‘Winter is over’ – Bullying returns due to Ether’s EFF wait
Crypto bulls seem to be back in full force after the spot Ether exchange-traded fund (ETF) is estimated to be more valuable than ever.
It comes amid reports that the U.S. Securities and Exchange Commission (SEC) has turned on Ether ETFs — possibly under political pressure — to ask ETF exchanges to update their 19b-4 filings.
Ether (ETH) has gained 19.4% in the past 24 hours to trade at $3,685 – the highest price since April 9, according to CoinGecko.
While it's unclear what caused the sudden change, Bloomberg ETF analyst Eric Balchunas and other industry experts speculate that it could be due to the “turning tide” regarding crypto in Congress.
“Approval seems sudden,” Henrik Andersson, chief investment officer at asset manager Apollo Crypto, told Cointelegraph.
“There is a wave of change in Washington, sparked by SAB 121, with members of both parties voting to veto the bill,” Anderson said. He added that crypto-owning Americans could be “an important group of voters this election year.”
“This means that winter is over and it's time for a crypto renaissance in America,” said Adam Kochan, a partner at venture capital firm Synamhine Ventures, in a May 20 X post.
Ryan Shawn Adams, one of the hosts of the Ethereum podcast Bankless, says that a political shift could mark the end of “Operation Choke Point 2.0”, the SEC lawsuit and new-found support for cryptocurrency-friendly regulation.
Meanwhile, Galaxy Digital founder and CEO Mike Novogratz said at CNBC's Financial Advisor Summit that he has never felt more “confident” in the kriptovalyutnyh industry and institutional adoption that will follow in the next 12 to 24 months.
Related: Financial system ‘obsolete' but crypto is no fix – US swing voters
As the US election approaches, digital assets have become an increasingly important issue.
Republican nominee and political rival Donald Trump has made several efforts to garner support from the industry, including at a May 8 dinner at his Florida home with dozens of his supporters.
During the dinner, Trump earned brownie points among the crypto crowd after promising to help keep more domestic innovators from fleeing offshore. He also used the event to mock President Joe Biden's crypto expertise.
BREAKING: DONALD TRUMP IS GOOD WITH CRYPTO pic.twitter.com/SCJDKdHQUB
— Frank (@frankdegods) May 9, 2024
Some speculate that this prompted Democrats to score “political points.”
A poll by the Digital Currency Group recently found that a candidate's stance on cryptocurrencies can influence how people in several swing states decide to vote.
The United States presidential election will be held on November 5, 2024.
Magazine: Opinion: GOP crypto maxis almost as bad as Dems' ‘anti-crypto army'
