This weekend saw several significant developments in the cryptocurrency world, ranging from NFT projects to major legal decisions impacting the crypto regulatory landscape. Here’s a detailed roundup of the key events.
The popular NFT project Pudgy Penguins announced plans to develop an Ethereum layer 2 blockchain. The project, led by parent company Igloo, Inc., aims to create a "consumer-focused" blockchain called Abstract. Igloo acquired the crypto development firm Frame to assist with this endeavor. Frame’s anonymous co-founders, Cygaar and Beans, will be instrumental in this transition. The new blockchain will incorporate zero-knowledge proofs to enhance security and efficiency.
The announcement caused a significant spike in the floor price of Pudgy Penguins NFTs, which rose nearly 20% to a peak of 10.8 ETH, approximately $37,000. This increase positioned the Pudgy Penguins collection above the well-known Bored Ape Yacht Club in terms of floor price.
In a landmark ruling, the United States Supreme Court overturned the Chevron doctrine, a 40-year-old legal principle that allowed federal agencies to interpret ambiguous laws. This decision could have significant implications for the Securities and Exchange Commission’s (SEC) regulatory actions within the crypto space. The court's 6-3 decision emphasizes that Congress must explicitly delegate rulemaking powers to agencies.
Justin Slaughter, policy director at venture firm Paradigm, highlighted the ruling's potential to reshape administrative law and regulation. The DeFi Education Fund noted that courts would now select the most compelling interpretation of laws, rather than deferring automatically to agency interpretations.
Animoca Brands, a major player in the crypto and gaming sectors, announced a partnership with AI and metaverse company Futureverse. This collaboration aims to integrate Futureverse's AI technology into Animoca’s extensive portfolio of over 400 Web3 projects, including the popular metaverse game, The Sandbox.
The partnership includes a $5 million equity swap, subject to board approval, and aims to enhance interoperability and openness between the two firms' metaverse ecosystems. Futureverse-related tokens, such as Sylo (SYLO) and The Root Network (ROOT), saw modest price increases following the announcement.
Bloomberg’s ETF analysts predict a delay in the launch of spot ETH exchange-traded funds (ETFs).
Ethereum co-founder Vitalik Buterin criticized U.S. crypto regulations in a detailed post.
Axie Infinity's creators announced plans to move away from Discord, seeking alternatives that boost gaming revenue.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
