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Ethereum ETF Approval Imminent as SEC Reverses Course

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Political Motivations Behind Abrupt U-Turn

The Securities and Exchange Commission (SEC), led by Chairman Gary Gensler, has taken an unexpected U-turn by approving Ethereum exchange-traded funds (ETFs). According to Standard Chartered, the ETFs are likely to be approved by May 23, the final deadline for the first wave of applications.

Shift in Biden Administration's Crypto Stance

This approval, along with the passage of the Future Investment Technology (FIT21) crypto bill, signals a significant shift in the Biden Administration's stance on cryptocurrency.

Precedence for Non-Bitcoin ETFs

The approval of an Ether spot ETF would set a precedent as the first non-bitcoin digital asset to be considered a commodity. This raises expectations that other digital assets may follow suit.

House Members Advocate for Approval

In a recent development, members of the House of Representatives have urged the SEC to approve a spot Ethereum ETF. This shows increasing support for the approval of such ETFs.

Thu May 23 2024 330 PM 2 min read