Far-reaching impact after Ethereum ETF approval

After Ethereum ETF is approved, it will not only affect the development of Ethereum, but also have a far-reaching impact on the crypto industry. Here we briefly talk about the potential balance reached by the SEC and Wall Street.

In February of this year, VanEck submitted a revised S-1A document to the SEC that did not contain pledge clauses; in recent days, Fidelity and Grayscale have successively removed the pledge part of the S-1 registration statement and resubmitted the documents to the SEC. Therefore, we speculate that this "balance point" is: if ETH in the ETF is not pledged, then Ethereum is not a security; conversely, Ethereum used for pledge will be defined as a "security".

For this reason, the market believes that other mainstream cryptocurrencies will also have the opportunity to launch spot ETFs with a high probability. Among them, SOL is the most optimistic in the market. In other words, it is also a PoS mechanism. Why can Ethereum be, but SOL and others cannot?

This view in the market sounds reasonable at first glance, but the SEC has many reasons, such as manipulation and trading fraud? For example, Ethereum is decentralized enough (after all, Ethereum has existed for a long time). If we only speculate on other mainstream cryptocurrencies from the approval of Ethereum, then, in fact, other mainstream crypto assets should not launch new spot ETFs so quickly in the short term.

However, this article actually maintains a relatively positive attitude. This is mainly because of the FIT21 bill, because this is the bill that truly affects the future direction of mainstream crypto assets. The smooth passage of the FIT21 bill in the House of Representatives is mainly related to the strong support of the Democratic Party. If the Democratic Party wins the US election this year, the chairman of the US SEC is likely to be replaced by a member of the Democratic Party, and it is very likely to vigorously promote the development of the crypto industry.

In addition, this article believes that the United States actually has a relatively obvious advantage in the field of AI, which makes its overall national policy more inclusive and open to technological innovation, thereby ensuring its overall leading level of technology, which will undoubtedly benefit the crypto industry, which belongs to high-tech.