What happened in crypto today? Inside ETH’s record fees and Coinbase’s new master plan

Ethereum's price was riding the low tide, trading at $2,110.10 following a 9% decline over the previous month, but retail utility is still high. Brian Armstrong, CEO of Coinbase, released an eight-point list stating that the global financial system still requires modernization. Additionally, Senator Cynthia Lummis voiced her frustration regarding the CLARITY Act's delayed approval.  Here is a detailed account of all the events that happened in crypto today.  Ethereum transaction data sparks intrigue Ethereum [ETH] has surpassed 70 million transactions per month, reaching an all-time-high, according to Token Terminal. Meanwhile, the median transaction fee has fallen to a record low of about $0.00554.  Remarking on which, OKX Ventures added,  Ethereum is gradually achieving a network state characterized by “higher efficiency and lower costs. By providing lower gas fees, Layer 2 networks are assisting in reducing the costs associated with blockchain transactions, according to OKX Ventures. Because of these low prices, industries like social media, blockchain gaming, stablecoins, artificial intelligence, and real-world assets (RWAs) are finding it easier to draw in new users. Meanwhile, it is anticipated that activities like asset issuance, cross-border payments, and on-chain transactions will continue to expand. Transaction speed (TPS) alone, however, might not be the only factor in future blockchain competition. Simply put, it’s more about the network, which provides superior security, liquidity, and user experience. Hence, Ethereum's record activity without becoming costly, despite growing competition, reinforces its position against competing blockchains.  Coinbase CEO's master plan  Furthermore, Brian Armstrong, the CEO of Coinbase, has put forth his recommendations for the modernization of the financial system. Armstrong thinks that for a more rapid and smooth investment process, real-world assets ought to be added to the chain. Additionally, for the financial markets to be more efficient, round-the-clock international trading with shared liquidity should be the standard. Better stablecoin payments, AI for risk analysis, and innovation-friendly regulations that support growth without restricting competition are all necessary. Finally, he also promoted self-custody wallets and open blockchain networks for financial access expansion to anybody with a smartphone.  He ended his proposal best when he said,  Jobs not done until we get these working for all. Will require lots of tech innovation and policy work to get there. Senator Lummis on the CLARITY Act While all this was going on, Sen. Cynthia Lummis voiced her displeasure with the CLARITY Act's delay. Months have passed with no clear framework, with the prediction market also showing dropping odds for approval. In other words, American innovators are left in the dark, while American investors are exposed to uncertainty. In conclusion, Senator Lummis expressed her frustration well when she said,  I didn’t spend years writing the Clarity Act to watch us keep kicking the can down the road. Final Summary Ethereum price action highlights bearish sentiment, but the monthly transaction count tells a different story altogether. Coinbase CEO suggested ways to modernize the current financial system, whereas Senator Lummis expressed agitation over the delay of the CLARITY Act getting approved.