This past week brought a mix of highs and lows to the cryptocurrency sphere. On a positive note, the value of Pepe, an Ethereum-based memecoin, soared, and Ethereum itself experienced a notable surge following the awaited approval of spot Ether ETFs in the United States.

However, the crypto community bid farewell to Kabosu, the Shiba Inu dog famous for being the face of the "Doge" meme and inspiring the Dogecoin memecoin. Kabosu peacefully passed away at around 18 years old, leaving a somber mood among enthusiasts.

Despite this loss, the overall crypto market saw an upward trend, with Bitcoin surpassing the $71,000 mark. Let's delve into six noteworthy developments from the week that may have flown under your radar.

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The U.S. Securities and Exchange Commission (SEC) has given the go-ahead for multiple spot Ether ETFs, marking a significant milestone in cryptocurrency regulation. Unlike spot Bitcoin ETFs, which required approval from the SEC's five-member committee, spot Ether ETFs received the nod from the Trading and Markets Division.

Leading firms such as VanEck, BlackRock, and Fidelity have had their ETF proposals approved. Despite this milestone, these ETFs still need their S-1 registration statements approved by the SEC before trading can commence. This decision follows recent legislative efforts aimed at clarifying crypto regulations.

Vitalik Buterin Offers Solutions for Ethereum’s MEV Issue

Ethereum co-founder Vitalik Buterin put forth several solutions on May 17 to address the miner-extracted value (MEV) problem. This issue arises when block producers manipulate transaction orders for profit, causing network congestion and high gas fees.

Buterin's proposed solutions include MEV quarantining, MEV minimization, inclusion lists, and reducing node requirements. These measures aim to safeguard Ethereum's decentralization and trust by limiting information accessible to MEV developers, separating transaction validation from block content selection, and ensuring all transactions are included in blocks.

Trump Campaign to Welcome Cryptocurrency Contributions

Former President Donald Trump announced that his 2024 presidential campaign will accept cryptocurrency donations. Starting on May 21, his campaign set up a fundraising page allowing contributions through Coinbase Commerce in various cryptocurrencies like Bitcoin, Ether, and Dogecoin.

This move comes as Trump gears up as the presumptive Republican nominee and prepares for potential debates with President Joe Biden, the expected Democratic nominee. Despite this crypto-friendly fundraising approach, Trump's campaign platform does not explicitly address digital assets or blockchain technology.

US House Passes FIT21 Crypto Bill with Bipartisan Backing

The U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century (FIT21) Act to provide regulatory clarity on digital assets. The bill received a 279 to 136 vote, with support from 71 Democrats and 208 Republicans. If enacted, it would define the roles of the SEC and CFTC in regulating digital assets.

While proponents argue that it fosters innovation, opponents, including Representative Maxine Waters, caution that it could lead to deregulation and potential financial instability. The Senate will now review the bill.

Uniswap Commits to Challenging SEC Wells Notice, Backs Pro-Crypto Legislation

Uniswap Labs, the entity behind the Uniswap decentralized exchange, has pledged to contest a Wells notice issued by the SEC, indicating potential enforcement action. Uniswap criticized the SEC's legal stance as "weak" and expressed readiness to defend itself in court.

The company highlighted its legal team's success in past cases against the SEC and voiced support for the Financial Innovation and Technology for the 21st Century Act, a bill that could shift crypto regulation from the SEC to the CFTC, potentially undermining the SEC's case.

Gala Games CEO Attributes $23M Token Exploit to Internal Control Failures

Gala Games CEO Eric Schiermeyer confirmed a security breach that led to the unauthorized sale of 600 million GALA tokens valued at $23 million. Schiermeyer attributed the incident to internal control deficiencies. The breach also resulted in the effective burn of 4.4 billion tokens. Despite the breach, Gala's Ethereum contract remained secure.

The company is collaborating with the FBI and other authorities to investigate the breach. The security incident caused a significant drop in GALA's value, which has since partially recovered. Notably, the attacker returned $22 million in Ether a few days after the incident.

Melega (Marco) Updates and New Listings

Melega (Marco) Burn Event Successfully Concluded

Exciting news! The BURN EVENT for 10 million $MARCO tokens on the BNB Chain, valued at approximately $500,000, has been successfully completed. This event is part of a significant development underway on the MelegaSwap Platform, expanding to multiple chains. The $MARCO token is set to launch on the BASE chain in the coming days. Stay tuned for further updates.

MARCO Presale Launched on Base Chain

We are thrilled to announce the PRESALE of $MARCO on the BASE CHAIN, which commenced on May 23, 2024, on GemPad. MELEGA (MARCO) serves as the flagship utility token of MelegaSwap, the rapidly growing black AMM DEX on the BNB Smart Chain now expanding to the BASE Chain. The soft cap was quickly surpassed, doubling in mere seconds.

PLUNZ (PLZ) Farm & Pool and BOOTYCOIN (BUTT) Farm & Pool Listed on MelegaSwap

Introducing PLUNZ, the unique meme token featuring a quirky blue sewer rat with braces. PLUNZ offers a distinctive staking model rewarding holders with USDT, boasting balanced tokenomics and a community-driven approach for engaging and profitable participation.

BOOTYCOIN is a straightforward, hyper-deflationary token with low taxes. The contract is renounced, with a locked LP until 2100.

BabyFox (BABYFOX) Farm & Pool Now Available on MelegaSwap

BABYFOX, a memecoin dedicated to community involvement, aims to empower investors by placing them at the core of project decisions transparently. Utility NFTs granting decision-making rights and an annual return will be released in early June, along with a multichain swap (fox swap) auto burn by the end of June. Future plans include play-to-earn features, a staking platform, and a metaverse, extending the BABYFOX brand beyond the realm of cryptocurrency.

Remember, cryptocurrency investment and trading carry high market risks, potentially leading to financial losses. Conduct thorough research and approach investments cautiously. While MelegaSwap strives to list promising coins, we do not assume responsibility