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JPMorgan predicts that the newly approved spot Ethereum exchange-traded funds (ETFs) will likely begin trading before the November US presidential elections, citing crypto’s increasing political significance.

This outlook follows the US Securities and Exchange Commission’s (SEC) unexpected approval of eight spot Ethereum ETFs on May 23, marking a notable shift from the previous skepticism surrounding these financial instruments.

The SEC approved the 19b-4 forms for the Ethereum ETFs, which include offerings from VanEck, BlackRock, Grayscale, and Fidelity. However, these products still require activating their S-1 registration statements before trading can commence.

JPMorgan emphasized this development, stating:

“The issuers’ registration statements remain under review by the SEC. As such, there is no anticipated date on when these ETFs will begin trading.”

While Galaxy analysts foresee trading starting as early as July or August, JPMorgan maintains a more cautious stance. They believe that political factors related to ETF approval and crypto regulation could influence the timeline. They noted:

“We note this important step yesterday towards the final approval comes after a sudden reversal in regulatory sentiment earlier this week when the SEC seemingly re-engaged with stakeholders after months of stalled conversations.”

This perspective aligns with recent significant political and regulatory developments in the crypto industry.

Last week, the House passed FIT21, a significant legislative effort to clarify the SEC’s role in crypto regulation. Additionally, President Joe Biden expressed willingness to cooperate with Congress to establish a comprehensive and balanced regulatory framework for digital assets.

Moreover, former President Donald Trump announced he would accept crypto for campaign donations.

These events, combined with both houses of Congress voting to overturn an SEC crypto-related rule despite President Biden’s veto threat, signal a major stride toward mainstream acceptance of crypto as a financial asset.

The post JPMorgan sees spot Ethereum ETFs trading before 2024 elections amid political gains appeared first on CryptoSlate.

The post JPMorgan sees spot Ethereum ETFs trading before 2024 elections amid political gains appeared first on Top Crypto Game.

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