As a researcher with a background in cryptocurrency and securities law, I find the recent turnaround in the prospects of approvals for spot Ethereum ETF products truly surprising. According to Bloomberg Analyst, the odds were only around 25% at the start of this month. However, they have since jumped to an astounding 75%.
Lawyer John Deaton, an advocate for Ripple, expressed shock over the sudden shift in the approval chances for Ethereum spot ETFs. Via his Twitter account @JohnDeaton_XRP, he concurred with Charles Gasparino’s assessment that this represents “the most significant regulatory reversal in recent SEC history.”
Unexplainable Spot Ethereum ETF Turnaround
At the beginning of this month, the probability of SEC approval for Ethereum ETFs was approximately 25%, based on Bloomberg’s analysis. However, the situation shifted a few days ago, raising the probability to a staggering 75%.
In his assessment, John Deaton noted that when the Securities and Exchange Commission’s regulatory battles of the previous four years are combined with Senator Elizabeth Warren’s opposition to cryptocurrencies, the push for approval of a spot Ethereum ETF represents a significant shift in position. The crypto attorney acknowledged the role he had played in shaping the current landscape but now finds himself advocating for this new development.
As a crypto investor, I can’t help but agree with Charlie’s assessment of the current situation as the most significant regulatory shift in the SEC’s recent history. With Elizabeth Warren’s pledge to strengthen opposition against cryptocurrencies during her re-election campaign and Gary Gensler’s aggressive regulatory approach at the SEC, the last few months have brought about a veritable war on crypto.
— John E Deaton (@JohnEDeaton1) May 22, 2024
During the beginning of Gary Gensler’s term as SEC Chairman, he found himself handling the ongoing Ripple lawsuit that had been initiated under his predecessor Jay Clayton. In this legal battle, John Deaton emerged as a passionate advocate for XRP holders. His involvement led to Judge Analisa Torres making a ruling last year, stating that XRP, in its essence, is not classified as an investment contract.
From my perspective as an analyst, the regulatory body has drawn attention to Ethereum in relation to investment contracts, despite not yet making an official declaration. Insiders within the regulator have hinted that this could be the cause for denying the Ethereum ETF. The market reacted with a shift in sentiment, but the clarification on Ethereum’s classification remains unclear.
“The recent developments in the ETH ETF debate among stakeholders can be traced back to political changes.”
Driving More Fight For Crypto
Crypto industry heavyweights hold the view that the US regulatory environment is predominantly influenced by politics. In response, John Deaton has chosen to enter the political arena by challenging Senator Elizabeth Warren in the elections.
John Deaton, who has garnered backing from numerous crypto industry heavyweights, has consistently expressed self-assurance in his capacity to instigate change if he enters politics. In the meantime, the crypto sector faces significant transformation, such as adapting to the emergence of Ethereum SPOT ETF trading on major stock exchanges.
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2024-05-22 18:45