Solana Labs dropped from Burwick Law’s Pump Fun lawsuit

Cryptocurrencies fell despite easing bond yields and reduced Fed rate hike expectations. Bitcoin (BTC) dropped 1.2% to $77,100, and Ethereum (ETH) declined 1.7% to $2,401. Overall crypto market cap fell 1.14% to $2.6T. Bitcoin Spot ETFs saw $237M outflows, while Ethereum Spot ETFs had $9M inflows.

Solana validators approved a proposal to double the network's disinflation rate, reducing future token emissions by an estimated $1.5 billion. Separately, Charles Schwab announced it will add SOL to its retail crypto trading platform, providing access to 39.9 million brokerage accounts with $13.04 trillion in assets. These developments aim to make SOL more attractive to institutional investors by tightening supply and expanding distribution.

Solana (SOL) posted its first monthly gain in about a year, closing around $103. A large investor bought $8 million worth of SOL, signaling renewed interest. Short-term price action remains volatile, with futures trading volume significantly higher than spot volume. The next direction depends on spot buying activity.

Solana's (SOL) SGP-0002 proposal, which doubles the annual reduction rate of new SOL tokens, narrowly passed with 67% support. The measure aims to reduce token issuance by about 2.6% over six years. The vote was part of a three-item package, with the other two items having mixed results. Implementation requires further technical steps.

A federal court dismissed all claims against Solana Labs, its foundation, and executives in the Pump.fun class action, while allowing racketeering allegations against Pump.fun and its operators to proceed. SOL price was around $102.33, showing minimal reaction to the news. The ruling clarifies the distinction between base-layer protocols and third-party applications.

BlackRock's iShares Bitcoin Trust ETF (IBIT) led a $217M inflow rebound in Bitcoin ETFs on Monday, reversing Friday's $202M outflows. Ether, XRP, and Solana ETFs continued their inflow streaks. Bitcoin was trading near $78,700, up 1.5% in 24 hours, according to CoinGecko.