Matthew Sigel, VanEck’s head of digital assets research, believes the odds of approving a spot Solana ETF are better if Gary Gensler is no longer the SEC Chair, a possibility tied to the 2024 presidential election. Sigel criticized the lack of a regulated Solana futures market, attributing it to Gensler’s influence. He noted the potential impact of crypto voters in the election and the shifting regulatory landscape, with some Democrats supporting pro-crypto legislation. Sigel agreed with Gensler on Ethereum’s status as a commodity and extended this logic to Solana. He emphasized the importance of a fair ETF approval process and suggested that a change in the SEC Chair could happen regardless of the presidential election outcome.

Pudgy Penguins’ Parent Firm Igloo Inc. Acquires Web3 Platform Frame

Igloo Inc., the parent company of the popular NFT project Pudgy Penguins, has acquired Frame, a web3 platform focused on creators. The acquisition aims to develop Abstract Chain, a Layer 2 network intended for on-chain culture and communities. The Frame team will join Igloo to provide infrastructure and distribution for the consumer crypto revolution. Frame’s platform supports creators by allowing the permissionless creation of NFT marketplaces and allocating some Layer 2 gas fees to them. The Pudgy Penguins NFT collection has seen significant trade volume, generating over $4 million in a week and nearly $14 million between June 16 and June 23.

Can Crypto Withstand a Financial Crisis? Experts Weigh In

The crypto sector has seen significant advancements in 2024, including the debut of spot Bitcoin ETFs and potential Ether ETFs. However, the global environment is unstable with wars, extreme weather, and inflation. Experts believe a financial crisis by year-end is possible, potentially triggered by corrections in overvalued markets like tech and AI. A TradFi collapse could initially cause a sell-off in all assets, including crypto. In the long term, though, crypto might recover as investors seek decentralized assets. The industry’s future depends on developing practical use cases and integrating with real-world assets. Despite uncertainties, crypto’s core attributes may ensure its resilience and long-term adoption.

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