The approval of Ethereum ETFs in the US has clearly electoral purposes, says Cathie Wood – DiarioBitcoin

According to Wood, the reading was that ETFs Ethereum cash would not be approved, but everything suddenly changed. He noted that the government is paying attention to the issue because of its importance in the face of the upcoming presidential elections.

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• Wood believes that the approval of ETFs Ethereum cash was surprising
• He points out that this has clear political motives, especially in the face of the next presidential elections.
• He highlighted that both the Senate and other candidates have pro-crypto speeches
• Therefore, the Biden administration is trying to project a friendlier image towards the crypto sector.

The founder and CEO of Ark InvestCathie Wood, assured that the sudden approval of ETFs Ethereum cash was given for purely political reasons, especially now that cryptocurrencies appear as one of the axes of the electoral issue in the US.

Political motives after the approval of ETFs Ethereum

Wood’s statements came to light during his participation in the event Consensus 2024, organized by the medium CoinDesk. In an exchange of ideas with popular podcaster Peter McCormack, the management of Ark Invest assured that under normal conditions, the SEC would not have approved ETF applications under any circumstances Ethereum, and would have put up much more resistance during the last phases of the process:

“The reading was that it was not going to be approved. It wasn’t going to be approved at all. If it had been approved in the usual way, we would have received questions from the SEC. “No one received questions from the SEC beforehand.”said Wood.

He also cited aspects such as the approval of the FIT21 Law by the US Congressas well as the recent statements of former president and presidential candidate Donald Trump, who “has become much more welcoming to Bitcoin and cryptocurrencies in general,” which is drawing the attention of the government led by Joe Biden.

Expectations around ETFs Ethereum

Last Thursday, May 23, the Securities and Exchange Commission (SEC) approved applications for ETF Ethereum presented by several administrators, which gave the green light to the issuance of these products although a market release date has yet to be determined in a final form under consideration.

Days before, analysts Bloomberg anticipated a surprising change of perspective on the part of the SEC regarding said product. They pointed out that this new panorama could be due precisely to political purposes, precisely in the attempts of President Biden’s government to convey a friendlier perspective towards the crypto sector in the midst of the search for votes.

Analysts of JPMorgan They also agreed with this reading, and assured that the ETFs most likely Ethereum begin operations in the market before the elections scheduled for the end of the year.

The outlook for other crypto products

But now that ETFs Ethereum They are just waiting for the latest confirmation, Wood indicated that this will probably open the way for other similar products.

Therefore, Wood considers it feasible that the SEC can approve ETF applications Solarium in cash, although he believes it is unlikely that administrators will be interested in launching funds based on memecoins, since they will look for solid and much more serious proposals to offer investors.

And finally, the director of Ark Invest referred to the ETF Bitcoin managed by the company, stating that they will keep rates low because they want the shares “are as accessible as possible to the greatest number of people.”

Article by Angel Di Matteo / DailyBitcoin

Picture of DailyBitcoin, under free use license

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