By: Eliza Bennet
In a significant development for the crypto market, JPMorgan anticipates newly approved spot Ethereum exchange-traded funds (ETFs) will trade before the upcoming US presidential elections. This is seen as a move driven by growing political significance of crypto.
The US Securities and Exchange Commission (SEC) approved eight Ethereum ETFs on May 23, signaling a notable shift from previous skepticism. The approved ETFs include offerings from VanEck, BlackRock, Grayscale, and Fidelity. These products, however, still need to activate their S-1 registration statements to commence trading. While some analysts foresee trading as early as July or August, JPMorgan maintains a cautious perspective, citing potential political and regulatory influences.
Recent legislative movements like the House passing the FIT21 crypto bill and actions from key political figures underscore a crucial shift towards mainstream crypto acceptance. These developments include President Biden’s openness to a balanced regulatory framework and ex-President Trump's willingness to accept crypto donations for his campaign.