JPMorgan believes that newly-approved spot Ethereum ETFs will begin trading in the US before November’s presidential election. crypto’s increasing political significance.
This outlook follows the US Securities and Exchange Commission’s (SEC) unexpected approval Eight spot Ethereum ETFs were launched on May 23rd, a significant shift in the skepticism that had previously surrounded these financial instruments.
The SEC approved forms 19b-4 and offers for Ethereum ETFs. VanEck, BlackRock, GrayscaleAnd Fidelity. Nevertheless, before the trading of these products can begin, their S-1 statements must be activated.
JPMorgan highlighted this new development by stating that:
“The issuers’ registration statements remain under review by the SEC. As such, there is no anticipated date on when these ETFs will begin trading.”
JPMorgan is more conservative than Galaxy, who expect trading to begin as soon as August or July. According to them, political factors such as ETF approval or crypto regulations could affect the timing. The note:
“We note this important step yesterday towards the final approval comes after a sudden reversal in regulatory sentiment earlier this week when the SEC seemingly re-engaged with stakeholders after months of stalled conversations.”
This view is in line with the recent political and regulatory changes that have impacted the crypto-industry.
House of Representatives held its last meeting on Wednesday, November 9, 2018. passed FIT21, a significant legislative effort to clarify the SEC’s role in crypto regulation. Joe Biden, the president of the United States has also made a significant legislative effort to clarify SEC’s role in crypto regulation. expressed willingness To work with Congress in order to create a balanced and comprehensive regulatory framework for digital asset.
Donald Trump has also announced that the former president will not be attending. accept crypto Donations for campaigns
Both houses of Congress having voted to overturn an SEC crypto-related rule despite President Biden’s veto threat, signal a major stride toward mainstream acceptance of crypto as a financial asset.
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Source: cryptoslate.com