Crypto Weekly Recap: ETH Spot ETF Approved; Uniswap Vows to Fight SEC; Trump Accepts Crypto Donations; and More (May 19–25, 2024)
This week was a mixed bag for the crypto world. On the bright side, the price of Ethereum-based memecoin Pepe reached new heights, and Ethereum itself saw a significant jump following the long-awaited approval of spot Ether ETFs in the US.
However, the crypto community mourned the loss of Kabosu, the Shiba Inu dog who became an internet sensation as the face of the “Doge” meme and inspired the Dogecoin memecoin. Kabosu passed away peacefully at an estimated age of 18.
Despite the somber news, the overall crypto market experienced a positive swing, with Bitcoin surpassing $71,000. We’ll dive deeper into six intriguing developments you might have missed this week.
For transparent and decentralized crypto trading and to list your crypto token for free, don’t forget to visit our website and follow Melega Finance (@melegaexchange) on Twitter for more on all things cryptocurrency.
TOP CRYPTO NEWS RECAP (May 19–May 25, 2024)
- SEC Approves Spot Ether ETFs, Paving Way for Broader Crypto Adoption
- Vitalik Buterin Proposes Solutions for Ethereum’s MEV Problem
- Trump Campaign to Accept Cryptocurrency Donations
- US House Passes FIT21 Crypto Bill with Bipartisan Support
- Uniswap Vows to Fight SEC Wells Notice, Supports Pro-Crypto Legislation
- Gala Games CEO Cites Internal Control Failures for $23M Token Exploit
SEC Approves Spot Ether ETFs, Paving Way for Broader Crypto Adoption
The U.S. Securities and Exchange Commission (SEC) has approved multiple spot Ether ETFs, marking a significant milestone in cryptocurrency regulation. Unlike spot Bitcoin ETFs, which required a vote from the SEC’s five-member committee, spot Ether ETFs were approved by the Trading and Markets Division.
Major firms, including VanEck, BlackRock, and Fidelity, received the green light for their ETF proposals. Despite this approval, these ETFs must still have their S-1 registration statements signed off by the SEC before trading can commence. This decision follows recent legislative moves aimed at clarifying crypto regulations.
Vitalik Buterin Proposes Solutions for Ethereum’s MEV Problem
On May 17, Ethereum co-founder Vitalik Buterin proposed several solutions to tackle miner-extracted value (MEV), where block producers manipulate transaction orders for profit, causing network congestion and high gas fees.
Buterin suggested a combination of MEV quarantining, MEV minimization, inclusion lists, and lowering node requirements. MEV minimization aims to limit information accessible to MEV developers, while quarantining separates transaction validation from block content selection. Inclusion lists ensure all transactions are included in blocks. These measures aim to preserve Ethereum’s decentralization and trust.
Trump Campaign to Accept Cryptocurrency Donations
Former President Donald Trump announced that his 2024 presidential campaign will accept cryptocurrency donations. His campaign launched a fundraising page on May 21, allowing contributions through Coinbase Commerce in various cryptocurrencies, including Bitcoin, Ether, and Dogecoin.
This move comes as Trump remains the presumptive Republican nominee and prepares for potential debates with President Joe Biden, the likely Democratic nominee. Despite this crypto-friendly fundraising approach, Trump’s campaign platform does not explicitly address digital assets or blockchain technology.
US House Passes FIT21 Crypto Bill with Bipartisan Support
The U.S. House of Representatives approved the Financial Innovation and Technology for the 21st Century (FIT21) Act to provide regulatory clarity over digital assets. The bill passed with a 279 to 136 vote and received support from 71 Democrats and 208 Republicans. If enacted, it would define the roles of the SEC and CFTC in regulating digital assets.
While proponents argue it promotes innovation, opponents, including Representative Maxine Waters, warn it could lead to deregulation and potential financial instability. The Senate will now consider the bill.
Uniswap Vows to Fight SEC Wells Notice, Supports Pro-Crypto Legislation
Uniswap Labs, the developer behind the Uniswap decentralized exchange, has vowed to contest a Wells notice issued by the SEC, which suggests potential enforcement action. Uniswap criticized the SEC’s legal stance as “weak” and expressed readiness to defend itself in court.
The firm highlighted its legal team’s success in previous cases against the SEC. Uniswap also backed the Financial Innovation and Technology for the 21st Century Act, a bill that could shift crypto regulation from the SEC to the CFTC, potentially nullifying the SEC’s case.
Gala Games CEO Cites Internal Control Failures for $23M Token Exploit
Gala Games CEO Eric Schiermeyer confirmed a security breach that led to the unauthorized sale of 600 million GALA tokens worth $23 million. Schiermeyer blamed “messed up” internal controls for the incident. The breach also involved the effective burn of 4.4 billion tokens. Despite the compromise, Gala’s Ethereum contract remained secure.
The company collaborates with the FBI and other authorities to investigate the incident. The security breach caused a significant drop in GALA’s value, which has since partially recovered. However, the attacker returned $22 million in Ether after a few days of the incident.
NEWS FROM MELEGASWAP
Melega (Marco) Burn Event Completed
We are excited to announce that we have successfully completed the BURN EVENT for 10 million $MARCO tokens on the BNB Chain, which is approximately worth $500,000. This event is part of an important development underway on the MelegaSwap Platform, expanding to multiple chains. The $MARCO token will be launched in the next few days on the BASE chain. Here’s the transaction hash.
MARCO Presale Started on Base Chain
We are excited to announce the PRESALE of $MARCO on BASE CHAIN, which started on May 23, 2024, on GemPad. MELEGA (MARCO) is the flagship utility token of MelegaSwap, the rapidly growing black AMM DEX on the BNB Smart Chain that is now expanding on the BASE Chain. The soft cap was smashed and doubled in seconds.
PLUNZ (PLZ) Farm & Pool Listed on MelegaSwap
Introducing PLUNZ, the meme token with a twist! Fronted by a quirky blue sewer rat with braces, PLUNZ offers a unique staking model rewarding holders with USDT. Perfectly balanced tokenomics and a total community-driven approach ensure engaging and lucrative participation.
BOOTYCOIN (BUTT) Farm & Pool Listed on MelegaSwap
BOOTYCOIN is a simple, hyper-deflationary, and low-tax reflection token. The contract is renounced with a locked LP until the year 2100.
BabyFox (BABYFOX) Farm & Pool Listed on MelegaSwap
BABYFOX is a memecoin dedicated to its community; our objective is to put the community at the heart of the project at the center of power and decisions, all this in total transparency with these investors. Utility NFTs, which will give the right to make decisions + an annual return, will be released at the beginning of June, a multichain swap (fox swap) auto burn at the end of June, and later in the coming months, we will work on a play to earn, a staking platform and a metaverse. our goal beyond crypto is to take the BABYFOX brand beyond the world of cryptocurrency
Risk warning: Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.
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