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🎯Weekly Recap: SEC Sets Sights On Liquid Staking Sector

Happy weekend Defiers!

The U.S. Securities and Exchange Commission has filed a lawsuit against Consensys for facilitating access to Lido and Rocket Pool. The complaint alleges that the liquid staking protocols operate in violation of securities laws.

The move comes weeks after the SEC dropped its investigation into whether Ethereum is a security. It also coincides with the U.S. Department of Justice ruling that a crypto asset comprises a security for the first time.

SOL enjoyed a bullish week after VanEck filed for a spot Solana ETF. However, the fund’s chances of approval could be low, with ongoing SEC lawsuits alleging that SOL is a security asset. The Solana ecosystem also celebrated the testnet deployment of ZK Compression and the mainnet launch of Actions and Blinks this past week.

SOL’s performance bucked the crypto meta-trend, with only 30 of the top 100 digital assets posting gains of more than 1% this week. The crypto markets retreated in response to news that Mt. Gox would begin distributing 142,000 Bitcoins to creditors next week and failed to rebound despite inflation easing in the U.S.

Airdrop season continues. Blast dropped 17% of the supply for its long-awaited token to early adopters at a $420 million market cap before pulling back 15%.

A fresh round of incentives on Scroll propelled the Layer 2’s TVL above $800 million, positioning it as the eighth-largest L2. Zeta also distributed 10% of its ZEX token to users, with 30% earmarked for future incentives.

Meanwhile, declining activity amid the end of Blur’s Season 3 incentives led to OpenSea reemerging as the top NFT marketplace by volume. The NFT markets are struggling despite OpenSea’s resurgence, inspiring Mark Cuban to try and offload $100,000 worth of non-fungible tokens.

Drama continues to hang over CertiK after the controversial security auditor was outed for siphoning $3 million from Kraken and seeking to leverage the funds to negotiate a bounty. Researchers allege that a CertiK-linked platform is front-running bug bounties, while security experts are questioning the rigor of CertiK’s audits.

Plus, Stripe and Coinbase partner up, Arbitrum DAO plots RWA investments, Republican Congressman advocates for tax payments in BTC, and the crypto community celebrates Julian Assange’s release.

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