The past week saw significant developments in the cryptocurrency space, with regulatory updates and ETF news taking center stage. In the US, the Securities and Exchange Commission (SEC) filed a lawsuit against Consensys, the developer of Ethereum, over its staking and wallet services on MetaMask. This move came despite the SEC closing its investigation into Ethereum 2.0.

Meanwhile, in the European Union, the long-awaited Markets in Crypto-Assets (MiCA) regulation went live on June 30. The regulation will be phased in, with the stablecoin aspect taking effect from July. Industry leaders have expressed concerns about regulatory uncertainty in the US, while the EU's MiCA is seen as a positive step towards clarity and oversight.

In the ETF space, VanEck filed for the first-ever spot Solana ETF with the SEC, causing Solana's price to surge 8%. 21Shares also filed for a spot Solana ETF, dubbed the 21Shares Core Solana ETF. Despite market uncertainty, Bitcoin ETFs recorded mild inflows, with a cumulative net inflow of $137 million over four days.

The week also saw reports of a surge in scams within the industry, with deepfake scams increasing by 245% in 2024. Immunefi reported that scams resulted in losses of $572.7 million in Q2 2024, a 70.3% rise from the previous quarter.

In conclusion, the past week was marked by significant regulatory developments and ETF news. While the industry navigates uncertainty, the EU's MiCA regulation is a positive step towards clarity and oversight. As the space continues to evolve, it's essential to stay informed about the latest developments and trends.