The U.S. Securities and Exchange Commission (SEC) made a sudden U-turn last week and quickly approved the 19b-4 documents (changes in exchange rules) for eight Ethereum spot ETFs in just a few days, shocking the market and many experts.
Last week, a person familiar with the matter broke the news to The Block that the reason for the SEC’s overnight reversal was a “political decision” because the U.S. presidential election is approaching, and cryptocurrency is likely to have become an election that has begun to receive attention from both parties in the United States. issue, as both parties are eager to attract the Web3 youth vote.
Female Stock God: The Ethereum ETF document was approved because “cryptocurrency has become an election issue.”
In this regard, Cathie Wood, CEO of ARK Invest, known as the "Female Stock God", also has a similar interpretation. According to Coindesk , she said at the Consensus 2024 conference today (30th):
Cryptocurrencies are now an issue in the US election, which is why key documents for a proposed Ethereum spot ETF were suddenly and unexpectedly approved.
It was previously thought it would not be approved. It will never be approved.
Ark Investment, which she manages, is also one of the Ethereum spot ETF issuers that received SEC approval of its 19b-4 filing last week. Wood also pointed out that last week was not a "routine" approval. "If it had been approved in a routine way, we would have received questions from the SEC, but no one has received questions from the SEC in advance." Her remarks reflected The urgency with which the SEC approved documents in a flash last week.
The FIT21 bill was also successfully passed because of the "election year"
Wood also commented on the regulatory milestone last week when the U.S. House of Representatives voted to pass the Financial Innovation and Technology Act for the 21st Century (FIT21), which was supported by the Crypto industry. She believed that the bill was passed with bipartisan support last week and made it clear that This may be an "election year" issue.
She also mentioned that former U.S. President Trump has become more friendly to Bitcoin and cryptocurrencies. Last week he announced that he would accept Bitcoin, Ethereum, Dogecoin, and other cryptocurrencies as campaign donations. This is also It has attracted the attention of the Biden administration.
Further reading: What is the FIT21 Cryptocurrency Bill? What major impact will it bring to the United States to return to the leadership of Web3?
Cathie Wood: Nothing in the cryptocurrency world rivals Bitcoin
On the other hand, Wood was also asked at the conference whether the significant progress in the approval of the Ethereum spot ETF, with ETH breaking through the 3,900 mark last week, would make her, a loyal believer in Bitcoin, more active in holding Ethereum. , she remains firm in her belief in Bitcoin:
“Bitcoin, no doubt about it. It’s a global monetary system, it’s a technology, it’s a new asset class. Those are three great ideas rolled into one, and there’s nothing else in the crypto world that can compete with it. .
