Crypto Expert Calls Spot Ethereum ETF Approval a Game Changer

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Since Thursday when the United States Securities and Exchange Commission (SEC) greenlighted eight spot Ethereum ETF, several experts have weighed in on the matter, sharing their views on what the latest development means for Ethereum (ETH). The decision of the Commission followed an earlier confluence of bipartisan support in Washington, D.C., coalescing behind a crypto regulation bill.

SEC’s Pivot on Spot Ethereum ETF 

Ethereum co-founder and ConsenSys CEO Joe Lubin believes that both events are crucial for the broad crypto industry. He was quite particular about the securities regulator’s pivot on the second-largest cryptocurrency by market capitalization. Lubin described it as a seismic shift in how crypto is treated in America and how it will be moving forward.

The crypto entrepreneur strongly sees these recent events as a “game changer” that will cut across several crypto ecosystems. ConsenSys is currently in different regulatory battles with the SEC over its crypto legal status. However, the week’s event suggests a new turn and an upgrade for cryptocurrencies, according to Lubin, which may trigger a positive future for ConsenSys.

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Crypto Regulation is now an American Political Business 

Furthermore, Lubin has reasons to believe that politics is now guiding crypto regulation, a sentiment that is supposedly good news for the digital asset industry. For him, the move to approve spot Ethereum ETF for trading was a last-minute political decision for the Commission. Lubin suspects that it was probably a request or demand from the White House that coerced the SEC into accepting and approving the applications.

“If you want to get elected, you’re probably going to either need to have the blockchain decentralized protocol ecosystem on your side,” Lubin stated. “Or at least you don’t want them to hate you.”

Koreans Request For Spot Crypto ETFs 

Meanwhile, Korean regulators Financial Services Commission (FSC) and Financial Supervisory Service (FSS) are receiving heat from residents to approve spot crypto ETFs. While no response has been given to this request, it appears that these regulators are quite skeptical about permitting digital asset ETF trading in Korea. They are concerned about the possible impact it could make on their traditional securities market.

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However, financial experts like Jung Eui-jung, the head of the Korean Stockholders’ Alliance believe that Korea needs ETFs for Bitcoin and Ethereum to stop investors from exiting Korea.

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