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U.S. securities regulators continue their anti-crypto offensive but crypto is fighting back. Consensys, the web3 technology firm from Ethereum co-founder Joseph Lubin, is suing the SEC, arguing the agency is illegitimately seeking to designate ETH as a security. The lawsuit comes after the builders of MetaMask received a Wells Notice from the regulatory agency, just as Uniswap got one two weeks ago (the DEX also said it’s prepared to fight).

In other big news, Stripe will integrate crypto right on the payments flow used in about one-third of online purchases, including from Google, Apple, Lyft and Walmart.

Also, the circulating supply of Ether jumped to a six-week high, keeping gas prices low, even as on-chain activity in the broader Ethereum ecosystem trends higher (the key here are Layer 2s). Renzo revised the terms of its airdrop, the CryptoPunk NFT collection clocked its fourth-largest sale at $12M as Bitcoin memorabilia also fetched millions, and Franklin Templeton enabled share transfers for its on-chain money fund.

✍️ In today’s newsletter:

Consensys seeks court verdict on ETH classification
Ether supply inflates
Renzo ups airdrop allocation
CryptoPunk sells for $12M
Franklin Templeton launches BENJI transfers
Stripe jumps back on crypto bandwagon
Collectors spend millions on Bitcoin collectibles

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Ticker	Value	24h
Bitcoin	$64,080	-3.50 %
Ethereum	$3,132	-2.72 %
Gold	1st Future$2,325	-0.14 %
S&P 500	5071.63 0.02	%
Arch Web	32.12	-5.08 %
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🥊Consensys Sues SEC In Bid To ‘Defend Ethereum’

Consensys has filed a lawsuit against the SEC in a bid to achieve a court ruling decreeing Ether is not a security. “Our action today is intended to protect the Ethereum ecosystem as well as the entirety of the extended decentralized protocol ecosystem.” said the firm’s founder Joseph Lubin. The move also follows Consensys receiving a Well Notice from the SEC, which typically precedes formal legal action.

🎈Ether Inflates After Gas Fees Plummet

Ethereum’s circulating supply has inflated by more than 15,000 Ether since April 14 amid persistently low gas fees and burn rate. The move followed the network’s burn mechanism reducing Ether’s supply by 204,350.5 ETH from the start of November until early April.

🪂Renzo Updates Airdrop Terms After Explosive ezETH Depeg

Renzo increased the airdrop allocation for its upcoming REZ token by 2% for Season 1 ezPoints holders. The move follows pushback from the Renzo community over the drop’s initial terms. Combined with misinformation circulating on social media, the drama culminated in a violent depeg for Renzo’s LRT ezETH earlier in the week.

💰Punk 635 Sold for $12M in 4th-Highest CryptoPunk Sale Ever

The fourth-largest CryptoPunk trade was recorded on April 25, with Punk 635 fetching 4,000 ETH worth more than $12 million. CryptoPunks remains the top NFT collection by market cap, with a floor price of $118,557 equating to a whopping $1.18 billion capitalization.

💵Franklin Templeton Enables P2P Transfers for BENJI Fund

Franklin Templeton, an investment firm boasting $1.6 billion in assets under management, enabled peer-to-peer transfers for shares in its $380 million OnChain U.S. Government Money Fund. The firm is increasingly engaging with the crypto sector, having launched a spot Bitcoin ETF in January.

👀Payments Giant Stripe Adds Crypto Again Starting With USDC

Stripe, a payments processor worth $65 billion, is enabling USDC payments via Ethereum, Solana, and Polygon in the firm’s latest foray into crypto. Stripe introduced support for Bitcoin in 2014 before reversing course in 2018. The company also introduced Polygon-based payments in 2022.

🔨Bitcoiners Spend Millions On ‘Buy Bitcoin’ Sign and First Sat Of Halving Block

Crypto collectors are willing to shell out millions for Bitcoin memorabilia. A piece of paper reading “Buy Bitcoin” that was cheekily displayed behind the former Federal Reserve chair, Janet Yellen, during a House Financial Services Committee hearing in 2017 fetched $1.03 million at auction. The first satoshi minted amid Bitcoin’s recent halving was similarly sold to a bidder for $2.1 million.

🌍 ELSEWHERE

Runes generate over $135 million in fees in first week on Bitcoin network (The Block)
Pantera bought more Solana tokens from FTX’s bankruptcy auction (CryptoSlate)
UK Law Enforcement Agencies Can Now Seize Crypto More Easily as New Rules Take Effect (CoinDesk)
Michael Saylor’s Bitcoin Strategy May Be on the Verge of Paying Even More Dividends for MicroStrategy (Unchained)