Crypto Moves #28 – U.S. Election Puts Crypto on the Map
Today, we need to address two critical topics, both connected to the U.S. regulatory landscape and, unsurprisingly, to crypto.
Firstly, let us discuss the pending decision by the U.S. Securities and Exchange Commission (SEC) regarding an Ethereum spot Exchange-Traded Fund (ETF). The SEC is poised to approve or reject the VanEck Ethereum ETF application by May 23. Next, we shift our focus to the upcoming U.S. election this year and its potential impacts on the industry.
Is Ethereum a security, SEC?
In our edition of Crypto Crisp on Monday, we highlighted whether BlackRock would withdraw its Ethereum spot ETF application within the next week and if any significant interactions would occur between the SEC and the ETF issuers.
Currently, there are both positive and negative updates to share, which is that there are actually no new developments. BlackRock has not pulled its application, nor have there been any interactions between the SEC and the Ethereum ETF issuers. Consequently, we continue to estimate a 30% chance of approval next week, with a 60% chance of approval sometime this year.
There have been no recent updates regarding the SEC’s impending decision on an Ethereum spot ETF. Nevertheless, the upcoming U.S. Presidential Election and Trump’s unexpected pro-crypto stance are exerting pressure on President Biden to adopt more crypto-friendly policies.
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