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Key Points: Jake Chervinsky says a spot ETH ETF approval would shock D.C. insiders and signal a major shift in U.S. crypto policy post-SAB 121. Dragonfly’s Haseeb Qureshi suggests President Biden may soften on crypto to avoid losing votes in a tight election race. The move could reflect the growing political importance of crypto as the U.S. heads into the next election cycle. Variant Fund CLO Jake Chervinsky emphasized the potential impact of a spot ETH ETF approval, predicting it would be a significant surprise to Washington, D.C. insiders. Chervinsky highlighted that such an approval could indicate a major shift in U.S. crypto policy, particularly in light of the recent Statement of Accounting Bulletin (SAB) 121 vote. SAB 121 has been a point of contention, reflecting the regulatory uncertainties surrounding digital assets. Chervinsky’s comments suggest that approval of the spot ETH ETF might symbolize a broader acceptance and integration of cryptocurrencies into the mainstream financial system. Readmore: Ethereum ETF Applications: Is There Potential For New Breakthrough? Political Strategy and Election Influence Dragonfly partner Haseeb Qureshi pointed out the potential political motivations behind such a move. He noted that President Biden might be inclined to soften his stance on crypto as the election approaches. According to Qureshi, this strategic shift could be aimed at not alienating a significant voter base over an issue that is ultimately minor in the grand scheme of the administration’s policy priorities. In a tight electoral race, maintaining a favorable position among crypto enthusiasts could be seen as advantageous. Qureshi’s remarks align with a broader trend of increasing political attention to the cryptocurrency sector. As the U.S. prepares for the next election cycle, the administration’s approach to digital assets might play a crucial role in shaping public opinion and voter behavior. The potential approval of a spot ETH…

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Filed under: News - @ May 21, 2024 12:22 pm