Ethereum News Roundup: EIP-7706 Aims for Efficient Transactions, SEC Decision on Spot ETFs Looms

Ethereum co-founder Vitalik Buterin recently proposed a new protocol improvement, EIP-7706. This proposal seeks to introduce a new type of crypto transaction fee specifically for transaction data, or “calldata,” used for executing smart contracts.

Ethereum Seeks Fee Efficiency with EIP-7706

EIP-7706 aims to create a more granular and potentially more efficient fee structure by differentiating calldata fees from other gas types like execution gas and storage gas. This could lead to significant advancements in managing transaction costs, a major concern for crypto users and developers on the Ethereum network.

Spot ETF Approval in Doubt as SEC Questions Ethereum’s Status

The future of spot Ethereum ETFs (Exchange Traded Funds) hangs in the balance as the SEC (Securities and Exchange Commission) prepares to rule on several applications. Recent developments suggest the SEC might consider Ethereum a security, potentially derailing ETF approvals.

• A lawyer specializing in digital assets highlighted a question in the SEC’s response to BlackRock’s ETF application, hinting at the possibility of rejecting the filing because it treats Ethereum as a commodity.
• Analysts are lowering their expectations for ETF approval, with some predicting a near-certain rejection.
• The SEC’s stance on Ethereum’s status as a security remains unclear, despite approving Bitcoin spot ETFs earlier this year.

Ethereum Price Eyes Upside Move Despite Regulatory Uncertainty

Despite the regulatory cloud surrounding spot ETFs, Ethereum’s price is showing signs of potential recovery. Technical analysis suggests a possible break above the $2,900 resistance level, paving the way for further gains.

However, the price faces significant resistance zones at $2,925 and $2,950. A break below $2,860 could trigger another decline for Ethereum.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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