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Home»ETHEREUM NEWS»JPMorgan sees a spot Ethereum ETF trading ahead of the 2024 election amid political gains.
ETHEREUM NEWS

JPMorgan sees a spot Ethereum ETF trading ahead of the 2024 election amid political gains.

By Crypto FlexsMay 24, 20242 Mins Read
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JPMorgan sees a spot Ethereum ETF trading ahead of the 2024 election amid political gains.
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JPMorgan has predicted that the newly approved spot Ethereum exchange-traded fund (ETF) will likely begin trading before the US presidential election in November, citing the cryptocurrency’s growing political importance.

This outlook follows the U.S. Securities and Exchange Commission’s (SEC) unexpected approval of eight spot Ethereum ETFs on May 23, marking a notable shift from previous skepticism surrounding these financial products.

The SEC has approved Form 19b-4 for an Ethereum ETF, which includes products from VanEck, BlackRock, Grayscale, and Fidelity. However, these products require an S-1 registration statement to be activated before you can begin trading.

JPMorgan highlighted these developments:

“The issuer’s registration statement is under review by the SEC. Therefore, there is no expected date for when these ETFs will begin trading.”

Galaxy analysts expect trading to begin as early as July or August, but JPMorgan is maintaining a more cautious stance. They believe that political factors related to ETF approval and cryptocurrency regulation could impact the timeline. They noted:

“This important step toward final approval yesterday follows a sudden reversal in regulatory sentiment earlier this week when the SEC appeared to have re-engaged with stakeholders after months of stalled talks.”

This view is consistent with recent significant political and regulatory developments in the cryptocurrency industry.

Last week, the House of Representatives passed FIT21, a significant legislative effort to clarify the SEC’s role in cryptocurrency regulation. Additionally, President Joe Biden has expressed his commitment to working with Congress to establish a comprehensive and balanced regulatory framework for digital assets.

Moreover, former President Donald Trump announced that he would accept cryptocurrency as a campaign donation.

These events, combined with Congress and the House of Representatives voting to overturn SEC cryptocurrency-related rules despite a veto threat from President Biden, represent a major step forward in mainstream acceptance of cryptocurrencies as financial assets.

The post JPMorgan Sees Ethereum ETF Trading Before 2024 Election Amid Political Gains appeared first on CryptoSlate.

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