🚨 Web3 Wrap-Up: Top Stories Moving the Chain

📰 News

🏛 CFTC Should Oversee Spot Crypto Markets: Brian Quintenz

Today, a big moment is unfolding in the world of cryptocurrency as Brian Quintenz prepares to speak. He is set to appear before the Senate Agriculture Committee at 3 PM EST. Quintenz will share exciting news about the Commodity Futures Trading Commission’s (CFTC) authority in his prepared remarks.

CFTC’s Potential Leap into Spot Crypto Regulation: A Game-Changer?

Based on the update shared by Eleanor Terrett, Quintenz supports giving the CFTC new regulatory authority over spot crypto commodity markets. This could mark a turning point for the agency.

The CFTC currently oversees futures and some derivatives. Adding spot crypto markets would expand its reach. Spot markets involve buying and selling crypto like Bitcoin right away.

Quintenz believes this change could be the most important in the agency’s history. There is already much discussion in Congress about how cryptocurrency needs to be regulated in the future.

This idea might encourage lawmakers and the public to talk more about it more strongly. Crypto fans and experts are expected to pay close attention when his hearing happens today.

Since the government is looking for more efficient rules regarding cryptocurrencies, the CFTC has the power to protect those who invest and make markets fair. This could make new traders more secure from the risk of fraud, which is a big issue for them.

Meanwhile, institutional interest in crypto continues to grow, as seen with the BlackRock Ethereum ETF hitting an 11-day inflow streak. This moment comes at the right time since the crypto sector is developing rapidly and regulators are feeling the need to respond.

⚖️ Crypto Stakeholders Raise Concerns Over ‘Gensler-Era’ Provision in CLARITY Act

Crypto stakeholders have voiced out against a provision in the CLARITY Act ahead of the markup phase, which is holding today. These industry players noted that the provision has ties to the Gensler-led administration and brings about uncertainty, which is against the aim of the bill.

Crypto Stakeholders Criticize Provision In CLARITY Act

In an X post, Journalist Eleanor Terrett revealed that some industry players she has spoken to are raising concerns over a new section in the amended version of the bill. These industry players have gone as far as describing this section as a “Gensler-era” provision.

This comes ahead of a markup phase for the CLARITY Act today. CoinGape had earlier reported that the US House Financial Services Committee had scheduled June 10 for the review process. Members of the Committee and the House Committee on Agriculture will convene at the Rayburn House Office Building to review the provisions of the CLARITY Act.

As regards their concerns, these crypto stakeholders noted that the new section would eliminate exceptions for previously issued tokens. Instead, it would not give the SEC authority to determine individually which tokens classify as a security. These critics argue that this approach reintroduces the uncertainty that the bill is meant to resolve.

Moreover, the section in the CLARITY Act could raise a similar issue with the Himman report, in which the former SEC Director declared that ETH wasn’t a security. At the same time, the Commission sued Ripple, claiming that XRP was a security.

Amid the criticism of this section in the bill, SEC Chair Paul Atkins recently declared his support for crypto self-custody and DeFi activities. Atkins also revealed that the Commission is working on a conditional exemptive relief framework for DeFi platforms.

Meanwhile, eight crypto firms, including Uniswap, have shown support for the addition of the Blockchain Regulatory Certainty Act (BRCA) in the CLARITY Act. The BRCA protects creators of non-custodial blockchain technology.

📊 Markets

🔮 XRP Price Prediction as Daily Active Addresses Spike 1,609% in 24 Hours

XRP is up 4.59% in the past two days, but the daily active addresses have surged 1,609% in just 24 hours. This spike in user engagement indicates that investors are interested in the token at the current price level of $2.28. Will this uptick in investor interest translate into an uptrend for the XRP price, ending the ongoing multi-month consolidation?

XRP’s Daily Active Addresses Skyrocket to 547,000 in 24 Hours

According to blockchain analytics firm Santiment, the number of daily active addresses (DAAs) interacting with the XRP blockchain has increased from roughly 32,000 on June 9 to 547,000 on June 10. This represents a 1,609% increase in 24 hours, suggesting a significant surge in investor interest, potentially accompanied by a capital inflow. This marks the highest single-day surge in user activity this year.

🚀 Ethereum Price Analysis: Expert Says ETH is Primed for Breakout

Ethereum price could trigger a massive breakout rally, says Veteran trader Peter Brandt. Although Brandt did not explicitly mention this, his ETH daily bar chart spoke for itself. Based on the trader’s chart and Ethereum price analysis, the ongoing consolidation could trigger a bullish rally.

Peter Brandt Hints Ethereum Price Edging Closer to Breakout

In a recent post, Peter Brandt hinted that Ethereum price is ready to break out. Specifically, he said, “Every dog has its day — woof woof $ETH,” along with a daily Ethereum bar chart depicting a symmetrical triangle.

Judging based on the symmetrical triangle, there’s no specific breakout directional bias. However, if one considers the 50% rally noted between May 8 and 13, this pattern would morph into a bullish pennant. A bullish pennant is a continuation pattern that forecasts a continuation of the bull trend.