There were two pieces of news yesterday: the first was that the U.S. House of Representatives passed the 21st Century Financial Innovation and Technology Act FIT21, with the CFTC as the main regulator and the SEC's regulatory power weakened.

It is worth noting that the CFTC has always been more favorable to Ethereum than the SEC.

The passage of this bill in the House of Representatives is only a phased step, and it will need to be voted on by the Senate later, and Biden will finally agree (but Biden does not seem to refuse).

The FIT21 bill is friendly to many tokens, but it is definitely unfriendly to some tokens.

The final passage of the bill will divide tokens into two camps in the future, one is the security token regulated by the SEC, and the other is the non-security token regulated by the CFTC. If the Ethereum ETF is passed this time, the SEC's regulatory power over it will be greatly weakened in the future, which means that it will be difficult for the SEC to make decisions on ETH in the future, just like after the Bitcoin ETF is passed.

The second news is the FOMC meeting last night. It was a completely nonsense meeting. The current Federal Reserve meeting basically does not need to be guessed to be hawkish. Even if there is no interest rate hike, it must maintain high pressure, otherwise it is easier to accelerate inflation. These two pieces of news obviously have little impact on the market, and compared with the following news, they are completely ignored.

Ethereum spot ETF.

The market now has an expectation of almost 90% for the Ethereum spot ETF to pass, which means that from the media to retail investors, most people think it will pass, and we can't sing a different tune. I think we have to follow the trend, so I also think it will pass. Before the news is announced, Ethereum will be relatively strong and successfully break through 3900.

According to common sense, for Ethereum's spot ETF to be finally passed, it may have to review two standards, one is 19B-4 and the other is S-1, which is the basic process. But this year's situation is a little different. The internal circulation caused by the US election has already rolled into the currency circle.

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