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The Securities and Exchange Commission (SEC) is quickly approaching its Thursday deadline over whether to approve an ether ETF. Crypto prices, including ethereum (ETH-USD), have been rallying this week on the hopes of a new investment offering, following in the footsteps of the spot bitcoin (BTC-USD) ETFs given the go-ahead at the start of 2024.
BitGo Go Network Head and Managing Director Matt Ballensweig joins Asking for a Trend Host Josh Lipton to explain his certainty that the SEC will ultimately approve an ether ETF and what demand for such a product could look like.
"There seems to be, I think, an intentional pivot by the current administration to signal really a support for digital currencies. We saw the Senate overturning SAB 121 last week, which would have made it really hard for banks and large dealers to hold crypto on their balance sheet," Ballensweig explains. "Obviously, that still has to get through the president, but there was also a landslide approval yesterday in the house of Reps. for crypto's Financial Innovation and Technology for the 21st Century Act [FIT21] which had both Democratic and Republican support."
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This post was written by Luke Carberry Mogan.