Despite claiming he wouldn’t, late on Friday night President Biden vetoed the FIT21 bill that we told you about two weeks ago, which was going to give the CTFC regulatory oversight over crypto as opposed to the SEC. This move came as no surprise to those locked in to the political realm and will likely lead to fierce debates during the upcoming Presidential election.

In general the market has been relatively stable with any gains in our tracked coins going to Bitcoin this week as the altcoin market remains somewhat subdued.

In other news this week, the Metal DAO proposal to launch Ionic Protocol on Metal L2 closed with a 100% yes vote at 4.61% quorum in favor of the launch.

Every week there is an exciting new development from the Metal L2 camp and this week is no exception with a proposal from Biconomy to deploy their Account Abstraction stack on the Layer-2. This would bring gas-less transactions, transaction batching, multichain signatures, session keys and more to Metal L2 allowing developers to utilize these smart contracts to offer services related to ERC-4337. You can read more about this potential partnership and vote on the proposal here.

If you are a MTL holder you should read the official migration guide here to ensure you will receive the airdrop of the new MTL v2 token on 26 June. By holding your tokens in Metal Pay or the WebAuth Wallet by 24 June you can ensure you will receive the airdrop.