Solana pops after VanEck files first spot ETF application with SEC: CNBC Crypto World

Solana pops after VanEck files first spot ETF application with SEC: CNBC Crypto World

today vanc proposes a spot salana ETF coinbase sues federal agencies over their approach to crypto regulation and ahead of tonight’s presidential debate former Atlanta mayor Kesha Lance bottoms discusses the growing influence of crypto in the 2024 election welcome to cnbc’s crypto world I’m T mckel crypto prices on the rise this morning although Bitcoin held pretty steady trading around $61,500 as of noon Eastern ether climbed more than 25% to around $3,450 and salana soared nearly 8% following news that vanc filed an application for a spot salana ETF today okay let’s start with that vanc filing for our top story the asset manager filed an S1 for what would be the first salana ETF in the US in a post on X this morning Matthew seagull head of digital assets research at vanac explained why the firm filed for a spot salana ETF saying that the ethereum alternative stands out as a quote powerful and accessible blockchain software that enables greater transaction volume with minimal fees and employs a quote Advanced security mechanism that combines proof of history and proof of stake he also outlines some reasons why the firm believes Solana’s Soul token is a commodity and not a security he pointed to its decentralized nature High utility and economic feasibility saying they align with the characteristics of other established digital Commodities next 25 States settled with Aubra and its CEO over claims that it operated without Required licensing the conference of State Bank supervisors an organization that helps State Regulators oversee Financial Services announced yesterday that Abra along with affiliate companies and its CEO Bill Bary reached a settlement in an effort led by Washington State the organization says that $ 82.1 million would be paid back to customers across the 25 States and that the states agreed to forego A4 million doll penalty per jurisdiction to PRI prioritize the customer repayments we reached out to Aubra and a spokesperson said that the company is pleased to enter into a term sheet regarding the Aubra app previously offered in the US the spokesperson emphasized that since June 2023 99% of assets held by us retail customers of Abra using the Abra app have already been returned and that the company through Abra Capital Management continues to provide crypto services in the US as an SEC registered investment in fiser finally coinbase is suing the FDIC and the C over the state of crypto regulation and their alleged efforts to debank crypto startups Paul gual the crypto exchanges Chief legal officer shared the complaints on X this morning coinbase alleges that the SEC has refused to articulate a consistent or coherent view on the Securities laws application to digital assets coinbase also claims that the FDIC along with other Federal entities have tried to the digital asset industry and that the exchange wants to bring the fdic’s role in that alleged scheme to light and that same threat on X GR wall said that this is quote no way to operate a transparent government and that coinbase looks forward to the Court’s attention to these issues we’ve reached out to both agencies about these lawsuits an SEC spokesperson declined to comment and we’ve yet to hear back from the FDIC all right for our main story the first presidential debate in the 2024 election is happening tonight and crypto is increasingly becoming a sticking point for both candidates in this very tight race I spoke with Kesha Lance botoms the former mayor of Atlanta member of coinbase’s Global advisory Council and now a senior adviser for President Biden’s reelection campaign we discuss the role crypto adoption is playing in the 2024 race Kesha thank you so much for joining us today uh we have got a big debate tonight that everybody is looking forward to uh stand with crypto who had a pre-debate rally you were at last night and I do want to ask you about that in one second but they we know that they have been trying to make a crypto question a part of the debate tonight How likely do you think that is and what are your expectations so thank you for having me and I want to make it clear that I am here in my personal capacity as a member of the global Advisory Board not associated with a campaign or a candidate that being said U the event that we had on yesterday really is indicative of the cross-section of folk who are in support of crypto we had people young old uh all different races uh and it was the energy in the event was absolutely incredible you know there’s a movement behind crypto and it would not surprise me in the same way that crypto has gotten the attention of leaders in Congress and and local leaders across the country if it’s not a discussion point at the highest level more than 52 million Americans use crypto so it’s certainly on the minds of a lot of folk and um a big discussion area an area worth discussing do you see it making it uh into the debate this evening you know we we don’t have any idea what’s going to make it into the debate I think that we can all expect that there will be a crosssection um of questions I know that CNN and other outlets are giving people the opportunity to send in questions um so who who knows what will be discussed in this evening’s debate but I do think it’s worthy of discussion given the attention that fit 21 has gotten in Congress and the attention that it’s receiving from elected officials um so let’s talk a little bit more about the regulation that’s been um incredibly frustrating for the crypto industry for many years to