JPMorgan predicts that the newly approved spot Ethereum exchange-traded funds (ETFs) will likely begin trading before the November US presidential elections, citing crypto’s increasing political significance.This outlook follows the US Securities and Exchange Commission’s (SEC) unexpected approval of eight spot Ethereum ETFs on May 23, marking a notable shift from the previous skepticism surrounding these financial instruments.The SEC approved the 19b-4 forms for the Ethereum ETFs, which include offerings from VanEck, BlackRock, Grayscale, and Fidelity. However, these products still require activating their S-1 registration statements before trading can commence.JPMorgan emphasized this development, stating:“The issuers’ registration statements remain under review by the SEC. As such, there is no anticipated date on when these ETFs will begin trading.”While Galaxy analysts foresee trading starting as early as July or August, JPMorgan maintains a more cautious stance. They believe that political factors related to ETF approval and crypto regulation could influence the timeline. They noted:“We note this important step yesterday towards the final approval comes after a sudden reversal in regulatory sentiment earlier this week when the SEC seemingly re-engaged with stakeholders after months of stalled conversations.”This perspective aligns with recent significant political and regulatory developments in the crypto industry.Last week, the House passed FIT21, a significant legislative effort to clarify the SEC’s role in crypto regulation. Additionally, President Joe Biden expressed willingness to cooperate with Congress to establish a comprehensive and balanced regulatory framework for digital assets.Moreover, former President Donald Trump announced he would accept crypto for campaign donations.These events, combined with both houses of Congress voting to overturn an SEC crypto-related rule despite President Biden’s veto threat, signal a major stride toward mainstream acceptance of crypto as a financial asset.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change. Stay ahead in the crypto game: Follow us on X for daily updates and analysis.Courts dismissed the case without prejudice, leaving Musk an option to refile the case at a later date.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Ripple said Standard Custody CEO Jack McDonald would help the firm achieve its USD-backed stablecoin plans.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.All spot ETH ETFs have yet to launch despite recent developments.ICBC compared Bitcoin to gold and said Ethereum has established itself as “digital oil” capable of powering myriad applications across the web3 ecosystem.DeFillama data shows the platform’s TVL rose 135% despite the attack.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
