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Today's the big day! Today marks a key date for the spot Ethereum ETF approval process as the SEC is set to decide on VanEck’s application, the first among several similar applications. Analysts' approval odds have increased to 75% from 25%. Investors expect spot Ethereum ETFs will open the floodgates to billions of dollars in inflows from institutional investors, which is why ETH has been rallying.

ETH ETF approval odds have increased as crypto has turned increasingly political. The latest example is that the White House has backed down on threats that it may veto the Financial Innovation and Technology for the 21st Century Act (FIT21) after the landmark bill passed through the House of Representatives.

In other news, EtherFi aims to disrupt the booming Ethereum restaking sector the launch of its forthcoming credit card. Also, the crypto community is torn over two key members of the Ethereum Foundation taking on hefty paid advisorships at EigenLayer.

✍️ In today’s newsletter:

ETH ETF approval deadline
EtherFi’s restaking-powered credit card
Whitehouse won’t veto FIT21 bill
Community debates Ethereum Foundation member advising EigenLayer
Near to foster user-owned AI
Xapo supports Lightning Network deposits
Robinhood expands on-chain offerings
Miladys buck Ethereum NFT downtrend
Crypto rally pauses amid Fed meeting

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📈 Markets in the last 24 hrs:

	Ticker	Value	24h

Ticker	Value	24h
Bitcoin	$69,6115.07	%
Ethereum	$3,613 17.64	%
Gold	1st Future$2,434 0.90	%
S&P 500	5308.13 0.09	%
Arch Web	32.41 11.34	%
Learn more about Arch Indices ,[object Object]		%

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✅ Ethereum ETF Approval: Here's What You Need to Know About Today's Deadline

Today, May 23, is a key date for the spot Ethereum ETF approval process as the SEC is set to decide on VanEck’s spot Ethereum ETF application. The SEC only decides on Form 19b-4 today, while the S-1 form may take additional time. The expectation is that if the U.S. securities regulator approves the VanEck product, it will approve the other petitions. There’s also the expectation that ETH ETF fund flows will push up the ETH price.

💳EtherFi Unveils Plans For Credit Card Tied To Restaking Holdings

EtherFi has announced plans to launch a Visa credit card integrated with a mobile wallet. The forthcoming product will allow restakers to make debit or credit payments leveraging their restaking portfolio.

🏛️White House Said It Will Not Veto Crypto Bill in Major Industry Win

The Biden administration announced it will not veto the crypto market structure bill, FIT21, which was passed by the U.S. House of Representatives. Instead, the White House said it is “eager to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets, building on existing authorities.”

💔Community Erupts as Key Players From Ethereum Foundation Become Advisors to Eigenlayer

Dankrad Feist and Justin Drake, two prominent members of the Ethereum Foundation, are catching flak for taking multimillion-dollar advisory deals with EigenLayer, the pioneering restaking protocol. Many onlookers doubt the pair can maintain neutrality when holding the positions, but not everyone is upset.

🤖️NEAR to Focus on User-Owned AI

Near, the Layer 1 blockchain, has launched an initiative to incubate and invest in native AI infrastructure. Near initially launched as an AI project and is now looking to foster synergies between the nascent sector and distributed ledger technology.

⛽Robinhood Taps 0x For Gasless Swaps On Arbitrum

Robinhood, the popular retail trading platform, is deepening its support for on-chain finance by tapping 0x for gasless swaps on Arbitrum. The move follows Robinhood first introducing support for Arbitrum-based trading in February.

⚡Xapo Launches Lightning Network Deposits Amid Growing Adoption In Key Latin Markets

Growing Latin American adoption of Lightning Network has prompted Xapo to introduce support for BTC deposits via the Bitcoin Layer 2. Lightning payments from Xapo customers jumped 44% from February through March, with Argentina and Brazil accounting for 43% of the total.

⬆️Milady NFTs Soar Amid NFT Market Volatility

The floor price of Milady Maker NFTs jumped 35% over the course of a few hours. The move comes despite many Ethereum NFT collections suffering heavy drawdowns as Blur’s third airdrop season winds down.

🎢Crypto Markets Consolidate Ahead of Fed Minutes

Leading digital assets are trending sideways after the bullish start to the week triggered by renewed spot Ether ETF bullishness. The pause in volatility coincides with the Federal Reserve’s latest policy meeting.

🌍 ELSEWHERE

H.K. May Allow Ether ETF Staking, Setting It Apart From US (Bloomberg)
Grayscale Launches Trusts for Bitcoin Layer-2 Stacks, Near Protocol (Decrypt)
Fantom developers introduce foundation for Sonic, close $10 million strategic round (The Block)
Exploiter Returns Stolen Funds After Gala Games Froze $180 Million (Unchained)