Morning Minute | Crypto Notches Biggest-Ever Policy Win with FIT21

Morning Minute | Crypto Notches Biggest-Ever Policy Win with FIT21

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๐ŸŽ‰ The House Passes Crypto FIT21

The political backdrop for crypto has been increasingly harsh this year.

Led by Gary Gensler's crusades and seemingly reinforced by the Biden administration.

But now that all seems like it's about to change after what may go down as a historic day for all of crypto.

What Happened?

Yesterday the U.S. House of Representatives approved the Crypto FIT21 Bill with a resounding 279-136 vote.

The bill itself would:

  • Establish a team to regulate the U.S. crypto markets and set consumer protections
  • Defines responsibilities between the SEC and the CFTC as the new leading regulator of digital assets
  • More clearly define whether a crypto token is a security or commodity
  • Require digital asset developers to provide disclosure and information about their projects (and similar for exchanges and brokers)

The bill passing is already considered to be the biggest win ever for crypto policy in the U.S. and is the first time a major bill has ever passed in Congress.

And many are already celebrating.

Brian Armstrong, CEO of Coinbase commented:

"This is a resounding win in the House for clear crypto rules, and a complete rejection of the nonsense being spouted by those who tried to kill this technology (voters will not forget).

Sensible regulation of crypto just took a big step forward. Next stop is the Senate."

Toly, the co-founder of Solana said:

"I am so bullish on <the USA> right now. Bills don’t have to be perfect. Don’t let the perfect be the enemy of the good. Pass, iterate, accelerate everything!!!"

Mike Dudas, co-founder of The Block celebrated:

"The floodgates are open. Americans love crypto. The politicians understand that their constituents love crypto. DAY ONE."

Chris Dixon of a16z had this balanced take:

"It’s an important step in providing long-awaited regulatory clarity for crypto, protecting U.S. consumers, and promoting American innovation. It’s also a big step for holding bad actors accountable, which is good for everyone."

To cap it all off, the Biden administration put out a statement that it's going to work with Congress to create a "balanced regulatory framework for digital assets"

Why It Matters

The primary complaint against Gensler and the anti-crypto rhetoric in Washington has been a lack of clarity.

Questions of which tokens are securities and which are commodities have lingered for years.

Crypto companies have had no clarity in how to operate, report and comply - and many have simply chosen to build offshore.

That all changes if this bill passes.

This is the first step in building out a framework for crypto builders to comply in a regulated U.S. crypto market.

Definitions for securities and commodities as it relates to digital assets will be defined, allowing teams to make informed decisions when creating tokenomics.

In short - it creates a path forward.

And that's all many have asked for.

There is still a long road to go, but the future is brighter today than it was yesterday.

๐Ÿšš What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

  • ETH led NFT trading volume with $5.8M on the day (-16%); BTC was next with $5.5M (-9%) and then Solana with $2.6M (-10%)
  • ETH NFT leaders were mostly red again down 1-2%; BAYC +1% to 12.9 ETH, Pudgy -1% to 11.1, Azuki -2% at 4.4, Milady +2%$ to 5.6
  • Pixelmon (+6%) and Doodles (+13%) were notable outperformed on the day
  • BTC NFT leaders were mixed yesterday; Puppets even at 0.16 BTC, NodeMonkes +5% at 0.245, OMB -5% at 0.315 and Quantum Cats at 0.295 (-7%)
  • DOG led Runes action again on the day, jumping another 17% to $418M; RSIC +9% to $218M and BAMK OF NAKAMOTO jumped 126% to $86M
  • Solana NFTs saw some green on the day; Mad Lads +6% at 69 SOL, Tensorians +1% to 10, DeGods -2% to 29
  • Blast NFTs were mixed; Apollo -10%, Plutocats even, Ship +12% and Blastopians -2%
  • PAC REKT fell 2% after winning the Blast Jackpot returning 59k Blast Gold to holders
  • Azuki is bringing its PBTs (Physical-Backed Tokens) to Bitcoin with Magic Eden's help
  • Sotheby's is hosting "Natively Digital: Art on Bitcoin" in collaboration with Gamma, showcasing notable works on Bitcoin including works from Jack Butcher and Coin Artist

๐Ÿ’ฐ Token, Airdrop & Protocol Tracker

Here's a rundown of major token or airdrop news from the day:

  • Fantasy Top announced 2 new tourneys including a 22-day "all rarities" tourney starting Friday and then Main Tourney 3 starting next Tuesday
  • MON Protocol announced its $MON TGE for Monday, May 27, with more than 180,000 wallets eligible to claim
  • A trader sold 2 Fidenzas into bids for 24 ETH and instantly slammed the ETH into the $FRIEND LP
  • Friend Tech launched Keydrops, providing an easy method to airdrop keys to friends in app

๐ŸŒŽ Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

  • Crypto majors are mixed this morning; BTC -1% at $69,730; ETH +2.7% at $3,840, SOL -3% at $174
  • Memecoin majors are mostly green with DOGE -1%, PEPE +4% to $5.95B (new ATH), WIF +4%, BONK +11%; USA, NPC, ZACK outperform
  • The SEC continues to work with ETH ETF issuers on revised filings ahead of a potential decision today
  • MetaMask is rumored to add Bitcoin support to its wallet per Coindesk

๐Ÿš€ Memecoin Movers 

  • $USA (+62%, $10M market cap, Base)
  • $NPC (+60%, $86M market cap, ETH)
  • $ZACK (+55%, $90M market cap, Solana)
  • $ANDY (+34%, $108M market cap, ETH)
  • $MANEKI (+30%, $100M market cap, Solana)

๐Ÿ“ˆ NFT Floor Price Increase (ETH)

  • Full Send Metacard (63%, 0.18 ETH Floor)
  • Flyfish Club (37%, 1.1 ETH)
  • Overworld Incarna (27%, 0.94 ETH)
  • Forgotten Runes Wizards (19%, 0.54 ETH)
  • Imaginary Ones (17%, 0.54 ETH)

๐Ÿ—“ Upcoming NFT Mints and Reveals

Today is a busy day of mints primarily focused in the art sector.

Aaron Penne is doing an AB Studio drop.

Amber Vittoria is back with Prohibition on Arbitrum for "Onchain Summer".

And Pop Punk is doing his first Braindrops mint with "Climbing Through My Brain."

See the full list and dive in for more details with Swizzy's daily mint monitor

  • Aaron Penne x Art Blocks Studio - One More Day (10:00 a.m. ET)
  • Verse - AI & Art (12:00 p.m. ET)
  • Amber Vittoria x Prohibition - Onchain Summer (12:00 p.m. ET)
  • Pop Punk x Braindrops - Climbing Through My Brain (12:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.