Insights into Crypto Weekend News and Market Trends
Significant changes in the cryptocurrency space this past weekend attracted the interest of both investors and enthusiasts. Notably, Pudgy Penguins revealed their ideas for a Layer 2 (L2) scaling system with the goal of improving user experience and scalability. In the meantime, the Chevron doctrine was essentially terminated by a historic court decision that sparked intense debate in the legal and financial communities. Over the weekend, a number of significant developments and important occurrences changed the cryptocurrency landscape and offered clues about the market’s future course.
- Spot Ethereum ETF trading is expected to be delayed, according to ETF analysts James Seyffart and Eric Balchunas of Bloomberg.
- The co-founder of Ethereum, Vitalik Buterin, took aim at US crypto regulation in a lengthy piece.
New Ethereum Layer 2 by Pudgy Penguins: What to Expect?
Pudgy Penguins, an NFT business, says that their Ethereum layer 2 blockchain will be consumer-focused. Pudgy Penguins’ parent business, Igloo, Inc., announced on June 28 that it had acquired Frame, a cryptocurrency development company, along with its crew and mysterious co-founders, “Cygaar” and “Beans,” to become a part of Igloo. It further stated that Frame will sunset and that the financial details of the agreement are not being released.
The Chevron Doctrine Is No Longer Valid, So What’s Waiting for the Crypto Sector Now?
A forty-year-old legal doctrine was overturned by the US Supreme Court on June 28, which may have an impact on the Securities and Exchange Commission’s cryptocurrency-related initiatives. By a decision of 6-3, the court invalidated the so-called “Chevron doctrine,” which had allowed federal agencies—who were thought to be subject-matter experts—to interpret vague statutes.
This decision puts an end to what was a cornerstone of administrative law and regulation.Agencies before could be confident that they could try and apply an old law to a new subject and a court would allow any reasonable effort, now that path is less clear.
Paradigm’s policy director, Justin Slaughter
Slaughter noted that the court stated that “delegations have to be ‘expressly delegated,'” rather than holding that Congress cannot grant agencies the authority to make rules.
Chevron is all about regulations not enforcement. Some clever folks on the left have figured a way to dodge the Court cracking down on Chevron by focusing on enforcement actions. Such as the SEC on crypto,
Slaughter
The Future of AI and Metaverse: Animoca and Futureverse Collaboration
Together, artificial intelligence and metaverse startup Futureverse and cryptocurrency venture capital firm Animoca Brands will integrate Futureverse’s AI into Animoca’s funded initiatives. The companies want to exchange $5 million worth of each other’s shares for equity, subject to final agreements and board approval, which they hope to complete in two months, according to a June 28 Animoca blog post.
With over 400 Web3 projects in its portfolio, including The Sandbox metaverse game, Animoca intends to expand its investment portfolio by incorporating Futureverse’s AI technology. Additionally, both companies will strive toward an open and interoperable metaverse.
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