On May 23, the US House of Representatives voted to prohibit the Federal Reserve from developing or launching a government digital currency pegged to the dollar. 🚫

• The bill proposed by Republicans aims to protect the privacy of American currency.
• Central bank digital currencies (CBDCs) are a digital form of a country's national currency, regulated by the country's central bank.
• A proposal to completely ban CBDC has gained support in the House of Representatives.
• Amendments were passed to restrict the Federal Reserve from conducting CBDC pilot and research programs.

Support for the CBDC bill was a double win for cryptocurrency in Washington.

Crypto exchange Coinbase lost its Supreme Court case over the 2021 Dogecoin sweepstakes. Users claimed they were duped into paying $100 to enter a sweepstakes with prizes of up to $1.2 million in DOGE. The court unanimously voted against Coinbase, saying the court, not the arbitrator must decide where to send the dispute 🏛️ Following the news, Coinbase (COIN) shares fell by more than 3.5%.

Cryptocurrency exchange Coinbase has resumed trading of XRP in New York State after being suspended in 2021. 🔄 Coinbase General Counsel, Paul Grewal, announced the availability of XRP for trading in the state. "We heard you and worked through this in close partnership with the state," Grewal said.

XRP trading was suspended in January 2021 following an SEC lawsuit against the company. The price of XRP jumped following Grewal's announcement, but then fell back to just under $0.53. According to CoinMarketCap, the price of XRP is now down 1.3%, although trading volume has increased by 31%, exceeding $1.7 billion in the last 24 hours.

"IOG head Charles Hoskinson called Bitcoin a 'religion' and unsustainable. He stated that the crypto industry no longer needs Bitcoin to survive. Hoskinson pointed to Bitcoin's lack of adaptability and its dependence on proof of work as the reason for the threat. While Cardano's use of the mechanism proof-of-stake consensus, seeks to solve scalability and sustainability issues 📉#cryptocurrency#bitcoin #cardano"

Trading firm QCP Capital forecasts a potential 60% rise in Ethereum price to $6,000 if the ETF is approved. The forecast is based on the results of the Bitcoin ETF approved in January. The SEC will decide the fate of Ethereum ETF applications from VanEck and Ark Invest on Thursday and Friday. Other applicants, including Invesco, Fidelity, BlackRock, Grayscale, Franklin Templeton and Bitwise, amended their statements. "All eyes are on the ETF timing for ETH. We think approval is now very likely, with trading expected as early as next week," QCP said in a statement. 😮

"The DFINITY Foundation, known for its work on the Internet Computer blockchain, announced the launch of EVM RPC and a new stablecoin, ckUSDC. These innovations are aimed at improving interoperability between different blockchains and expanding the capabilities of the decentralized financial system (defi). The new DFINITY product simplifies the development of multi-chain decentralized applications (dApps), allowing direct interaction with blockchains such as Optimism, Arbitrum and Base. DFINITY also introduced ckUSDC, a stablecoin directly pegged to USDC and integrated into the Internet Computer network.

"Grayscale Investments continues to expand its cryptocurrency lineup despite SEC Chairman Gary Gensler's assertion that most cryptocurrencies are securities. The company has launched two new cryptocurrency trusts, offering limited investments in the Bitcoin layer-2 Stacks (STX) network and the altcoin Near Protocol blockchain. (NEAR) 📈.
At the same time, Grayscale is seeking approval to list an ETF on Ethereum (ETH), following the successful conversion of its GBTC product from a trust to an exchange-traded fund. Despite the political obstacles, observers are optimistic about the bid's success. However, the commission's classification of ETH remains controversial."

📉 American lawmakers are calling on the SEC to approve Ethereum ETFs. Most, including Tom Emmer and New Jersey Democrat Josh Gottheimer, sent a letter to SEC Chairman Gary Gensler. They argue that this will provide investors with regulated, transparent and secure access to cryptocurrency.

Recent legislative actions, such as approval of the Financial Innovation and Technology 21st Century Act (FIT21), may speed up the ETF approval process.

The letter also mentions “other digital assets,” suggesting ETF applications for other cryptocurrencies may be possible.

Analysts believe Solana (SOL) could be the next ETF candidate if Ethereum is approved.

The SEC's decision is expected to be announced Thursday at 4:00 pm EST.

🔔 In an exclusive interview with crypto.news, Jason Denis, CEO and co-founder of Credbull, discusses the impact of real-world asset (RWA) tokenization on the financial world.

- RWA tokenization is becoming one of the main trends of 2024, promising to democratize traditional finance.
- A new generation of assets moving to blockchain platforms promises more accessible, real-time transactions with low fees, free of traditional intermediaries.
“However, improved liquidity and a larger investor base introduce various challenges with regard to regulatory compliance.
- Denis sees RWA tokenization as a transformative force, advocating for a strong regulatory framework to unlock its full potential.

More details: https://crypto.news/messari-rwa-markets-tvl-approached-8b/

"The TAO token of the Bittensor project, specializing in decentralized AI, grew by 13% in a day. The reason, according to rumors, was Grayscale's intention to register a new trust tracking this token. 🚀 At the moment, there is no confirmation in SEC filings. However, TAO became the best asset in the top 100 on CoinGecko, surpassing even popular meme tokens. At the same time, the Bittensor team continues to develop, collaborating with the Blockchain Insights project and joining the Llama 3 API beta of the Akash network."

