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<h2 id="header-0">This Week in Web3: Top Headlines</h2><ul><li>Coinbase Challenges SEC in Latest Appeal </li></ul>Coinbase has accused the SEC of trying to bypass the Howey test in their latest legal battle. On May 24, Coinbase filed a motion for an interlocutory appeal with the US District Court for the Southern District of New York. This appeal questions whether digital asset transactions without post-sale obligations qualify as investment contracts under the Howey test. Coinbase argued that no appellate court has addressed this issue, making it a critical point for the digital asset industry. The SEC opposed the motion, claiming the court&#39;s order doesn&#39;t pose a significant legal question. However, Coinbase asserts that the decision conflicts with established precedents, such as the SEC v. Ripple Labs case. If successful, the appeal could dismiss substantial parts of the SEC&#39;s case against Coinbase, potentially streamlining litigation and conserving resources. This outcome could also significantly impact the SEC&#39;s regulatory power over digital asset transactions, providing much-needed clarity amid increasing regulatory scrutiny.<ul><li>Spot ETH ETFs to Attract 25% of BTC ETF Demand, Say Bloomberg Analysts </li></ul>Bloomberg analysts James Seyffart and Eric Balchunas predict that spot Ethereum ETFs could see 15% to 25% of the demand of spot Bitcoin ETFs, despite Ethereum having about 30% of Bitcoin&#39;s market cap. This lower demand is partly because Ethereum ETF issuers won&#39;t engage in staking, thus investors won&#39;t earn yield, and because ETFs don&#39;t offer Ethereum&#39;s on-chain utilities. Seyffart noted that Ethereum futures ETFs, especially in foreign markets, aren&#39;t reliable demand indicators. Despite this, he anticipates strong, though not record-breaking, launches for spot ETH ETFs. Bitwise CIO Matt Hougan also expects significant interest, driven by diversification strategies and Ethereum&#39;s appeal as a high-growth tech investment. The SEC has recently approved rule changes to allow exchanges to list spot ETH ETFs, with potential launches in the coming weeks or by November, according to JP Morgan.<ul><li>US House Passes Groundbreaking FIT21 Crypto Bill </li></ul>The U.S. House of Representatives has passed the Financial Innovation and Technology for the 21st Century Act (FIT21) with a vote of 279 to 136. This bill aims to enhance oversight and funding for the Commodity Futures Trading Commission (CFTC) over crypto spot markets, especially focusing on Bitcoin, and introduces new guidelines for stablecoins and anti-money laundering measures. The bill&#39;s passage in the Senate is uncertain due to opposition from figures like Senator Elizabeth Warren. However, the House&#39;s approval has been well-received by the industry, with leaders like Coinbase CEO Brian Armstrong and Jake Chervinsky of Variant Fund seeing it as a significant step toward clear regulations. This shift reflects growing confidence in a regulatory framework that differs from the current SEC approach.<h3 id="strong-prepare-for-the-pinnacle-gathering-of-the-year-strong">Prepare for the pinnacle gathering of the year!</h3>Money20/20 Europe, the home of the ecosystem, returns to invigorate your networking, supercharge your business and level-up your ROI opportunities. Unite with the unstoppable and join 8,000&#43; visionaries, trailblazers, and innovators from over 2,300 companies, spanning financial institutions, fintech disruptors, tech juggernauts, emergent startups, policy architects, and more! This is YOUR golden ticket to grasp the reins of transformation with all you need under one roof. Claim your pass NOW and secure your spot. Use code DEF250 to save €200.Catch up on our published articles for the week!NEWS<ul><li>South Korea Under Pressure to Follow U.S. Lead in Approving Crypto ETFs &gt;&gt;&gt;<a href="https://defi-planet.com/2024/05/south-korea-under-pressure-to-follow-u-s-lead-in-approving-crypto-etfs/" rel="noopener noreferrer nofollow"> Learn more </a></li><li>Options Expiry Alert: Bitcoin and Ether Contracts Worth $2.7 Billion Set to Expire Soon &gt;&gt;&gt; <a href="https://defi-planet.com/2024/05/options-expiry-alert-bitcoin-and-ether-contracts-worth-2-7-billion-set-to-expire-soon/" rel="noopener noreferrer nofollow">Learn more </a></li><li>Kabosu, the Shiba Inu Behind the Doge Meme and Dogecoin’s Logo, Dies at 17 &gt;&gt;&gt; <a href="https://defi-planet.com/2024/05/kabosu-the-shiba-inu-behind-the-doge-meme-and-dogecoins-logo-dies-at-17/" rel="noopener noreferrer nofollow">Learn more </a></li><li>U.S. SEC Officially Approves Ethereum ETFs, Public Trading Yet to Start &gt;&gt;&gt; <a href="https://defi-planet.com/2024/05/u-s-sec-officially-approves-ethereum-etfs-public-trading-yet-to-start/" rel="noopener noreferrer nofollow">Learn more </a></li><li>Gate Announces New Web3 Startup Token Project Medieus (MDUS) With Free Airdrop for Participants &gt;&gt;&gt; <a href="https://defi-planet.com/2024/05/gate-announces-new-web3-startup-token-project-medieus-mdus-with-free-airdrop-for-participants/" rel="noopener noreferrer nofollow">Learn more </a></li><li>US House Passes Groundbreaking FIT21 Crypto Bill: What Next for Cryptocurrency Regulation? &gt;&gt;&gt; <a href="https://defi-planet.com/2024/05/us-house-passes-groundbreaking-fit21-crypto-bill-what-next-for-cryptocurrency-regulation/" rel="noopener noreferrer nofollow">Learn more </a></li><li>Fed Survey Reveals 18 Million Americans Used or Owned Crypto in 2023 &gt;&gt;&gt; <a href="https://defi-planet.com/2024/05/fed-survey-reveals-18-million-americans-used-or-owned-crypto-in-2023/" rel="noopener noreferrer nofollow">Learn more </a></li><li>YouTuber “Coffeezilla” Accuses AI Firm Rabbit of Orchestrating an NFT Scam &gt;&gt;&gt; <a href="https://defi-planet.com/2024/05/youtuber-coffeezilla-accuses-ai-firm-rabbit-of-orchestrating-an-nft-scam/" rel="noopener noreferrer nofollow">Learn more </a></li><li>SEC Chief Gensler Slams FIT21 Act, Cites Threats to Investor Protection &gt;&gt;&gt; <a href="https://defi-planet.com/2024/05/sec-chief-gensler-slams-fit21-act-cites-threats-to-investor-protection/" rel="noopener noreferrer nofollow">Learn more </a></li><li>UK Approves First Bitcoin and Ether ETPs for Professional Investors, Trading Begins May 28 &gt;&gt;&gt; <a href="https://defi-planet.com/2024/05/uk-approves-first-bitcoin-and-ether-etps-for-professional-investors-trading-begins-may-28/" rel="noopener noreferrer nofollow">Learn more </a></li><li>Hong Kong’s Privacy Watchdog Orders Worldcoin to Halt Operations for Violating Data Laws &gt;&gt;&gt; <a href="https://defi-planet.com/2024/05/hong-kongs-privacy-watchdog-orders-worldcoin-to-halt-operations-for-violating-data-laws/" rel="noopener noreferrer nofollow">Learn more </a></li><li>U.S. SEC Might Try to Classify Staked ETH as Security – Galaxy Research’s Alex Tohrn &gt;&gt;&gt; <a href="https://defi-planet.com/2024/05/u-s-sec-might-try-to-classify-staked-eth-as-security-galaxy-researchs-alex-thorn/" rel="noopener noreferrer nofollow">Learn more </a></li><li>Industry Leaders Clash on Ethereum’s Contribution to the Crypto Vision &gt;&gt;&gt; <a href="https://defi-planet.com/2024/05/industry-leaders-clash-on-ethereums-contribution-to-the-crypto-vision/" rel="noopener noreferrer nofollow">Learn more </a></li><li>Crypto Markets Surge on Speculation of Spot Ether ETF Approval &gt;&gt;&gt; <a href="https://defi-planet.com/2024/05/crypto-markets-surge-on-speculation-of-spot-ether-etf-approval/" rel="noopener noreferrer nofollow">Learn more </a></li></ul>Spotlight on interesting projectsTezoro<a href="https://tezoro.io/" rel="noopener noreferrer nofollow">Tezoro</a> is a non-custodial service that allows you to reduce the risk of losing your crypto by ~100 times by creating a backup: a smart contract that can withdraw crypto from your wallet and transfer it to a backup address even if you&#39;ve already lost access to your wallet or died.Tezoro is a non-custodial service. It helps you to prepare your backup, and you confirm it via your MetaMask and deploy it directly to the blockchain.Nobody, including Tezoro, can change the amount or replace the backup address. The only thing you allow it to do is initiate the transfer at the moment you need it.For more information, visit <a href="https://tezoro.io/" rel="noopener noreferrer nofollow">https://tezoro.io/</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/07b5866def4c4e24978ac629745f0aee.jpeg" />If you want more content like this, visit <a href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, <a href="https://medium.com/&#64;defi-planet" rel="noopener noreferrer nofollow">Medium</a>. and <a href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.

Weekly Round-Up #97 | Get caught up on the latest developments in Web3!

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