Ethereum’s price surged by 9% on Monday, jumping from $3,143 to $3,428 within 20 minutes, driven by speculation that the SEC might approve spot Ethereum ETFs.
Bloomberg analysts increased their approval odds from 25% to 75%, citing political considerations and potential SEC reversal.
The Biden administration might seek to appear more crypto-friendly, contrasting with Trump’s pro-crypto stance.
The initial deadline for these ETF proposals is May 23, with VanEck’s application up first.
The SEC’s uncertainty in classifying Ethereum and recent subpoenas to Ethereum-related companies complicates the approval process.
Consensys claimed the SEC considers ETH a security, adding to the controversy. Firms’ engagement with the SEC on Ethereum ETFs has been less robust compared to Bitcoin ETFs earlier this year.
The situation underscores the significant influence of regulatory decisions on the crypto market.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
