Consensys says it has actively participated in the ongoing discussions regarding the potential listing and trading of the iShares Ethereum Trust on Nasdaq. This initiative is currently under the U.S. SEC's review, which specifically called for public commentary concerning Nasdaq’s application. 

Yusko’s forecast for Bitcoin is notably bullish, predicting a potential rise to $150,000 within the next year. This projection is underpinned by a mathematical model that applies Metcalfe’s Law to determine a fair current value of around $50,000 for Bitcoin.

On March 28, Tron Foundation urged a New York federal court to drop a lawsuit initiated by the U.S. SEC, arguing that the SEC is overreaching by targeting actions that primarily occurred outside the U.S.

Top stories in the Crypto Roundup today:

• Consensys Responds to SEC’s Call for Comments on BlackRock’s Spot Ethereum ETF
• Morgan Creek Capital CEO Expects Bitcoin Price to Reach $150K by Year-End
• Tron Foundation Challenges SEC Lawsuit Over Jurisdiction and Token Classification

Consensys Responds to SEC’s Call for Comments on BlackRock’s Spot Ethereum ETF

Consensys says it has actively participated in the ongoing discussions regarding the potential listing and trading of the iShares Ethereum Trust on Nasdaq. This initiative is currently under the U.S. SEC's review, which specifically called for public commentary concerning Nasdaq’s application. 

Consensys’s engagement comes in response to the SEC’s inquiry about Ethereum’s unique attributes, mainly focusing on aspects such as its proof of stake (PoS) consensus mechanism and the concentration of control, which could potentially impact its vulnerability to fraud and manipulation.

In its detailed public comment letter to the SEC, Consensys highlighted Ethereum’s PoS model, underscoring its robust anti-fraud and anti-manipulation features. They pointed out that Ethereum’s shift to PoS has enabled faster block finality, ensuring transactions are confirmed more quickly and securely compared to Bitcoin’s proof of work (PoW) system.

Consensys further elaborated on the decentralized and randomized validation process integral to Ethereum’s architecture. This design, they claim, prevents any single entity from exerting undue influence or control, thereby safeguarding against manipulation. They stressed the high cost associated with launching an attack on Ethereum’s network, which, due to its Byzantine fault tolerance, is significantly more prohibitive than for networks like Bitcoin.

Additionally, Consensys noted the environmental benefits of Ethereum’s PoS mechanism, which considerably reduces the energy consumption associated with maintaining the network, especially when compared to Bitcoin’s PoW.

Morgan Creek Capital CEO Expects Bitcoin Price to Reach $150K by Year-End

In an appearance on CNBC’s “Fast Money” on March 28, Mark Yusko, the founder and CEO of Morgan Creek Capital Management, shared his thoughts on the cryptocurrency market.

Yusko’s forecast for Bitcoin is notably bullish, predicting a potential rise to $150,000 within the next year. This projection is underpinned by a mathematical model that applies Metcalfe’s Law to determine a fair current value of around $50,000 for Bitcoin. With the imminent halving event (expected around April 20, 2024), which will reduce the reward for mining new blocks, Yusko anticipates an adjustment in Bitcoin’s fair value. 

He says that unique to this cycle is the additional transaction fees from Ordinals and inscriptions, suggesting a post-halving fair value adjustment to $75,000. Yusko believes that historical patterns post-halving indicate a surge in interest and investment, potentially driving the price to double its fair value, culminating in the $150,000 target.

According to Yusko, the upcoming halving will slash the daily supply of new coins from 900 to 450, concurrently with an anticipated increase in demand, partially driven by the US-listed spot Bitcoin ETFs. This imbalance between supply and demand is projected to escalate the price. Yusko envisions a more exponential growth towards the end of the year, with historical trends suggesting a peak around nine months post-halving, likely aligning with the holiday season.

Tron Foundation Challenges SEC Lawsuit Over Jurisdiction and Token Classification

On March 28, Tron Foundation urged a New York federal court to drop a lawsuit initiated by the U.S. SEC, arguing that the SEC is overreaching by targeting actions that primarily occurred outside the U.S. The foundation's dismissal motion highlights its stance against the SEC's global jurisdiction claims over its digital asset offerings.

The SEC's legal action against Tron, initiated last March, centers on allegations that the sale of Tron (TRX) and BitTorrent (BTT) tokens constituted unregistered securities offerings. The lawsuit also involves the BitTorrent Foundation and Rainberry Inc., both associated with Tron since their acquisition in 2018. However, Tron, headquartered in Singapore, contends that its token sales were conducted overseas, explicitly avoiding the U.S. market, thereby falling outside the SEC's regulatory scope.

Tron's defense further argues that the secondary sales of tokens on a U.S.-based platform do not warrant classification as unregistered U.S. securities, challenging the SEC's application of the Howey test for defining investment contracts. Additionally, the foundation refutes claims of manipulative market practices, such as "wash trading" by Tron's founder, Justin Sun, and the undisclosed promotion of tokens by celebrities, asserting a lack of specific facts or identifiable victims in the SEC's allegations.

The motion also criticizes the SEC for its general and unspecified claims against the defendants, including an absence of concrete allegations of fraud. Tron advocates for dismissal based on the major questions doctrine, which emphasizes the need for explicit congressional authorization for regulatory actions, a principle other crypto entities have also invoked in similar legal disputes.

The SEC is expected to respond to Tron's dismissal motion within the next two weeks.

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