The UK is preparing for its first election in 5 years, which could change cryptocurrency policy. 🗳️ Prime Minister Rishi Sunak announced an election on July 4, sparking discussion about possible policy changes, including the crypto market.

Under the Conservative government, the UK has maintained a neutral stance towards cryptocurrencies. However, regulation has pushed some major cryptocurrency companies away from the UK.

How the situation will develop is unknown. The Labor Party has not yet made public statements about its crypto policy, but some of its members have already expressed skepticism towards the industry.

The market reaction to the possible coming to power of the Labor Party may be mixed. Increased regulatory scrutiny could deter institutional investors, moving the country away from large cryptocurrency businesses.

With growing global interest in AI, blockchain platform Fetch.ai (FET) is seeing impressive progress in partnerships and price growth. FET has increased by 465% since the beginning of the year, thanks to interest in AI projects. 📈 FET price forecasts for 2024, 2025 and 2030 are positive, but analysts warn of a possible correction after such a sharp rise. The platform uses AI agents to make decisions without human intervention.

A court in Nigeria postponed the hearing of a tax evasion case against crypto exchange Binance until June 14 due to the absence of Tigran Gambaryan, head of Binance's financial crime department. 🏛️ It is unclear why Gambaryan was not represented at the hearing. Binance and its executives are accused of four counts of tax evasion.

With Ethereum (ETH) exchange fund approval expectations looming in the spot market, traders are betting big on ETH over Bitcoin (BTC). 📈 A report from CryptoQuant shows that the ETH-BTC open interest ratio has increased from 0.54 to 0.67 over the week. This suggests that traders expect more benefits from Ethereum. Demand for Ethereum has also increased among “Regular Holders”. These addresses accumulated over 100,000 ETH on May 20, a record high since September 2023. However, despite the increase in accumulation and interest, incoming Ethereum flows into exchanges reached 62,000 tokens on May 20th. Most of the assets went to the Binance and Bybit crypto exchanges.

"The Asian Cryptocurrency Commission (ACC) is actively working to create a safe and transparent environment between brokers and investors. It offers broker certification, dispute resolution and compensation services. 📜 Today, the ACC has already resolved 308 disputes between brokers and investors. The main condition before contacting the ACC is direct communication between the parties to the conflict. If dialogue does not bring results, ACC comes into play."

"The Rise and Fall of Cryptocurrency: Dogwifhat (WIF) Loses Bullish Momentum in Q2 2024 and Toncoin (TON) Begins Its Journey to Dominance, Unlocking New TVL Level. But Investors Say New AI-Driven Tokens Like Borroe Finance (ROE) will be the main news in 2024 📉

WIF saw a double-digit price drop in the third week of May, and TON, despite the positive development of the ecosystem, turned bearish in the third week of May.

While ROE is preparing for its first airdrop and, according to experts, promises huge returns for investors in 2024."

Cryptocurrencies remain stable despite US stocks falling due to the possibility of tight monetary policy. 📉 The US Federal Reserve doubts the need to cut rates, despite positive inflation data. BTC, up 65% year to date, continues to assert its status as an inflation hedge, while the S&P 500 is up just 11.9%. Experts suggest that the cryptocurrency will continue to grow despite economic policies.

Gala Games' token, GALA, was the top gainer on Wednesday after the return of funds from a recent security incident and a proposal to burn them for the stability of the token. 📈

The team noticed a suspicious transfer of $200 million worth of GALA tokens, but after 45 minutes all tokens in the unauthorized wallet were frozen.

The organization proposed burning 4.4 billion GALA tokens, as well as 600 million from the central Gala treasury, to ensure the stability of the ecosystem.

According to CoinMarketCap, the price of GALA rose 20.6% to a peak of $0.04969.

Nansen analyst shared his view on the recent rally in the cryptocurrency market, which wiped out almost $300 million in short positions, contributing to a significant recovery in prices. 📈

On May 21, the total capitalization of the cryptocurrency market increased by hundreds of billions in a few hours. This was preceded by an increase in demand for Bitcoin (BTC), as 11 US spot BTC ETFs saw outflows of more than $950 million.

According to analyst Nansen, the key factor was the approval of spot Ethereum (ETH) ETFs, which unexpectedly boosted market sentiment.

“The approval of the ETH ETF was fully heeded and positively surprised the markets,” the analyst explained.

Despite progress, the process may be gradual.

At the time of publication, market prices have stabilized after a two-day explosion that took BTC above $70,000 and ETH above $3,700. The total capitalization of the cryptocurrency market hovers around $2.7 trillion.

"WienerAI, a new memecoin combining AI and cryptocurrency, is attracting the attention of crypto traders. The project, which is in pre-sale, has already raised over $2.5 million, indicating growing investor interest. 🚀 While memecoins such as Pepe , continue to dominate, AI cryptocurrencies such as Render and Bittensor are creating unique measures that enhance AI capabilities. WienerAI is building a unique trading bot that seeks out the best trading opportunities in the market. The combination of AI and memecoins promises great opportunities."