The Biden administration seems inclined toward crypto, a sign of the SEC’s contemplation of consenting to spot ether exchange-traded funds (ETFs). This will prove to be a major step, considering the exchange’s stubborn attitude towards it.
Though this falls under the rumor-mongering category, certain supposedly reliable sources have disclosed that the SEC is contacting ETF ETH exchanges to file certain amendments immediately. For the exchanges, this is a positive sign. To begin with, it is anticipated that the Securities and Exchange Commission will take a call on VanEck’s spot ether ETF soon.
Added to that is the bill Deploying American Blockchains Act of 2023, passed by a majority in the House of Representatives. This bill will allow the Secretary of Commerce, Gina Raimondo, to encourage the blockchain space in more ways than one.
These activities are taking place prior to the Senate voting on the Financial Innovation and Technology for the 21st Century Act (FIT21). In the case of it becoming a law, it will help boost the crypto arena tremendously.
The leaders of House Democratic seemed to air their leniency towards the bill and asked their members to vote either way and as they deem fit.
Information has it that when President Biden decided to dismiss the idea of nullifying SAB121, he opened the doors wide for members of Congress, such as distinguished Democrats Chuck Schmer and Ron Wyden, to cast their votes as they pleased.
The uncertain factor is whether the President will reject the idea despite the Government Accountability Office (GAO) stating that the SEC incorrectly enforced the issue.
