Crypto markets are abuzz with renewed optimism as speculation mounts that a spot Ether (ETH) exchange-traded fund (ETF) may soon receive approval.
This surge in confidence follows reports that the U.S. Securities and Exchange Commission (SEC) has reversed its stance on spot Ether ETFs, allegedly due to political pressure. And it has also requested updates in the 19b-4 filings of potential issuers.
Over the past 24 hours, Ether’s price has surged by 19.4%, reaching $3,685, its highest since April 9, according to CoinGecko. Although the precise cause of this dramatic shift remains unclear, industry analysts like Bloomberg ETF analyst Eric Balchunas suggest it may signal a significant change in sentiment on Capitol Hill regarding cryptocurrencies.
Adam Cochran, partner at venture capital firm Cinneamhain Ventures, expressed optimism on social media, stating:
“This is a big and rapid shift in crypto policy, and shows that someone who was one of the most powerful US powerbrokers has been sidelined. If that’s accurate, it’s more important than the ETF itself. It could mean the winter is over and it’s time for a US renaissance in crypto!”
Ryan Sean Adams, co-host of the Ethereum show Bankless, also noted the potential for a political shift to usher in more supportive regulations for the cryptocurrency sector.
Meanwhile, Galaxy Digital’s founder and CEO Mike Novogratz voiced his confidence in the industry’s future, predicting significant institutional adoption within the next 12 to 24 months.
The timing of these developments is noteworthy as the U.S. presidential election approaches.
Digital assets have emerged as a critical issue, with candidates like Donald Trump actively courting the crypto community. Trump recently hosted a dinner with nonfungible token enthusiasts at his Florida home, pledging to support local innovators and criticizing President Biden’s understanding of crypto.
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A recent poll conducted by the Digital Currency Group indicated that a candidate’s position on crypto could sway voters in key swing states. The U.S. presidential election, set for November 5, 2024, is poised to significantly impact the regulatory landscape for digital assets.
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