SEC Eases Stance on Crypto Staking, Dismisses Binance Lawsuit

The past week in the crypto world was marked by significant regulatory shifts and strategic business moves. The U.S. Securities and Exchange Commission (SEC) eased its stance on staking activities, stating that staking on Proof-of-Stake networks does not constitute securities transactions. This move is seen as a positive step towards clarifying the regulatory environment for crypto staking, which has been a contentious issue for some time.

In another major development, the SEC officially dismissed its lawsuit against Binance, concluding one of the most high-profile regulatory cases in the crypto industry's recent history. This decision is likely to have far-reaching implications for the industry, as it signals a potential shift in the regulatory approach towards crypto exchanges.

El Salvador made headlines by challenging the International Monetary Fund’s (IMF) stance on cryptocurrency acquisitions, making a fresh Bitcoin purchase shortly after concluding a key review tied to its $1.4 billion loan agreement. This move underscores El Salvador's commitment to Bitcoin as a national currency, despite ongoing debates about its economic viability.

In the realm of business, 21Shares filed an application to launch a spot Dogecoin exchange-traded fund (ETF) in the United States. This development is significant as it represents a growing interest in crypto-backed financial products and could pave the way for more mainstream adoption of cryptocurrencies.

Global asset management giant BlackRock is reportedly preparing to acquire a 10% stake in Circle’s upcoming initial public offering (IPO). This strategic move by BlackRock further solidifies the company's entry into the digital asset sector, highlighting the increasing institutional interest in cryptocurrencies.

Christopher Giancarlo, the former chairman of the U.S. Commodity Futures Trading Commission (CFTC), joined Sygnum, the Swiss-based crypto bank, as a senior policy advisor. This appointment is expected to bring valuable regulatory insights and expertise to Sygnum, further strengthening its position in the crypto banking sector.

In the Web3 space, several innovations and expansions were announced. Bubblemaps V2, an onchain intelligence layer and InfoFi platform, was opened to the public. RZTO, a Solana-based utility token, aims to revolutionize the global telecom sector with its Web3 capabilities. Sonic SVM, the first chain-extension platform on Solana, continued to witness impressive growth metrics following a successful mainnet launch and developer hackathon.

Meta exchanges (MEXs) are transforming crypto trading by aggregating liquidity, minimizing slippage, and optimizing trade routes across centralized and decentralized platforms. Platforms like SwissBorg are leading the charge with real-time price updates, MEV protection, and seamless multi-chain swaps.

Caladan, a leading crypto market-making and trading firm primarily based in Asia, announced its expansion to the U.S. market, accompanied by the opening of a representative office in New York City. This move is expected to enhance Caladan's global presence and strengthen its market-making capabilities in the U.S.

In regulatory news from other regions, the Indian government plans to release a cryptocurrency policy paper in June 2025, following recent Supreme Court questioning of the government’s failure to regulate the industry. Thailand’s Securities and Exchange Commission announced it would ban five cryptocurrency exchanges from operating locally from June 28, 2025. The banned exchanges include Bybit, OKX, 1000X, CoinEx, and XT Crypto.

Reform UK leader Nigel Farage announced that his party will begin accepting political donations in Bitcoin and other cryptocurrencies, marking a first for a British political party. This move is seen as a step towards embracing digital currencies in the political sphere.

The SEC has progressed WisdomTree’s application for a spot XRP exchange-traded fund (ETF) to a formal review stage, following the conclusion of the public comment period. This development is significant as it could pave the way for more crypto ETFs in the U.S. market.

U.S. federal prosecutors formally charged Jeremy Jordan-Jones, the self-described founder of purported blockchain startup Amalgam, for his alleged role in a multi-million-dollar fraud scheme. This case highlights the ongoing efforts to combat fraud and ensure the integrity of the crypto industry.