Source

Joe Biden

Mind

Change

The US Securities and Exchange Commission (SEC) is reportedly on the verge of approving spot Ethereum exchange-traded funds (ETFs). This sudden change left companies trying to understand the SEC's change of attitude in a difficult situation. 
Just two weeks ago, the SEC showed no interest in the filings, according to a source familiar with the matter. However, on Monday, the SEC's trading and markets division notified exchanges that they would approve 19b-4s this week. This news coincides with reports from Barrons' SEC staff indicating a trend toward approval. 
The source described the situation as “completely unprecedented” and suggested that this U-turn was “purely political”. This speculation stems from a lack of internal coordination within the SEC. While the trading and markets division is preparing to approve 19b-4s, the corporate finance division, which is responsible for S-1s, appears out of sync on this issue. 
Related News: <a href="https://en.bitcoinsistemi.com/new-development-in-the-massive-gala-hack-founder-makes-a-statement/" target="_blank" rel="dofollow">New Development in the Massive GALA Hack - Founder Makes a Statement</a> 
The source also speculated that the SEC's change of heart could be politically motivated, given the fast-approaching elections. Former President Donald Trump, who recently backed crypto, told a crowd of NFT buyers, “If you love cryptocurrencies in any form, you better vote for Trump.” 
The source believes this could become a campaign issue, especially since Democrats desperately need the youth vote. The source suggested that President Joe Biden could score a win with the approval of spot ETH ETFs and position himself as a leader going forward. 
The next step involves updating the 19b-4 forms once comments are received from the SEC. Given the tight deadlines, comments on 19b-4s are expected to be light. The source emphasized the urgency of the situation, likening the SEC's efforts to “writing a term paper the night before the deadline.” 
*This is not investment advice. 
 Continue Reading: <a href="https://en.bitcoinsistemi.com/why-did-the-sec-suddenly-change-its-mind-on-ethereum-etfs-an-inside-source-reveals-the-real-reason/">Why Did the SEC Suddenly Change Its Mind on Ethereum ETFs? An Inside Source Reveals the Real Reason</a>

Why Did the SEC Suddenly Change Its Mind on Ethereum ETFs? An Inside Source Reveals the Real Reason

Bitcoin Sistemi EN

Other articles published on May 21, 2024

Galaxy Digital’s Thorn says SEC could label staked ETH as security in ETF plans

Binance Labs Boosts AEVO Altcoin

Awaiting Ethereum ETF Approval, Standard Chartered Announces Price Target!

Crypto: Ethereum jumps 18% after shocking ETF announcement

Crypto exchanges exit Hong Kong license race ahead of May deadline

Solana Next In Line After Ethereum ETF Approval: Matrixport Co-founder

Join our free newsletter for daily crypto updates!