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The SEC's sudden reversal on the approval of an Ethereum (ETH) ETF appears to be driven by political pressure. Reports suggest that Democrats, recognizing the growing influence of the crypto community and the potential electoral impact, are shifting their stance to a more pro-crypto and innovation narrative. This move comes as a response to former President Donald Trump's appeal to swing and single-issue voters with his pro-crypto stance. The Democrats' previous anti-crypto position, influenced by figures like Elizabeth Warren's antics, has prompted a strategic pivot to avoid potential electoral losses. President Biden likely commandeered the SEC, led by Gary Gensler, to adopt this new approach.
1/ The abrupt about-face by the SEC on the Ethereum ETF approval is nakedly political. The Democrats have seen that their hostility could potentially cost them the election and Biden likely commandeered the SEC to be more friendly despite the Warren wing of the party.
Make no mistake… This complete and sudden reversal by the SEC on Ethereum ETFs is purely political. The Democrats have become the anti-crypto party, which by default, made Trump the “pro-crypto” candidate. So the Dems panicked and called Gensler. It won’t help them though. https://t.co/NFpXMzQJmE
Crypto is gaining power in politics… This complete and sudden reversal by the SEC on Ethereum ETF’s is purely political. The Democrats have become the anti-crypto party, which by default, made Trump the “pro-crypto” candidate. The Dems panicked. It won’t help them though. https://t.co/yCZPSbcvHA
