ETH ETFs Approved, What's Next?

GM Frens,

What's Spotlight? Every week, we highlight the most interesting events happening around Cardano. We want to help you cut the noise and find the signal.

The crypto industry has witnessed multiple breakthroughs this week. The U.S. House of Representatives has voted to ban the central bank digital currency (CBDC) and proposed a balanced digital asset regulatory framework. Meanwhile, Optim Finance has announced a Cardano DeFi 2.0 product focusing on Liquid Staking Derivatives (LSDs) and yield aggregation. Let’s deep dive into these developments:

Ethereum (ETH) ETFs get a much-awaited SEC’s nod ✌️

After the approval of Bitcoin exchange-traded funds (ETFs) early this year, Ethereum (ETH) has managed to get through the regulatory hurdles and secured approval for all its ETFs on Thursday. The U.S. Securities and Exchange Commission (SEC) announced after an hour’s delay that it has accepted requests from the NASDAQ, NYSE, and CBOE exchanges, and approved them to allow the trading of ETH ETFs.

• ETH issuers must allow comprehensive surveillance-sharing with the Chicago Mercantile Exchange to stop fraud and manipulation.

• Other layer-1 blockchains have cheered this development as a victory for the digital asset industry.

• Moreover, ETH ETFs will open up to a wider range of investors on Wall Street, driving mainstream adoption. Read the complete SEC announcement here!

The U.S. House doesn’t like Fed-backed digital currency 🗳️

Majority Whip Tom Emmer from Minnesota State proposed the CBDC Anti-Surveillance State Act. This act to stop the US central bank from minting a digital dollar. Republicans worry that a digital dollar could give too much control over citizens.

• The digital asset businesses hailed the voting outcomes on Wednesday. It was the first time a bill about crypto issues was voted on. They see it as a big policy development, showing that the crypto industry has finally been recognised.

• The Financial Innovation and Technology for the 21st Century (FIT21) Act, gets a crypto market structure bill. If the bill gets passed in the Senate, it would entitle the U.S. Commodity Futures Trading Commission (CFTC) to regulate virtual digital assets.

Cardano DeFi 2.0 Is Coming Soon 🆕
The major Cardano DeFi platforms have recently upgraded to their version 2.0, and in the same line, Optim Finance, a liquid bond derivative project, announced a brand new product, OADA. OADA is an ADA-backed stablecoin that offers LSDs and yield aggregation.

Optim Finance aims to launch OADA by the mid-June. The team plans to improve native trading volume and liquidity on the Cardano blockchain. Watch the Cardano Spot interview with Optim Finance here!

While talking to Cardano Spot, a Nigeria-based crypto payment project, BoundlessPay, announced its native token launch on Cardano in early June.

BoundlessPay focuses on digital payments and crypto investments across Africa. It aims to onboard 1M users by the end of 2024.

BoundlessPay also joins hands with Cardano Spot to educate its users through insightful content and grow its presence within the Cardano community.

Best content of the week

Watch: Building A Payment Bridge For Africa

Read: Why RealFi?

Meme of the week

 Cardano vs Bitcoin: A Race to Everest!

Visit Cardano Spot to be updated with the Cardano ecosystem and learn more every week.