Regulation
SEC Approval of Ethereum ETFs Is Evidence of ‘Profound Shift’ in Crypto Adoption: Analyst
May 24, 2024 12:13 p.m. | 2 minutes of reading
The SEC eight point approval Ethereum (CRYPTO: ETH) ETFs mark a significant regulatory change Thursday, reflecting the increased politicization of digital assets ahead of a hotly contested presidential race, according to a report.
What happened: The report, by HC Wainwright & Co.This policy reversal signifies an unprecedented adoption of blockchain technology, contrasting sharply with the strict regulatory environment of the last year.
This approval, part of a broader legislative push, aligns with the passage of H.R. 4763, the Financial Innovation and Technology (FIT) Act.
Presented by representatives Patrick McHenry And Glenn ThompsonThe FIT Act establishes a comprehensive regulatory framework for digital assets.
With bipartisan support, the bill aims to protect consumers, streamline registration of intermediaries, and spur technological advancements through innovation hubs within the CFTC and SEC.
Kevin DedeCFA at HC Wainwright, notes: “The SEC’s approval of eight Ethereum spot ETFs, perhaps unthinkable just two weeks ago, is further evidence of the profound shift in the appreciation of the effectiveness of blockchain and digital assets, facilitating adoption in the US financial system.
Read also: With Ethereum ETFs Approved, Why Isn’t ETH Rising?
Despite fierce opposition from notable figures like Representative Maxine Waters and senator Elizabeth WarrenThe administration has signaled its willingness to work with Congress on crypto regulation.
This collaboration marks the potential end of the anti-crypto stance that had previously blocked legislative efforts.
The dissolution of this resistance paves the way for a more favorable regulatory environment for blockchain companies.
And after: These developments underscore the critical role of digital assets as political leverage in the United States. As the market adapts to these regulatory changes, industry leaders and investors can gain deeper insights from Benzinga. The future of digital assets event on November 19.
This event will explore the evolving regulatory landscape, investment strategies and the future of digital assets, providing a comprehensive overview overview of this dynamic sector.
Read next: Bitcoin Spot ETFs see $108M inflows as Ethereum ETFs potential remains uncertain
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