The big development in the cryptoverse this week is the SEC’s approval of Ethereum (ETH-USD) ETFs. But the SEC isn’t the only one embracing crypto. Former U.S. President Donald Trump’s election campaign is set to embrace crypto donations. Meanwhile, a key cryptocurrency bill just passed a key test in the House of Representatives.
The SEC Approves ETH ETFs
Long-term crypto enthusiasts are basking in another win after the SEC approved the listing of spot Ether ETFs. The move comes after the securities watchdog gave a green signal for spot Bitcoin ETFs (BTC-USD) earlier this year. Still, actual trading in ETH ETFs might be some time away as every Ether ETF applicant is required to gain the SEC’s blessing individually. However, the development has pushed ETH prices nearly 18% higher over the past five sessions. In comparison, BTC has largely remained flat during this period.
But Is Wary of a New Cryptocurrency Bill
While the SEC may have given its blessing to crypto ETFs, the Commission is wary of a new cryptocurrency bill that’s potentially set to come to life. This week, the House of Representatives passed a bill to create a new legal framework for cryptocurrencies. The bill was passed despite the SEC’s warnings that it could create regulatory gaps and put investors at risk. The bill deems cryptocurrencies as commodities instead of securities. This could substantially lower the SEC’s oversight over cryptos. Nevertheless, the bill is yet to pass in the Senate.
And Trump Embraces Crypto
Meanwhile, former U.S. President Donald Trump’s presidential campaign is set to start accepting crypto donations. Notably, the move projects Trump as a crypto-friendly candidate. In the past, Trump has been involved in NFT (non-fungible token) projects as well as a MAGA coin.
Is Bitcoin Price Expected to Rise?
In the meantime, the TipRanks Technical Analysis tool is flashing a Strong Buy signal for Bitcoin on a weekly timeframe. This indicates that the rally in BTC, which is up by nearly 159% over the past year, could continue.
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