Crypto bulls appear to have regained full strength amid speculation that an Ethereum spot investment fund is more likely than ever to be approved following reports that the U.S. Securities and Exchange Commission may require an updated 19b-4 filing for an Ethereum ETF due to political pressure.
Comments from famous people on Ethereum
According to CoinGecko, Ethereum’s price has risen 19.4% in the past 24 hours and is currently trading at $3,685. This is the highest price since April 9. While it is unclear why the sudden change occurred, Bloomberg ETF analyst Eric Balchunas and other industry experts believe that it may be due to the cryptocurrency-related turnaround process on Capitol Hill. Visit COINTURK FINANCE for the latest financial and business news.
Henrik Andersson, chief investment officer at asset manager Apollo Crypto, commented on the matter, saying that approval suddenly seemed possible, adding:
“SAB 121 triggered a turning point in Washington, with members of both parties voting to block the bill.”
Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, commented on the matter in a May 20 post:
“This process could mean that winter is over and it’s time for the U.S. to rise again in the cryptocurrency space.”
Ryan Sean Adams, one of the hosts of Bankless, said the political shift could signal an end to a string of SEC lawsuits and new support for crypto-friendly regulation.
Meanwhile, Galaxy Digital founder and CEO Mike Novogratz said ahead of the CNBC Financial Advisor Summit that he is confident about the cryptocurrency industry and potential institutional adoption in the next 12 to 24 months.
The United States and the Cryptocurrency Market
Crypto assets have become an increasingly important topic as the US election approaches. Republican candidate Donald Trump has recently made various efforts to win support in the field, including a dinner hosted by NFT enthusiasts at his home in Florida on May 8. At the dinner, Trump promised to help prevent more local innovators from fleeing overseas, which won strong support from the crypto community. He also used the event to mock Biden's knowledge of cryptocurrency.
Some believe this has also prompted Democrats to seek political points. A recent survey conducted by the Digital Currency Group showed that the candidates' stance on cryptocurrencies could affect the voting decisions of people in many swing states. The US presidential election will be held on November 5, 2024.
