Is the probability of Ethereum spot ETF approval increased mainly due to political pressure?
Regarding the reason for the increased probability of Ethereum spot ETF approval, a large part of the reason is due to political pressure. As Andrew Kang, founder of Mechanism Capital, said, the approval of the Ethereum ETF may not just be an isolated incident, but actually the first step in the Democratic Party's radical change in its stance on cryptocurrency policy.
The two presidential candidates, Trump, the Republican Party representative, and Biden, the Democratic Party representative, are not only competing fiercely in the US election, but also in the "crypto election". Just in early May, Trump said he would accept presidential campaign donations in the form of cryptocurrency, and publicly expressed support for cryptocurrency, and believed that the Biden administration's politics hindered the development of cryptocurrency. Trump also criticized the Biden administration's attitude towards cryptocurrency: "Biden doesn't even know what cryptocurrency is. If you want to control what we have, you have to accept a lot of things that not everyone likes."
Under this pressure, the Democratic Party's stance on cryptocurrency policy may be changing. The author believes that the approval of the Ethereum ETF will have a huge impact. The reasons behind this are diverse and far-reaching. First, the maturity and stability of Ethereum's own infrastructure and ecology are the key to attracting investors. It will continue to consolidate its leading position in the cryptocurrency field and has the potential to weaken Bitcoin's dominance. Secondly, this can send a positive policy signal to other altcoins, which will help promote the prosperity and development of the entire cryptocurrency ecosystem. More importantly, the approval of the Ethereum ETF also marks a major shift in the US's crypto policy, which is a major boost in market, policy and investor confidence.
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