🪙 ETH 'bucking' crypto market downturn thanks to spot ether ETF excitement, analysts say

Ether is the winner among losers in the crypto market downturn, buoyed by excitement for spot ether exchange-traded funds (ETFs).  After the Securities and Exchange Commission approved eight spot ether ETFs Thursday, ether traded at $3,815, having increased 2.12% in the past 24 hours as of 5:19 p.m. ET (21:19 UTC). Conversely, bitcoin's price declined 2.35% in the same period to trade at $67,540, according to The Block prices. 

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🏦 Coinbase CEO Brian Armstrong says FIT21 can 'finally' create clear crypto regulation

Coinbase CEO Brian Armstrong commented on the House of Representatives vote on FIT21, or the Financial Innovation and Technology for the 21st Century Act, on the social media platform X. Armstrong called it a "historic vote," adding that it will "finally start to create some clear rules to regulate crypto" if passed into law.

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🪙 CryptoQuant warns of Ethereum price correction, volatility if ETF approvals waver

On-chain analytics firm CryptoQuant warned that ETH prices could fluctuate if pending spot Ethereum ETFs encounter uncertainties. It warned that ETH could undergo a “significant price correction” if the SEC denies ETH ETF applications or delays the approval process. Furthermore, high exchange flows could produce ETH price volatility in the coming days. Amid rumors of pending spot ETH ETF approvals, exchange flows reached 62,000 ETH, the highest since March.

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🪙 Grayscale removes staking proposal from its spot Ethereum ETF filing

Grayscale Investments dropped its staking proposal in its proposed spot ether exchange-traded fund, according to an amended preliminary proxy statement. In a previous filing, Grayscale had proposed to investors the ability to stake ether through the trust. That language was not in an amendment preliminary proxy statement filed on Tuesday for the Grayscale Ethereum  Trust.

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📣 Sei Foundation proposes version 2 network upgrade to bring EVM compatibility

The Sei Foundation announced Monday that it has initiated a governance proposal to upgrade the Sei Layer 1 blockchain to version 2.  This proposed upgrade, to be implemented by Sei Labs, will introduce a high-performance, parallelized Ethereum Virtual Machine (EVM) aimed at enhancing the network’s capabilities. If the governance proposal is approved, the network upgrade will take place a week later.

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🇺🇸 US Congress Passes First Standalone Crypto Legislation

The U.S. Congress has passed its first standalone crypto legislation, which aims to overturn the controversial U.S. Securities and Exchange Commission (SEC)’s SAB 121 rules regarding crypto assets. However, President Joe Biden has threatened to veto this decision, citing concerns about financial stability and market uncertainty.

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🇨🇳 Chinese Police Raids Illegal $1.9B USDT Banking Operation: Report

The Chinese police forces have burst a large underground banking operation using the popular stablecoin Tether (USDT) to facilitate transfers of up to 13.8 billion yuan ($1.9 billion). According to a report from local media house Weixin, the Public Security Bureau of Chengdu Municipal arrested 193 suspects linked to the case and froze 149 million yuan ($20.6 million) after raiding the operation’s location.

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🪙 Coinbase expects 30% to 40% chance of spot ETH ETF approval by month-end

Crypto exchange Coinbase believes the odds of the SEC approving spot Ethereum ETFs by the end of the month stand between 30% to 40%. In a May 15 report, Coinbase Institutional Research Analyst David Han asserted that the main factor that led the SEC to approve spot Bitcoin ETFs — the correlation between CME futures product and spot exchange rates — could also lead it to approve spot Ethereum ETFs.

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💰 Senator Lummis Posts Bitcoin Laser Eyes After Passed Crypto Legislation

U.S. Senator Cynthia Lummis recently posted “Bitcoin laser eyes” on X, showing her support for laws supporting the cryptocurrency. U.S. Senator Cynthia Lummis, representing Wyoming, is well-known for her advocacy of Bitcoin. She views the asset as a dependable store of value and a safeguard against inflation. Serving on the Senate Banking Committee, she aims to enforce a regulatory framework that fosters crypto innovation while safeguarding consumers.

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Sketch commission done for Jykinturah

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