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Bitcoin price could help U.S. Securities and Exchange Commission (SEC) change its stance on approving a number of spot Ethereum exchange traded funds (ETFs) ahead of a scheduled decision It is believed to be boosted by a change in the mood of the Democratic Party. this week.
Now Galaxy Digital CEO Mike Novogratz, a former Goldman Sachs partner and crypto enthusiast, predicted that the political sea change will send Bitcoin, Ethereum and cryptocurrency prices “a lot higher than they are here.”
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US President Joe Biden has been nominated as the anti-cryptocurrency candidate, just like former President Donald Trump. … [+]
According to Novogratz, a “broader shift within the Democratic Party” over the past 24 hours prompted the SEC to reverse course on its plans to reject a spot Ethereum ETF this week. CNBC: “It feels like someone from the Biden White House called and said, 'Guys, we can't be the party against crypto anymore.'”
According to Novogratz, the conflict over cryptocurrencies between President Trump and President Joe Biden has “sparked a heated debate” in Washington, D.C. “It was like a purity test. Republicans were good for crypto, Democrats were bad for crypto, and the Democratic administration woke up and said, 'This is weird.'
Ethereum price has surged about 30% this week. Barons The SEC has notified exchanges where Ethereum ETFs may be traded that it is leaning toward approval. Earlier this week, Bloomberg Intelligence ETF analysts James Seifert and Eric Balchunas suggested that the SEC's change in direction on whether to approve an Ethereum ETF was due to a change in political winds.
Elsewhere, the U.S. House of Representatives is scheduled to vote on Wednesday on the 21st Century Financial Innovation and Technology Act, known as Fit21, which would divide responsibility for regulating cryptocurrencies between the SEC and the Commodity Futures Trading Commission (CFTC).
Nancy Pelosi, chair emeritus of the California Democratic Party, is reportedly considering voting in favor of the Republican-backed cryptocurrency bill. american outlooksaid an anonymous source.
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Bitcoin prices have soared this year, rising along with Ethereum prices, … [+]
At least eight House Democrats are vocal supporters of the bill. coin desk By Congressional Aide. Democratic leaders say they “strongly oppose” the bill but have no intention of whipping lawmakers against it. POLITICO report.
Last week, 60 cryptocurrency companies and organizations, including Gemini, Kraken, Coinbase, and Digital Currency Group (DCG), signed a letter in support of the bill.
Meanwhile, a prominent crypto executive who met with former President Donald Trump earlier this month said President Joe Biden will approve SAB 121, the controversial crypto accounting rule that would lock out Wall Street's biggest behemoths. He said he expected him to withdraw his threatened veto of the motion to repeal the issue. Cryptocurrency custody service.
