Hot Projects
SEC Files Suit Against Consensys for Unregistered MetaMask Brokera… | EVM News
YEREVAN (CoinChapter.com) — The United States Securities and Exchange Commission (SEC) has filed a suit against Consensys, the parent company of MetaMask. The complaint, filed on June 28, alleges that the company has been operating as an unregistered broker and offering unregistered securities through MetaMask Swaps since 2020.
SEC Accuses Consensys of $250M Unregistered Crypto Transactions
The suit filed by the SEC claims Consensys has collected over $250 million in fees from brokering crypto transactions and providing staking services without proper registration. The regulator argues these actions deprived investors of essential protections. The SEC seeks a permanent injunction, civil penalties, and other equitable relief against Consensys for these alleged violations.
The complaint states that since January 2023, Consensys has offered unregistered securities through MetaMask Staking.
The United States Securities and Exchange Commission (SEC) asserts that Consensys has been involved in the sale of securities for Lido and Rocket Pool, acting as an underwriter. The regulator claims that Consensys played a significant role in their distribution.
“Consensys has offered and sold tens of thousands of securities for two issuers: Lido and Rocket Pool. By this conduct, Consensys acts as an underwriter of those securities and participates in the key points of their distribution,”
reads the filing.
In response, Consensys argues that the SEC lacks the authority to regulate software interfaces like MetaMask. The company had previously sued the SEC in April after receiving a Wells notice, challenging the potential classification of Ether (ETH) and related staking services as securities.
“The SEC has been pursuing an anti-crypto agenda led by enforcement actions. This is just the latest example of its effort to redefine well-established legal standards and expand the SEC’s jurisdiction via lawsuit,”
Consensys stated.
The SEC’s complaint classifies staking programs offered by Lido and Rocket Pool as investment contracts. It claims that investors are placing Ether into a common enterprise with an expectation of profits. The SEC argues that neither Lido nor Rocket Pool has filed a registration statement, making these staking programs unregistered securities.
SEC Tightens Grip on Crypto Staking with Kraken and Coinbase Cases
This lawsuit is part of the SEC’s efforts to regulate staking services. In February, Kraken settled with the SEC for $30 million and closed its staking services for U.S. clients.
Coinbase is also disputing the SEC’s claims regarding its staking services in court.
Staking involves locking cryptocurrencies in a digital wallet to support a blockchain network’s security and operations. Validators confirm transactions and create new blocks based on their staked amount, earning rewards in return. The SEC argues these rewards should be regulated as securities.
Hot Projects
Pump.fun Revenue Surpasses $50 Million | EVM News
YEREVAN (CoinChapter.com) — Pump.fun’s cumulative revenue has crossed $50 million. The Solana-based memecoin launchpad is noted for its ease of use and Solana’s low transaction fees. According to DefiLlama data, Pump.fun generated over $598,000 in revenue within the past 24 hours.
Pump.fun’s Memecoin Launch and Continued User Engagement
Pump.fun has helped launch over 1.18 million memecoins. The platform’s popularity grew amid the recent meme-token boom, resulting in the creation of various political-themed cryptocurrencies, celebrity tokens, and more. Data from Dune Analytics confirms the high volume of memecoins deployed via Pump.fun.
Recent unfavorable market conditions have caused a dip in daily fees. However, Pump.fun still shows significant user engagement and economic activity on the Solana network.
Pump.fun Boosts Solana’s Economy Amid Rising Competition
The substantial fees generated by Pump.fun and the large number of tokens deployed have brought considerable economic activity to Solana. The platform maintains high user interest and drives transactions.
Dexscreener, a crypto data aggregator, launched a rival memecoin launchpad named Moonshot. Also based on Solana, Moonshot accumulated nearly $500,000 in revenue during its debut week, according to DefiLlama data. This new competitor adds another layer to the growing memecoin market on Solana.
Pump.fun’s Revenue Model and Celebrity Impact on Solana
Pump.fun charges a 1% fee on trades and a two SOL fee when tokens gain enough liquidity to list on Raydium, a decentralized exchange on the Solana blockchain. This revenue model has significantly boosted user engagement and transaction activity within the Solana ecosystem.
Celebrity involvement has also contributed to Pump.fun’s growth. Last month, Caitlyn Jenner launched her token, JENNER, on the platform and heavily promoted it. The token’s value quickly rose to $43.6 million after the launch but has since dropped by over 85%.
Key Numbers and Facts
- Pump.fun’s cumulative revenue: $50 million+
- Memecoins launched: 1.18 million+
- Recent 24-hour revenue: $598,000+
- Moonshot’s debut week revenue: $500,000
Hot Projects
Real Bedford Football Club Signs 5-Year Bitcoin Sponsorship with W… | EVM News
YEREVAN (CoinChapter.com) — Crypto exchange Gemini and Real Bedford football club, co-owned by Peter McCormack, have signed a five-year sponsorship deal. The deal, announced on Monday, aims to support the club’s success and create new opportunities for locals. It will be paid in Bitcoin.
