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Bloomberg ETF Expert James extended his work hours and continues to evaluate the latest Ethereum ETF approval. It was truly a historic moment and likely ignited a new rally period for altcoins in general. So, what did James say last, and how does this event affect the XRP case?
Ethereum ETF Approval Complete
Many investors are comparing today with the Spot BTC ETF approval process, trying to understand why the funds are not immediately trading in the stock markets. Normally, S-1 Form approvals for BTC also came immediately, and the ETFs started trading the next day. However, since the process was not completed in time, S-1 approvals will come in a few weeks, and ETH ETFs will not start trading immediately tomorrow.
But the matter is fully settled, and James says the following on this;
“The approval was granted through delegated authority, meaning there will be no public commissioner vote. However, this also means that any commissioner (perhaps Crenshaw?) could technically object and request a review/vote.
Essentially, we do not know exactly what happened or who decided on which votes. But no matter the distribution, I would bet my life on it. Whether it’s 3-2 (as it was for Bitcoin with Gensler’s deciding vote) or 4-1. Crenshaw would have voted against based on her opposition to BTC ETFs.
Also, to be clear. Requesting a review does not change anything about the decision. They have been approved. This matter is settled. However, it could potentially give us more insight into what actually happened last week. I think the only possible reason could be political.
I say ‘it changes nothing’ because unless a majority of SEC commissioners agree on this decision, they would not allow the Trading and Markets division to write/issue this approval order through delegated authority.”
What Will Happen to the XRP Coin Case?
The SEC most likely had to grant the ETF approval due to political pressure. We agree on this. If the SEC is making a 180-degree turn and completing it within a week, it may also need to soften its stance on crypto cases.
After Trump’s statements embracing crypto investors, it cannot be a coincidence that Democrats voted in favor of crypto in congressional votes. Moreover, following the ETH ETF approval, the legal battles against companies and foundations associated with Ethereum should also stop to avoid market turbulence. XRP Coin could also benefit from this potential peace.