not have um clear legislation or clear sort of rules of the road within which to operate and you know it’s a huge reason that we’ve heard so much about this election being the Bitcoin election or the crypto election um so what I guess needs to happen in order to get that regulatory Clarity and what role do you see this election playing in that well you know it’s it’s highly unusual to have an industry asking for more regulation and coin base has been a leader in this area and it’s so important because we want to make sure that we bring credibility to the industry to the extent that it needs more credibility and for lawm makers we have to make sure that what we are presenting to the public and what we’re we are considering in terms of what we put our names behind uh is something that people can feel safe using we heard from a small business owner who’s used the technology to help clear titles or or to post clear titles uh in the city of Baltimore and he’s done it around the world so I think when you have these use cases it certainly helps it helps lawmakers to know this is something that can benefit cities it can benefit counties it can benefit states that it really can make a difference in a positive way and I think once that momentum continues you’ll see more people behind it fit 21 legislation had bipartisan support which you know it’s kind of often difficult to get these days in Congress so I think the momentum is there uh we just it’s we have to continue it and and make sure that we are building on the success that we’ve already had we have of course heard uh Donald Trump make a lot of big uh very Pro Cryptor Pro crypto overtures in recent weeks uh the Biden Camp has not only been slow to match that but uh you know key Democrat like Senator Elizabeth Warren and Senator Mark Warner um you know have not been friendly historically to crypto and I know I know you said you’re here as a coinbase adviser not on either side I do want to highlight for viewers um that you did join the Biden uh campaign so in terms of this strong perception that there is that historically you know Republicans have a friendlier stance toward crypto and there’s a lot of hostility from the Democrats and yet we see bipartisan support we see a lot of progress and many of us think of crypto as a nonpartisan issue but what do you make of those contrasting perceptions between the two parties yeah you know I’ll I’ll just point out um that candidate Donald Trump has not always been in support of crypto this is this is something new and these are based on public statements that he’s made and I know that the administration is taken a very cautious look at um their stance on crypto and I would just say you know again um there’s an evolution uh when it comes to uh public officials elected officials and so whatever the position may or may not be today or is today may or may not be the position tomorrow but again when you have bipartisan support and Congress I think that goes a long way to help the industry and that’s what we’re seeing and I think it gives everyone confidence and we have bipartisan support that we’re headed in the right direction uh you mentioned the unbanked and the underbanked um I just want to highlight we heard from the Trump campaign uh they gave us a statement earlier this week they said that it is the administration that would support these emerging Technologies and serve groups like The unbanked and the underbanked uh what is your response to that and especially uh you know given the hostility that I just mentioned or the perceived hostility that I mentioned and even just this morning coinbase did accuse the FDIC and the SEC of trying to cut the crypto industry off from the banking sector in some complaints so what uh what is your response to those things you know and again I want again I have to say that this isn’t my personal capacity and not behalf on behalf of a campaign or candidate um but I I wouldn’t describe at least what what what I have learned and what I’ve seen as open hostility I think that it’s appropriate uh I think people are being cautious and I think that’s appropriate for elected officials whether you are Republican or Democrat because you have to make sure that what you’re offering to the public has the appropriate safeguards Etc but again when you have bipartisan support and you have an industry that’s asking for regulation I think that’s very helpful um because it helps everyone come to the table and make sure that that the parameters that are being put in place are going to be the appropriate parameters to give confidence in the industry and give lawmakers and elected officials the confidence they need uh to make sure that they’re saying to the public this is a safe industry and and we stand behind it by the way we also reached out to the Trump campaign for insight on the role of crypto in the upcoming election but didn’t hear back right away however earlier this week senior adviser Brian Hughes said in a statement that Trump is ready to encourage American leadership in crypto and other emerging Technologies that’s all for crypto world today we’ll be back again tomorrow and we’ll see you then [Music]

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, former Atlanta Mayor Keisha Lance Bottoms, a Coinbase Global Advisory Council member and Joe Biden campaign advisor, discusses the role crypto adoption is playing in the upcoming presidential election.

Chapters:
00:00 – CNBC Crypto World, June 27, 2024
0:23 – Solana soars
0:44 – The headlines
3:39- Keisha Lance Bottoms

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Solana pops after VanEck files first spot ETF application with SEC: CNBC Crypto World