There is said to be a significant change in the Democratic Party's stance on cryptocurrencies, especially $ETH ETFs. According to Galaxy Digital CEO Mike Novogratz, this change has completely turned the Ethereum ETF world upside down.
"I feel like someone from the Biden White House called and said, 'Guys, we can't be the anti-crypto side anymore,'" Novogratz told CNBC. said. This announcement comes after months of silence from the Securities and Exchange Commission (SEC), which is now frantically communicating with potential ETF issuers, including Galaxy Digital, to get the products ready before a key May 23 deadline.
Rumors of this step back have already had a significant impact on the market, with Ethereum rising 20% since the news first emerged. Novogratz believes that if the SEC's change of heart is politically motivated, "it's a seismic shift" and "prices will be much higher from here."
While prominent members of the Democratic Party, particularly Massachusetts Senator Elizabeth Warren, have long criticized crypto, Republicans are generally more sympathetic to the sector. The difference in approach has become particularly evident in the last few weeks, with former President Donald Trump, who has historically been skeptical of cryptocurrency, recently stated that he would support the industry if re-elected.
Uniswap founder Hayden Adams recently brought to light an important aspect of the cryptocurrency market that could potentially impact the upcoming US Presidential election. In a statement that resonated with the industry, Adams highlighted the growing adoption of cryptocurrencies among adults and its potential consequences for the political landscape. Underlining the fact that a significant portion of the population now owns crypto assets, Adams hinted at the possibility that this widespread ownership could affect the outcome of the election.
