{"id":13810,"date":"2024-05-25T17:08:21","date_gmt":"2024-05-25T14:08:21","guid":{"rendered":"https:\/\/forklog.com\/en\/jpmorgan-approval-of-eth-etf-seen-as-political-move-ahead-of-us-elections\/"},"modified":"2024-05-25T17:08:21","modified_gmt":"2024-05-25T14:08:21","slug":"jpmorgan-approval-of-eth-etf-seen-as-political-move-ahead-of-us-elections","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/jpmorgan-approval-of-eth-etf-seen-as-political-move-ahead-of-us-elections\/","title":{"rendered":"JPMorgan: Approval of ETH-ETF Seen as Political Move Ahead of US Elections"},"content":{"rendered":"<p>JPMorgan analysts have described the SEC&#8217;s approval of spot Ethereum-ETFs as a political decision in the lead-up to the US presidential elections. This was reported by <a href=\"https:\/\/www.theblock.co\/post\/296668\/jpmorgan-spot-ethereum-etf-trading\">The Block<\/a>.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cWe view this ETF approval and cryptocurrency in a broader sense as an increasingly political issue ahead of the US presidential elections in 2024. Therefore, we expect spot ETH-ETF trading to commence well before November,\u201d the report states.<\/cite><\/p><\/blockquote>\n<p>On May 23, the SEC approved 19b-4 applications from issuers of spot exchange-traded funds based on Ethereum. Trading will begin once the agency signs off on S-1 registration statements. Bloomberg analyst James Seyffart stated that this will take \u201ca couple of weeks, but maybe longer.\u201d<\/p>\n<p>The approval of the ETH-ETF followed the exclusion of staking from applications. On May 10, ARK Invest and 21Shares made such a decision, followed by Fidelity on May 21. According to JPMorgan analysts, staking is a key issue between issuers and the SEC due to the asset&#8217;s status under the Howey Test.<\/p>\n<p>Experts also mentioned the <span data-descr=\"Financial Innovation and Technology for the 21st Century Act\" class=\"old_tooltip\">FIT21<\/span> bill, which the US House of Representatives passed a day before the Commission approved the ETH-ETF. Previously, SEC Chairman Gary Gensler criticized it.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cHowever, the bill&#8217;s chances of passing the Senate are lower, and the [US President Joe] Biden administration has stated it does not support it, though it has not yet threatened a veto,\u201d the JPMorgan report notes.<\/cite><\/p><\/blockquote>\n<p>Before the ETH-ETF approval, Bernstein analysts predicted Ethereum could rise to $6600 if the SEC made a positive decision.<\/p>\n<p>Following the approval, Standard Chartered&#8217;s Head of Research Geoffrey Kendrick suggested a new phase for exchange-traded funds in 2025. In his view, SOL and XRP are next in line.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>JPMorgan analysts have described the SEC&#8217;s approval of spot Ethereum-ETFs as a political decision in the lead-up to the US presidential elections. This was reported by The Block. \u201cWe view this ETF approval and cryptocurrency in a broader sense as an increasingly political issue ahead of the US presidential elections in 2024. Therefore, we expect [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13809,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1280,569,46,842],"class_list":["post-13810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-elections","tag-etf","tag-ethereum","tag-politics"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13810","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=13810"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/13810\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/13809"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=13810"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=13810"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=13810"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}