An absolute action packed week in crypto as the House Passed the FIT21 Bill on Wednesday to provide legal clarity around cryptocurrency with a two thirds majority voting in favor. The bill received almost unanimous support from Republicans, along with 71 additional votes from Democrats bringing the total to 279 ‘yay’ vs 137 ‘nay’. This bill gives the CFTC, who are far less hostile towards crypto than the SEC, unprecedented power to regulate crypto as a spot commodity which falls outside of its usual job of regulating commodity derivatives. 

Hot off the heels of the FIT21 Bill were rumors of the much anticipated Ethereum ETF approvals, and within 24 hours we were treated to the news that up to 8 ETFs from the likes of Grayscale, VanEck, Fidelity, Franklin and more were given the go ahead, pending approval of the S-1 docs which could take a few weeks.

This week the biggest gainers are being led by Ethereum (ETH) with the largest daily candle in its trading history, up more than 20% in a single day.

Last week, we told you that Metal L2 (MTL) is joining the Optimism Superchain. Velodrome, the largest Optimism DEX and Liquidity Layer of the Superchain, has announced their intention to launch on Metal L2. They submitted a proposal requesting MTL incentives to bootstrap deep liquidity pools. If you are a MTL holder, voting is still open so please review the proposal and cast your vote here.

Finally, it is with deep regret that we must announce the passing of Kabosu, the shiba inu dog which inspired the ‘doge’ meme and became the face of Dogecoin. She is forever in our hearts and will live on through the meme.

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