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Ethereum ETF and FIT21 Get Greenlight, PEPE Leads Meme Coins
As another week comes to a close in the cryptocurrency industry, the market has been a hotbed of attention-grabbing developments. The long-awaited Ethereum spot ETFs have received the green light from the US Securities and Exchange Commission (SEC) and the first major cryptocurrency law, FIT21, was also passed this week. As a testament to the market volatility, Bitcoin, Ethereum and other cryptocurrencies have experienced mixed price trends. Meanwhile, Pepe coin (PEPE) has emerged as a trending topic in the crypto community.
Here is a collection of some of this week’s biggest headlines, which appear to have sparked a wave of discussion in the global crypto community.
Ethereum Spot ETF Approved
Marking a landmark event in the US crypto landscape, the SEC gave the green light to 8 spot ETH ETFs via an omnibus order this week. These ETH ETF including VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy and Bitwise.
However, contrary to the surge in BTC price after the ETF’s approval, The price of ETH the action witnessed some turbulence. This has sparked a whirlwind of speculation about ETH’s future price action.
FIT21 Crypto Bill Gets Authorized
Additionally, the U.S. House passed the FIT21 (Financial Innovation and Technology for the 21st Century Act) bill this week, marking the first step toward a nationwide regulatory framework for digital assets. Cryptocurrency law clarifies that digital assets sold under an investment contract do not necessarily classify the asset as a security just because it is sold or transferred within that investment contract.
In particular, this has emerged as a potential game changer for the Ripple against the US SEC lawsuit, while the broader community continues to speculate on the cryptocurrency law’s impact on ETH’s status as a security lawsuit.
Also, XRP whales has shuffled nearly 300 million coins over the course of this legal development.
Read also: 3 Dog-Themed Meme Coins to Buy Amid Dogecoin Bullish Projections
PEPE leads the meme coin industry
While Pepe coin, a renowned cryptocurrency with frog-themed memes, has grown phenomenally amid the broader market turmoil. Scaling multiple new ATHs, the frog-themed token led the memetic currency industry in delivering returns to investors.
In particular, PEPPER It also topped the Internet Computer Protocol (ICP) this week to secure 20th place in the global market capitalization rankings, although it slipped to 21st place shortly thereafter. Furthermore, its most recent ATH is $0.00001577.
Read also: Coinbase and SEC File Stipulation and Proposed Protective Order