ETH Spot ETF Surprisingly Approved Amid U.S. Election Impact

According to Coindesk, Ark Investments CEO Cathie wood attended Consensus 2024 and said in a related interview, “The 19b-4 (formal request for review) for an Ethereum spot ETF was suddenly approved. I think the Ethereum ETF was approved because crypto is a major issue that will decide the election.” “The Ethereum ETF was not approved in the usual way. If it was going to be approved in the normal way, the SEC would have been asked for feedback. Prior to that, no one had been asked about the product by the SEC, so there was a general expectation that it would not be approved.” ‘There has been a change in sentiment in the House of Representatives regarding the Financial Innovation and Technology for the 21st Century (FIT21 Act) bill, as well as a change in President Trump's familiarity with bitcoin and cryptocurrencies,’ he continued. “While a solar or ETF could be approved, wirehouses are unlikely to approve anything more than a major, so a memecoin fund is unlikely,” he added.