The SEC likely took a more pragmatic approach to avoid a legal battle, according to Bernstein analysts Gautam Chhugani and Mahika Sapra.
The narrative of a political shift being behind the Securities and Exchange Commission’s surprise approval of spot Ethereum exchange-traded funds last month is less credible after U.S. President Joe Biden vetoed a bill overturning SAB 121, according to research and brokerage firm Bernstein.
Those events led many in the industry to suggest spot Ethereum ETF approvals signaled a major shift in U.S. policy, with some sources suggesting there had been a change in tone from the Biden administration toward crypto. “ SEC knew it was in a corner on ETH ETF, with the same regulatory set-up as Bitcoin ETF ,” the analysts added.
The Bernstein analysts said there should be “pent-up demand” from the same participants as the spot Bitcoin ETFs, but maybe with a lower allocation to the spot Ethereum alternatives. “Given ETH’s supply situation , ETH should see positive price action upon the ETF launch ,” they added.Sharing other learnings from the U.
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