VanEck, among the first issuers of spot Bitcoin exchange-traded funds (ETFs) in the United States, has filed with the Securities and Exchange Commission (SEC) to launch a new spot Solana ETF.

A research firm working with the Nasdaq-listed cryptocurrency exchange Coinbase has sued the SEC and the Federal Deposit Insurance Corporation (FDIC) for failing to release documents requested under the Freedom of Information Act (FOIA).

Cryptocurrency exchange Coinbase and payments giant Stripe announced a collaboration focusing on integrating the USDC stablecoin into both companies' platforms to boost its adoption and “provide faster, cheaper financial infrastructure.”

Top stories in the Crypto Roundup today:

• VanEck Files to Launch Spot Solana ETF
• Coinbase Partner Sues SEC and FDIC Over Withheld Crypto Documents
• Coinbase Partners with Stripe to Boost USDC Onboarding on Base
• Crypto Market Movers – JASMY, TON, XMR

VanEck Files to Launch Spot Solana ETF

VanEck, among the first issuers of spot Bitcoin exchange-traded funds (ETFs) in the United States, has filed with the Securities and Exchange Commission (SEC) to launch a new spot Solana ETF.

The filing, announced on social media by Matthew Sigel, VanEck's head of digital assets research, proposes the creation of the VanEck Solana Trust, which would be the first-ever spot Solana ETF in the United States.

Sigel wrote in a post that VanEck believes SOL is a commodity, saying it “functions similarly to other digital commodities such as Bitcoin and Ether,” as it is “utilized to pay for transaction fees and computational services on the blockchain.”

If approved by the SEC, the VanEck Solana Trust would trade on the Cboe BZX Exchange with the goal of mirroring the price performance of Solana, minus operating expenses.

Its shares would be valued daily using the MarketVector Solana Benchmark Rate index, which is calculated based on the prices of five leading SOL trading platforms as determined by the industry-leading CCData Centralized Exchange Benchmark report.

Coinbase Partner Sues SEC and FDIC Over Withheld Crypto Documents

A research firm working with the Nasdaq-listed cryptocurrency exchange Coinbase has sued the SEC and the Federal Deposit Insurance Corporation (FDIC) for failing to release documents requested under the Freedom of Information Act (FOIA).

History Associates Inc., acting on behalf of Coinbase, alleges the regulators improperly denied requests for documents that could clarify their stances on cryptocurrencies. Coinbase is seeking written communications from three closed investigations the SEC conducted on how the regulator worked out what cryptocurrencies it sees as securities.

At the FDIC Coinbase is seeking copies of "pause letters" the FDIC's inspector general said were sent to banks, urging them to restrict crypto-related activities, while also seeking documents tied to two previously settled cases to “shed light on how the SEC views its newfound, sweeping (and unlawful) authority.”

The regulator denied requests for information on these cases under the Freedom of Information Act’s “exemption 7A,” which refers to protection against revealing matters that could undermine its law enforcement efforts.

History Associates argues that the FDIC’s letters asking banks to pause crypto-related business “are part of a deliberate and concerted effort by the FDIC and other financial regulators to pressure financial institutions into cutting off digital-asset firms from the banking system."

Coinbase Partners with Stripe to Boost USDC Onboarding on Base

Cryptocurrency exchange Coinbase and payments giant Stripe announced a collaboration focusing on integrating the USDC stablecoin into both companies' platforms to boost its adoption and “provide faster, cheaper financial infrastructure.”

Under the agreement, Stripe is adding support for USDC on Coinbase’s Layer-2 scaling solution Base to their crypto payouts product, and to their fiat-to-crypto onramp, which allows customers in the US to convert fiat currency to crypto.

Coinbase, in turn, will integrate Stripe's fiat-to-crypto on-ramp service into its Coinbase Wallet, allowing users on both platforms to seamlessly purchase USDC using credit cards and Apple Pay.

The collaboration marks Stripe's renewed push into cryptocurrency after previously halting Bitcoin payments in 2018. This time, the focus is on USDC, as back in April it announced its merchants would be able to accept the stablecoin as a payment method.

Crypto Market Movers – JASMY, TON, XMR

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

JasmyCoin (JASMY) - JasmyCoin is a cryptocurrency based on the ERC 20 standard. It is designed to be used for transferring tokens as a proof of value exchange or payment for services by individuals and businesses. The vision behind JasmyCoin is to build an economic community where data is treated as a personal asset, and the value of this data is returned to the individual who owns it. 

The Open Network (TON) –  The Open Network is a decentralized blockchain platform initially developed by the team behind Telegram. It features a scalable architecture capable of handling millions of transactions per second through the use of sharding, where the network is divided into smaller, interconnected pieces. TON includes various components such as the TON Blockchain, TON DNS, TON Storage, and more, enabling a wide range of decentralized applications and services.

Monero (XMR) - Monero is a secure, private, untraceable digital currency, and a form of decentralized cryptocurrency that is based on cryptographically secure technology. It utilizes a combination of ring signatures, ring confidential transactions and stealth addresses to protect sender and receiver privacy, and employs a proof-of-work consensus algorithm to ensure the security of the network. XMR is listed on a variety of cryptocurrency exchanges and is accepted by many merchants and services.

State of the Crypto by Top Tier Exchange Volume

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