The Defiant

Together with

GM Defiers!

The SEC’s landmark preliminary approval of spot Ether ETFs is dominating crypto headlines. While the U.S. securities regulator still needs to approve applicants’ S-1 filings, the move indicates Ether comprises a commodity rather than a security, paving the way for a permissive regulatory regime overseeing ETH.

In other Ethereum news, the supply of Ether is inflating amid a spate of rock-bottom gas fees. While the low fees make Ethereum’s ecosystem accessible to a greater number of users, they also threaten Ether’s deflationary value proposition.

Plus, Railgun gains market share as crypto mixers cease operations, and Coinbase relists XRP for New York users.

✍️ In today’s newsletter:

SEC approves spot Ether ETF 19b-4 filings
What Ether’s commodity classification means for Ethereum
Crypto market is selling ETH ETF news
ETH supply inflates amid streak of low gas fees
Vitalik Buterin inspires Railgun adoption
Coinbase relists XRP in New York after three years

🙏Sponsored

Stellar Network Adds Smart Contract Capabilities Bolstered by Extensive Onramp Network

📈 Markets in the last 24 hrs:

	Ticker	Value	24h

Ticker	Value	24h
Bitcoin	$69,122	-1.52 %
Ethereum	$3,742	-1.32 %
Gold	1st Future$2,389	-1.34 %
S&P 500	5307.01	-0.27 %
Arch Web	32.36	-2.69 %
Learn more about Arch Indices ,[object Object]		%

🎬WATCH

Check out our podcast with Lukas Schor, the founder of Safe, to learn about how quantum computing could impact blockchain. Plus, watch our interview with Robert Viglione, co-founder of Horizen Labs, to discover how the project is driving down the costs associated with zero-knowledge proofs.

And dive into our in-depth explainer on DeFi derivatives.

THANKING OUR NEWSLETTER SPONSORS

| NEWSLETTER CONTINUES BELOW |

Stellar empowers builders to unlock human and economic potential. Explore the new Stellar smart contract platform, Soroban, designed for scale and sensibility.

Safe{Wallet} is considered the most secure wallet in the web3 space, trusted by Vitalik Buterin and leading projects to safeguard over $100 billion in assets. The smart wallet is widely known for its multisig functionality, offering robust security measures, convenient account recovery, and access to a thriving ecosystem of over 200 integrated apps.

Win from $12,000,000 in NEXO Tokens! Get rewards when you buy crypto, swap, top up, and more. Download the Nexo app, collect points, and win big!

✅ SEC Approves Spot Ethereum ETFs in Landmark Decision

The U.S. Securities and Exchange Commission greenlit the 19b-4 filings from eight spot Ether ETF applicants on May 23. However, the SEC still needs to approve the firms’ S-1 filings before the funds can commence trade.

👍Ethereum ETF Approval Signals Ether Is A Commodity, Not A Security

The SEC’s landmark spot Ether ETF approvals indicate that ETH comprises a commodity, rather than a security. The ruling paves the way for collaboration between the SEC and CFTC on crypto regulations and alleviates fears of an impending regulatory offensive from the SEC targeting Ethereum.

📈 Crypto Markets Drop Following Ethereum ETF Approvals

Crypto markets traded lower after the SEC approved eight exchange-traded funds backed by spot Ether on Thursday. The much-anticipated approval, initially expected to boost the market further, turned into a "sell-the-news" event, leading to an overall market drop.

⛽Low Ethereum Gas Fees Inflate Supply By 50k ETH In One Month

The supply of Ether is quickly rising amid a sustained streak of rock-bottom gas fees. More than 62,640 ETH worth $238 million have entered circulation in the past six weeks, pushing Ether’s supply to its highest level since early March.

🔫Railgun Privacy Protocol Surpasses $1B in Volume Amid Crackdown On Crypto Mixers

The all-time transaction volume of Railgun, an on-chain privacy protocol, recently surpassed $1 billion as crypto mixers cease operations amid a renewed regulatory offensive. Railgun’s adoption has been buoyed by frequent adoption from Vitalik Buterin, Ethereum’s chief scientist, in the past six months.

🗽Coinbase Relists Ripple’s XRP Token in New York

Coinbase relisted Ripple (XRP) markets for users in the state of New York, reversing the company's earlier suspension of the token in January 2021 amid legal challenges from the SEC. Ripple continues to fight the SEC’s lawsuit alleging XRP comprises a security.

🌍 ELSEWHERE

House votes to block Federal Reserve from creating own digital currency (Fox Business)
Standard Chartered says XRP and Solana ETFs may launch in 2025 (Finbold)
Spot bitcoin ETFs record net inflows for nine straight days (The Block)
Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress (Unchained)