Web3🌑Friday Marvels: SEC Okays Ethereum ETFs, DOGE Icon Kabosu Mourned, BTC & ETH Rally Cools, US Courts Tackle Coinbase Disputes

Welcome readers to an eventful Friday in the world of Web3! Today's highlights promise a mix of surprises, farewells, and market movements that have captured the attention of crypto enthusiasts worldwide. From unexpected shifts in SEC policy to the passing of a beloved meme icon, and the cooling of Bitcoin and Ethereum rallies post-U.S. ETF approvals, there's much to unpack. Additionally, legal disputes over Dogecoin sweepstakes on Coinbase add another layer of intrigue. Join us as we delve into the latest developments shaping the Web3 landscape, providing insights and analysis to keep you informed. Let's embark on this journey together into the dynamic realm of cryptocurrency and blockchain technology.

1. SEC's Sudden Ethereum ETF Approval Shift

The SEC has approved eight spot Ethereum ETFs, allowing ETH trading on Wall Street. This marks a significant shift following spot Bitcoin ETF approvals. The approved funds include Grayscale, Bitwise, iShares, VanEck, ARK/21, Invesco, Fidelity, and Franklin. While trading won't begin immediately, it's expected to start in a few weeks. This decision implies that ETH is not considered a security by the SEC, a win for crypto advocates. The approval follows a notable increase in spot Bitcoin ETF activity and represents a significant step forward for Ethereum in the financial market.

Ethereum ETFs Approved in Abrupt SEC Policy About-Face - Decrypt

Spot Ethereum ETFs will be traded in the United States, just months after spot Bitcoin ETFs received their own approval from the SEC.

DecryptSander Lutz

2. Farewell to DOGE Icon Kabosu at Age 18

The beloved Shiba Inu, Kabosu, known as the face of Dogecoin, passed away on May 24 at the age of 18. Her iconic meme, originating in the early 2010s, sparked the creation of Dogecoin in 2013. This cryptocurrency became the largest memecoin by market capitalization and inspired numerous dog-themed coins. In the last 24 hours, over $2.87 billion worth of Dogecoin was traded. A memorial ceremony for Kabosu will be held on Sunday at Flower Kaori in Kotsu no Mori, Narita City, from 1pm to 4pm. Kabosu's impact on the world remains immeasurable, leaving behind a lasting legacy.

DOGE meme icon Kabosu passes away at 18

Kabosu’s iconic meme led to the birth of dogecoin, the largest memecoin by market capitalization.

The Block[email protected]

3. Bitcoin, Ether Rally Dampens Post U.S. ETF Approval

BTC and ETH prices declined in the past 24 hours despite US approval for several ether ETFs. Ether fell 4% post-approval, now at $3000. Analysts attribute the sell-off to speculative reactions. The SEC cleared regulatory filings for eight ETFs but trading awaits further approval. Institutional investment influx predicted at $45 billion in the first year. Traders anticipate a 60% ETH rally in the coming months, expecting increased futures and spot buying demand.

Bitcoin, Ether Rally Cools Following U.S. Ether ETF Listing Approval

One trader said ether’s sell-off on positive news is typical “buy the rumors, sell the facts” behavior.

CoinDeskShaurya Malwa

4. US Courts Tackle Coinbase's Dogecoin Sweepstakes Disputes

The US Supreme Court has ruled on a significant legal dispute involving Coinbase's Dogecoin sweepstakes, overturning the crypto exchange's preference for arbitration. The decision establishes that district courts, not arbitrators, will handle controversies regarding Coinbase's promotional event. This ruling emerges amidst conflicting clauses in Coinbase's user agreement, where users sought court intervention while the platform favored arbitrators for financial disputes. Justice Neil Gorsuch, highlighting arbitration as a contractual matter, emphasized parties' ability to stipulate arbitrator resolution for threshold questions. The court's decision refutes Coinbase's concerns of chaos, asserting that dual contracts necessitate court determination. This legal development underscores the evolving regulatory landscape within the cryptocurrency sphere, shedding light on the intricacies of contractual agreements and jurisdictional disputes in emerging digital markets.

US courts to handle Coinbase Dogecoin sweepstakes disputes

The U.S. Supreme Court ruled that district courts, not arbitrators, have jurisdiction over disputes involving Coinbase’s Dogecoin sweepstakes.

CointelegraphArijit Sarkar

As we wrap up our exploration of today's Web3 highlights, we reflect on the dynamic nature of the cryptocurrency landscape. We anticipate what tomorrow may bring, we encourage you to stay engaged, stay informed, and continue exploring the exciting world of Web3. Remember to follow us for future updates and analysis on the latest trends shaping the crypto space. Thank you for joining us on this journey, and until next time, happy exploring in the realm of decentralized innovation!

WEB3 AI ML