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CSC registers 'Fidelity Solana Fund' statutory trust in possible step towards ETF filing

The NFT market has continued its downward trend despite minimal crypto price recovery, with Bitcoin nudging up to $84,000 and Ethereum holding steady at $1,900. The global crypto market cap has moved up to $2.77 trillion from last week’s $2.73 trillion. According to CryptoSlam data, NFT sales volume has fallen to $100.9 million, marking a 5.34% decline from the previous week. Despite the sales drop, market participation metrics show strong growth in both buyers and sellers. The weekly metrics reveal: Ethereum ( ETH ) NFT sales continued to struggle with a 13.03% drop to $27.7 million. However, buyer numbers grew 42.17% to 44,850. As per the data, wash trading decreased 6.53% to $2.8 million. Bitcoin ( BTC ) faced an even steeper decline of 30.69% to $16.3 million, though it maintained second place overall. The network saw buyer participation rise 63.67% to 31,251. Mythos Chain moved in the opposite direction with a modest 3.12% gain to $15.6 million, holding third place. Polygon ( POL ) fell 5.81% to $13.3 million in fourth position, while Solana ( SOL ) saw a 5.25% drop to $9.4 million, rounding out the top five. Courtyard maintained its leading position with $11.5 million in sales, though it was down 6.95%. The Polygon-based project saw transaction volume grow by 4.76% to 100,285. DMarket climbed to second place with $10.4 million, up 4.44% and keeping strong volume with 333,211 transactions. Guild of Guardians Heroes held steady in third with $5.6 million, posting impressive growth of 159.46%. Good Vibes Club remained fourth with $4.0 million, up 264.67%, while BRC-20 NFTs continued to lose ground in fifth with $3.2 million, falling 43.57%. CryptoPunks dropped to sixth place with $2.6 million, down 15.52%. Notable sales this week included:

Ripple has submitted a formal response to the U.S. SEC Crypto Task Force, urging the agency to clarify its approach to digital asset regulation. In a letter addressed to Commissioner Hester Peirce, Ripple criticized the SEC’s past leadership for creating confusion and called for a return to straightforward, lawful guidance. Stuart Alderoty, Ripple’s Chief Legal Officer, shared the document on X, emphasizing the need for regulatory relief. He referenced the Bob Dylan lyric, “There’s too much confusion, I can’t get no relief,” arguing that the previous SEC administration used this uncertainty to justify enforcement actions against crypto companies. Ripple asserts that the SEC oversteps its authority over most digital assets, arguing they don’t meet the legal definition of securities. The company maintains that it is Congress, not the SEC, that should establish rules for the crypto market. The response strongly urges the SEC to offer clear and straightforward guidance rather than continue its “regulation by enforcement” approach. Ripple also highlights the negative market impact of SEC enforcement actions. It points to the 2020 lawsuit against Ripple, which led to a 70% drop in XRP’s price, wiping out $15 billion in market value. Following the lawsuit, many cryptocurrency exchanges delisted XRP, restricting access for U.S. investors. Ripple notes that similar price declines occurred with Solana, Cardano, and Polygon after the SEC took action against major crypto exchanges. Related: Ripple’s SEC Victory: Appeal Dropped, But SEC Silence Leaves “Officially Over?” Question Hanging Ripple’s letter implores the SEC to use the original Howey Test to define securities. This test requires an investment contract where profits are clearly expected to come from the efforts of a central party. Ripple argues that many digital assets, including XRP, do not fit this definition. The letter also tackles the issue of staking and yield-generating crypto services. Ripple contends that returns generated by blockchain protocols should not be classified as securities, as these returns don’t involve a central issuer making specific investment promises. Ripple supports Commissioner Peirce’s Safe Harbor proposal, which would give blockchain projects with a grace period to develop and become more decentralized before facing the full weight of securities laws. The company also advocates for regulatory sandboxes—controlled environments where crypto firms can test innovations under limited oversight. Ripple points to countries like the UK, EU, and Singapore who have successfully implemented similar frameworks. Related: Swift and Ripple in the News: Did a Premature Announcement Cause a “Hack” Claim? Notably, Ripple plans to submit further responses to the SEC, particularly on custody-related issues. The company continues to push for legislative action, arguing that clear rules from Congress are the best path forward for the crypto industry. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Raydium, the well-established decentralized exchange (DEX) on the Solana blockchain, is set to directly compete with the meme coin launchpad Pump.fun by launching its own platform called LaunchLab . This announcement comes just days after Pump.fun, which recently launched its own DEX, PumpSwap, is facing a revenue dip and increased competition in the Solana ecosystem. Pump.fun has been having mixed success lately. While it attracted millions of users and generated over $600 million in revenue, most of the 8.7 million tokens created have lost value. Only four have maintained a market capitalization above $100 million. In response to a nearly 60% drop in monthly revenue, is why Pump.fun had launched PumpSwap. Since its debut in January 2024, Pump.fun has attracted a large number of users eager to easily create their own meme coins. The platform allows anyone with a Solana wallet to generate tokens without needing any coding skills. While Pump.fun has generated over $600 million in revenue, the majority of the tokens created have either lost their value or completely disappeared from the market. Currently, only four tokens from the initial launch have a market cap exceeding $100 million, highlighting the inherent volatility within the meme coin market. To address the recent drop in revenue, Pump.fun launched PumpSwap , a native decentralized exchange built directly on the Solana blockchain. The primary goal of this new platform is to speed up the token launch process by eliminating the previous reliance on liquidity pools on Raydium. Related: Pump.fun: Here’s Why We Launched Our Own DEX, PumpSwap Now, tokens are launched immediately after their bonding curve is complete, and migrations happen instantly without any fees. This change addresses a previous pain point where the platform charged a 6 SOL migration fee, which was considered a barrier by many users. PumpSwap operates with a fee structure similar to other decentralized exchanges, charging a 0.25% fee on each trade. Of this fee, 0.20% is allocated to liquidity providers, while the remaining 0.05% goes to the Pump.fun protocol itself. Beyond the fee structure, Pump.fun has emphasized security, with PumpSwap undergoing nine independent audits. The platform also has plans to further open-source the program code to enhance both transparency and security for its users. Related: Pump.fun Token Graduation Rate Plunge: Is the Platform in Trouble? The launch of PumpSwap occurs at a time when the competition within the Solana memecoin ecosystem is becoming increasingly fierce. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Curious what the market’s watching? 👀 BitDegree’s top trending cryptos are in 👇 1. Pi $PI 2. Bitcoin $BTC 3. Ethereum $ETH 4. XRP $XRP 5. Solana $SOL 6. Gunstar Metaverse $GSTS 7. BNB $BNB 8. Dogecoin $DOGE 9. WETH $WETH 10. X $X