May 23: FIT-21 Passes! ETH ETF Today?
Trump not first to accept crypto
Today’s the day. Are we going to get a spot Ethereum ETF? There's more good news on the crypto front as well. I'm Matt Diemer, and this is your Daily Crypto News!
First off, the United States House of Representatives voted to approve the Financial Innovation and Technology Act for the 21st Century with a vote of 279 to 136. A surprising 71 Democrats joined 208 Republicans in favor of the bill. Congressman Josh Gottheimer from New Jersey emphasized the need for clear regulatory guidelines, describing the bill as well-reasoned, thoughtful, and bipartisan.
Despite opposition from influential Democrats like Maxine Waters, the significant Democratic support indicates a shift in attitude towards the crypto industry. Notably, no Democrats from Ohio supported the bill, likely due to political considerations involving Senator Brown's stance against the legislation.
Now, the big question: will the Ethereum ETF be approved today? The SEC must make a decision, and sources suggest they are warming up to the idea. BlackRock, Grayscale, and Bitwise have updated their 19B forms, particularly regarding provisions for staking ETH, to align with SEC requirements. These last-minute updates hint at a possible approval. However, until it’s officially done, we can only speculate.
In other news, the Federal Communications Commission (FCC) has proposed new rules requiring the disclosure of AI usage in political ads. This follows an incident where an AI-generated robocall targeted voters in New Hampshire. The FCC aims to enhance transparency in elections by ensuring consumers are informed when AI tools are used in political ads.
Interestingly, I was mentioned in an article regarding AI in political campaigns. Using AI tools allows me to engage with voters more effectively, offering another layer of interaction beyond traditional methods like blogs, emails, and social media.
On the legal front, the government is seeking a five to seven-year sentence for former FTX executive Ryan Salame, who pleaded guilty to campaign finance violations and operating an unlicensed money-transmitting business. Salame’s actions funneled over $100 million in illegal contributions to support FTX’s legislative priorities. His sentencing is scheduled for May 28th.
Other notable headlines include Bitcoin potentially coming to MetaMask next month and clarifying that RFK Jr., not Trump, was the first presidential candidate to accept crypto donations.
Now, let’s check out the latest crypto prices as of 9:27 AM Eastern Time:
- Bitcoin: $69,263 (down 0.8% in 24 hours)
- Ethereum: $3,834 (up 3.7% in 24 hours, 29% in 7 days)
- Binance: $603 (down almost 2% in 24 hours)
- Solana: $172 (down almost 3% in 24 hours)
Total market cap stands at $2.59 trillion, with Bitcoin dominance at 52.9% and Ethereum dominance at 17.9%.
That’s our show for today. Until tomorrow, where Sarah will host with an Asia focus, happy hodling!
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News Links 👇
https://decrypt.co/232007/ethereum-etf-approval-likely-according-to-sources-close-to-sec-report
https://decrypt.co/231974/political-ads-using-ai-must-be-labeled-fcc-chair-says
https://blockworks.co/news/former-ftx-exec-ryan-salame-sentencing
https://clerk.house.gov/Votes/2024226
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***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST EDUCATION & ENTERTAINMENT!