Cryptocurrency market analytics and reports

Biden, Democrats Push SEC to Approve Ethereum ETF Amid Political Pressure

May 21, 2024, 12:49 AM

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.