A federal appeals court has delivered a stinging rebuke to the U.S. Securities and Exchange Commission’s handling of cryptocurrency regulation, intensifying the scrutiny of the agency’s approach to the space.

Cryptocurrency infrastructure services provider MoonPay has announced it acquired Solana-powered cryptocurrency payments processor Helio for a reported $175 million.

Switzerland-based cryptocurrency banking group Sygnum has reached a valuation of more than $1 billion, achieving “unicorn” status after securing $58 million in a strategic growth funding round.

Top stories in the Crypto Roundup today:

• Federal Court Delivers Stinging Rebuke to SEC's Crypto Regulation Approach
• MoonPay Acquires Solana-Powered Crypto Payments Processor Helio for $175 Million
• Sygnum Reaches Unicorn Status After $58 Million Funding Round

Federal Court Delivers Stinging Rebuke to SEC's Crypto Regulation Approach

A federal appeals court has delivered a stinging rebuke to the U.S. Securities and Exchange Commission’s handling of cryptocurrency regulation, intensifying the scrutiny of the agency’s approach to the space.

In a new ruling, a three-judge panel of the U.S. Court of Appeals for the Third Circuit partially sided with Coinbase in its effort to compel the SEC to establish clear rules governing how crypto assets are classified as securities.

The court ordered the regulator to thoroughly “explain itself” for its refusal to create rules for the cryptocurrency space. The ruling called the SEC’s actions “arbitrary and capricious.”

The ruling marks the second legal setback for the regulation in a Coinbase-related case, with a federal court last week granting Coinbase’s request to expedite a key legal question in a separate enforcement action to an appeals court.

The court’s decision also raised questions on the SEC’s role in relegating emerging technologies, with Judge Stephanos Bibas suggesting that the regulator “has sidestepped the rule making process by pursuing a de facto ban through enforcement instead.”

MoonPay Acquires Solana-Powered Crypto Payments Processor Helio for $175 Million

Cryptocurrency infrastructure services provider MoonPay has announced it acquired Solana-powered cryptocurrency payments processor Helio for a reported $175 million.

The Miami-based company noted the acquisition is meant to bolster its trading and marketplace volume by using Helio’s technology. In a statement, MoonPay’s co-founder and CEO Ivan Soto-Wright said that it’s an important move in advancing the firm’s vision for the future of payments.

Helio, a London-based startup founded in 2022, facilitates payment processing in various cryptocurrencies including BTC, ETH, SOL, and USDC. The company has reportedly processed over $1.5 billion in transactions and has integrations with platforms including Discord, WooCommerce, and Shopify.

The firm now supports more than 6,000 merchants and one million users, while MoonPay’s user base exceeds 20 million.

Sygnum Reaches Unicorn Status After $58 Million Funding Round

Switzerland-based cryptocurrency banking group Sygnum has reached a valuation of more than $1 billion, achieving “unicorn” status after securing $58 million in a strategic growth funding round.

The funding round, which the firm said was oversubscribed, will support Sygnum’s expansion into the European Economic Area, as well as the establishment of a regulated presence in Hong Kong.

The firm also plans on developing new Bitcoin-focused products and pursuing strategic acquisitions. Fulgur Ventures, known for investment in prominent blockchain companies like Blockstream, was a key investor in the funding round.

Sygnum cited substantial business growth last year as a key factor driving investor interest, with the company having reported a surge of over 1,000% year-over-year in total trades. Its volume was boosted by its collaboration with state-owned Swiss bank PostFinance.

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