Daniel Kuhn is a deputy managing editor for Consensus Magazine. He owns minor amounts of BTC and ETH.
, ETH. A lot of people were caught off guard, considering that just last week nearly everyone – from Bloomberg analysts to prediction markets – thought it was a lost cause.
Recall that a three-person panel of judges in an appeals court called the SEC’s reasoning for denying spot bitcoin funds was “arbitrary and capricious” as it had already approved bitcoin futures products that did substantially the same thing. The same situation hasas well, and it’s likely that some firm would have been happy to litigate the matter in the same way Digital Currency Group went to bat for bitcoin ETFs.
It’s possible that all these events on the Hill acted like a temperature check, and helped convince Gensler that his approach to crypto was becoming a political hazard. Afterall, former President Donald Trump did just announce his support for crypto in a big way – and denying ETH ETFs on the basis, purportedly, that the SEC wasn’t having “productive” meetings with applicants would be great ammunition.
And while ETFs are really just a vehicle for gaining exposure to an underlying asset, it is also possible that these funds will actually drive more users onto Ethereum itself. One scenario: because the SEC likely won’t allow fund managers to stake the underlying ETH, it’s possible new ether investors determine that they want to do it themselves to earn that extraon X, the approval likely answers one lingering question: whether or not ETH is a security.
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