A great week for crypto investors
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A Great Week for Crypto Investors
It’s been a great week for crypto investors.
We've seen two significant milestones: the passage of better crypto laws in the U.S. House of
Representatives, and the approval of Ethereum ETFs.
Crypto is new. The laws are old. This confuses regulators and investors alike.
For several years, we’ve been asking for “regulatory clarity,” i.e., better laws and better explanations of what's legal and illegal.
After all, if the laws are clarified, many people will build more crypto companies, which will benefit the world.
In today's column, I'll break down why FIT21 and the ETH ETFs are huge milestones for the crypto industry ... and investors like us.
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Must Read
As we covered in today's column, the SEC unexpectedly approved eight spot Ethereum ETFs from major issuers such as BlackRock, Fidelity, and Grayscale. Although you can't invest in these ETFs until they have filed their S-1s, some are already predicting ETH ETFs might accumulate $5 to $8 billion. (Hold that ETH!)
ETH Is Ready for Institutional Adoption (Bankless)
Following the approval of an Ethereum ETF, institutions are seemingly preparing to invest heavily in ETH. Some core reasons include:
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In short, Ethereum is going mainstream, with the big money about to move in. (Hold that ETH!)
What is FIT21? (X)
Also covered today, the U.S. House recently passed the Financial Innovation and Technology for the 21st Century Act (FIT21), which aims to regulate the crypto market in the U.S. We're big fans of clear regulations to bring crypto investing into the mainstream, and this is a big step forward. Now, onto the Senate!
Chart of the Day
Layer-2 solutions are crucial in the blockchain ecosystem because they address a significant hurdle for blockchains: scalability. They provide?faster transactions, an improved user experience, and the scalability needed for growth.
Base, the Layer-2 developed by Coinbase in 2023, is one of the newest players in this ecosystem. Base has quickly overtaken most L2 competitors in transaction counts, revenue, and developers.
In line with its promise to bring one billion users to the blockchain, it has also closed the gap in active daily users, though it has been eclipsed in the past month by an explosion in Arbitrum users.
zkSync Era is also worth watching, as its usage is in line with that of Base. This makes for an interesting matchup to see which L2 chain can pull ahead. (See our Investor's Guide to Layer-2s for more.)
ICYMI
Here are the crypto companies making real money.
Our updated guide to the top exchanges.
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Why memes may be sucking out the SOL.
The difference between investing in crypto vs. gambling on memes.
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Just enjooooy. (Thanks to @CryptoRelevant)