- Pro-crypto lawyer John Deaton has reacted to the change in the SEC’s stance regarding spot Ethereum ETF approvals in the US.
- The regulator, according to various sources, is set to approve the product.
- Deaton eyes more fight for crypto should he win his Senatorial bid.
Discover the latest developments in the SEC’s stance on spot Ethereum ETF approvals and what it means for the future of crypto regulation.
Unexplainable Spot Ethereum ETF Turnaround
The odds of approval for spot Ethereum ETF products at the start of this month stood around 25%, according to a Bloomberg Analyst. The scenario changed a few days ago when the odds jumped to 75%.
In his analysis, John Deaton said when the SEC’s regulatory war over the past 4 years is merged with Senator Elizabeth Warren’s anti-crypto stance, this push to approve spot Ethereum ETF is the biggest turnaround possible. The crypto lawyer recanted the role he has played over the past years to bring the results today.
When SEC Chairman Gary Gensler started his tenure, he inherited the Ripple lawsuit from his predecessor Jay Clayton. It was in this case that John Deaton showcased his deep interest by representing XRP holders. His representation saw Judge Analisa Torres declare in her ruling last year that XRP is not in itself an investment contract.
On this subject of investment contracts, the regulator placed Ethereum in the spotlight as a defaulting token. While it is yet to officially declare the cryptocurrency an investment contract, chatters within the regulatory body suggested that might be the reason for spot Ethereum ETF denial. The market rather saw a turnaround with clarity regarding Ethereum classification still obscure.
The current shift, as marked by communications with stakeholders vying for ETH ETF in the ecosystem, is attributable to a political shift.
Driving More Fight For Crypto
Many crypto industry leaders believe the regulatory landscape in the United States is now largely political. To join the fight beyond the courtrooms, John Deaton is contesting in the election to displace Senator Elizabeth Warren.
While he has bagged the support of many crypto industry leaders, John Deaton has always expressed confidence in his ability to bring change should he get into politics. Pending then, the industry has a lot of evolution to court, including adjusting to the reality of spot Ethereum ETF trading on national exchanges.
Conclusion
The unexpected shift in the SEC’s stance on spot Ethereum ETF approvals marks a significant development in the crypto regulatory landscape. With John Deaton’s continued advocacy and potential political involvement, the future of crypto regulation in the U.S. remains dynamic and closely watched by industry stakeholders.
