin, blockchain, DeFi, NFTs, Web3, and crypto law.
In its case against crypto exchange Binance, the US Securities and Exchange Commission (SEC) has dropped its request for a court to label coins like Solana (SOL), Cardano (ADA), Polygon (MATIC), and others as securities.
The SEC replied to the court’s order from July 9, 2024, on July 30. In the filing, the SEC said it wants to change its complaint about the “Third Party Crypto Asset Securities” mentioned in its response to Binance’s dismissal motion. With this change, the SEC will no longer ask the court to decide if the tokens are stocks.
The SEC said early on in its case against Binance that several coins, including BNB, Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA), Axie Infinity (AXS), and Coti (COTI), were stocks.The US government sent $2 billion worth of bitcoin to the Silk Road 48 hours after Trump said he would keep them in stock.
Even though Donald Trump said the US would never sell Bitcoin two days before, the government used Bitcoin to send $2 billion. Trump said in a speech in Nashville that he would make the US the “crypto capital of the world” and make crypto-friendly laws, such as firing Gary Gensler, currently chair of the SEC.
Arkham Intelligence, a blockchain analytics tool, showed that on July 29, the US government-linked Bitcoin wallet sent $2 billion in Bitcoin to an unknown wallet address. This wallet held the Bitcoin from the Silk Road dark web market in 2022.
Crypto Deal Insights $2B Transfer, Pump.fun Leads
People in the crypto community were suspicious of the sudden move, but several experts pointed to a deal made on July 1 between Coinbase and the US Marshals Service. Coinbase was told by this deal to “protect” US Government crypto holdings.
Solana tool for memecoins On July 29, Pump. fun reached a new milestone by making more money in 24 hours than Ethereum. By comparison, DefiLlama data showed that Pump. fun made about $974,000 in 24 hours, while Ethereum only made $550,000.
This isn’t the first time Pump. Fun has done better than Ethereum. On June 30, its daily revenue hit almost $2 million, barely beating Ethereum.
Because of the memecoin craze earlier this year, Solana memecoins are now worth an amazing $53 billion on the market. The value of the dog-themed Bonk (BONK) memecoin has grown by over 8,000% in the past year, now worth more than $1 billion.
