Crypto bulls seem to have regained full strength following speculation that an approved spot Ethereum investment fund is more likely than ever. This comes amid reports that the Securities and Exchange Commission likely requested updates to 19b-4 filings for Ethereum ETFs due to political pressure.
Comments on Ethereum from Notable Figures
According to CoinGecko, Ethereum’s price increased by 19.4% in the last 24 hours and is currently trading at $3,685. This is the highest price seen since April 9. While the cause of the sudden change is unclear, Bloomberg ETF analyst Eric Balchunas and other industry experts believe it may be due to the crypto-related turnaround process on Capitol Hill.
Henrik Andersson, Chief Investment Officer of asset manager Apollo Crypto, commented on the matter, stating that an approval suddenly seems likely and added:
“There is a turning point in Washington ignited by SAB 121, 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 X post:
“This process could mean that winter is over and it’s time for the US to rise again in the crypto space.”
Ryan Sean Adams, one of the hosts of Bankless, suggests that a political shift could mark the end of a series of SEC lawsuits and newfound support for crypto-friendly regulation.
Meanwhile, Galaxy Digital founder and CEO Mike Novogratz stated that he has never felt more confident about the cryptocurrency industry and potential institutional adoption over the next 12 to 24 months ahead of the CNBC Financial Advisor Summit.
The US and the Crypto Market
As the US elections approach, crypto assets have become an increasingly important topic. Republican candidate Donald Trump recently made various efforts to gain support from the sector, including a dinner hosted by NFT enthusiasts at his Florida home on May 8. During the dinner, Trump earned significant points from the crypto community after promising to help prevent more local innovators from fleeing offshore. He also used the event to mock Biden’s knowledge of crypto.
Some believe this has also prompted Democrats to seek political points. A recent survey conducted by the Digital Currency Group revealed that a candidate’s position on cryptocurrencies could influence people’s voting decisions in many swing states. The US presidential election will be held on November 5, 2024.