Winklevoss Capital, owned by Gemini founders Tyler and Cameron Winklevoss, made a $4.5 million investment in the football club in April. The new sponsorship is in addition to the previous investment. The April investment made the Winklevoss twins co-owners of the club alongside McCormack. McCormack bought the club in 2022.
Company Logo to Feature on Jerseys in New Deal
A Gemini spokesperson explained that both the team’s jerseys and the pitch will feature Gemini’s logo as part of the sponsorship deal. Gemini has sponsored the club since 2022. The value of the new deal was not disclosed.
Real Bedford’s integration of Bitcoin into its operations stands out. Players are able to receive payments in cryptocurrency, and fans can buy tickets and merchandise using Bitcoin. This integration has led to a +62% return, strengthening the club’s financial position.
Real Bedford’s Bitcoin Strategy Secures 62% Return
Real Bedford football club holds its treasury in Bitcoin. The five-year sponsorship deal will be paid directly into this Bitcoin treasury. This strategy safeguards the club’s savings and investments against high inflation. The football club plans to use the sponsorship funds to build a new training center and launch a youth football academy for underprivileged children in Bedford, England.
“By integrating Bitcoin into our treasury, we have achieved a +62% return,”
McCormack said. This return has helped protect the club’s cost base against inflation. Bitcoin is a key part of its financial strategy.
“I want to extend a massive thank you to Gemini for renewing their sponsorship agreement with Real Bedford for another five years.
McCormack commented
The sponsorship deal will provide significant support to children in Bedford. For example, the new training center and youth football academy are significant steps forward for the area. They will provide better opportunities for underprivileged children in Bedford, where McCormack lives.
Hot Projects
Web3-Friendly Lampu Festival in Bali Uses NFT Tickets and Crypto P… | EVM News
Key Takeaways:
- Web3-Friendly Lampu festival used NFT ticketing for secure entry, reducing fraud.
- Payment options included traditional methods and USD Coin (USDC).
- Belong provided a branded platform with event schedules and real-time updates.
YEREVAN (CoinChapter.com) — The Lampu festival in Bali, inspired by the world-famous Burning Man, integrated Web3 technologies for its 2024 event. Held from Feb. 29 to March 3, the festival welcomed over 1,000 attendees who experienced NFT ticketing and crypto payments.
Lampu Festival Implements NFT Ticketing for Secure Entry
NFT ticketing was a feature of the Lampu festival. Each ticket, a unique digital asset stored on a blockchain, ensured authenticity and ownership. This method reduced fraud and improved operations for the organizers. Unlike traditional tickets, NFT tickets provided a secure method of entry, eliminating the risks of counterfeiting or loss.
Belong’s platform offered multiple ticket price tiers. After successful payment, users received their tickets in NFT form. The transaction ID was available on Etherscan, and the NFT was visible on the OpenSea platform. Gasless minting allowed payments with USDC without needing other cryptocurrencies like Polygon (MATIC) or Ether (ETH). Festivalgoers then scanned their QR code on the same platform to enter the event.
Jay, Belong’s founder, stated,
“Our goal is not only to provide software but also to enhance engagement and create meaningful connections within communities.”
Payment Options at Lampu Festival
The festival’s payment options included both traditional methods and USD Coin (USDC), a stablecoin pegged to the U.S. dollar. Community owners received payments in USDC, simplifying the financial transactions.
Visitors to the Lampu festival could choose from Apple Pay, Google Pay, and Web3 wallets, providing a variety of payment options to suit different preferences. This flexibility ensured that both tech-savvy attendees and those less familiar with cryptocurrency could easily participate.
Belong’s platform developed a Lampu-branded landing page for the event. This page included event schedules, community links, and real-time updates. It was designed to be accessible to a diverse audience, including those unfamiliar with Web3 technologies.
-
Latest News3 months ago
Crypto New Media Decrypt Warns Against $Decrypt Token Airdrop Scam | EVM News
-
Latest News4 months ago
Ceτi AI Announces Successful Launch Of Revolutionary Decentralized AI Infrastructure Token | EVM News
-
Hot Projects4 months ago
Fetch AI Outshines in AI Token Dominated Gainers but This New AI A… | EVM News
-
Latest News4 months ago
Bitcoin Dogs Sets A New Standard In Crypto Amidst Bitcoin Surge | EVM News
-
Latest News3 months ago
Japanese Telecom Companies Jump Into Crypto Sector, Plans To Launch Crypto Wallet | EVM News
-
Latest News2 months ago
BC.GAME Secures New Curacao LOK License, Enhancing Legal Compliance And Global Reach | EVM News
-
Latest News1 month ago
Telegram Founder Receives Donations In Notcoin Worth $7 Million, Rising Appeal For New Memecoin | EVM News
-
Hot Projects2 months ago
Dogecoin is Severely Underperforming New Memecoins This Year — Sho… | EVM News