Bernstein: ETH Spot ETF Approval Not Politically Motivated
CryptoNewsTerminal Staff03 Jun, 2024
Bernstein: ETH Spot ETF Approval Not Politically Motivated
Despite recent political headwinds, Wall Street investment bank Bernstein believes the SEC's approval of a spot ETH ETF was not driven by politics. In a note to clients, Bernstein cited President Biden's veto of a resolution aimed at nullifying new crypto accounting guidance as evidence of less favorable winds for the industry. However, the SEC's approval of the ETF "demonstrates that politics did not drive the decision." Bernstein also expressed optimism about ETH's price prospects following the ETF launch, citing supply metrics such as staking and exchange balances. The bank believes a spot ETF will drive positive price action for ETH.
