Crypto Investor Predicts Softer U.S. Stance on Crypto as Election Nears

Haseeb Quraishi, a prominent figure in the cryptocurrency community, has predicted that US President Biden will adopt a more lenient stance on cryptocurrencies as the 2024 election approaches.

This prediction has gained traction following the recent approval of a Bitcoin ETF, seen by some as an initial step in this direction. Quraishi’s tweet has fueled speculation that other regulatory agencies might also relax their approaches to cryptocurrency in the coming months.

Been saying for weeks that Biden is going to soften on crypto going into the election. He doesn’t want to lose votes in a tight race over what is ultimately a minor issue to him.

ETF is the first sign of this—I think we see other agencies also softening next few months.

— Haseeb ＞|＜ (@hosseeb) May 21, 2024

Bitcoin recently experienced a 6.5% rise. Major cryptocurrencies like Ethereum and XRP are awaiting a pivotal vote in Washington next week that could have significant implications for the future of the US crypto industry.

As of today, Bitcoin is trading at $70,924.94, reflecting a 6.05% increase in the past 24 hours. Ethereum’s price has surged by 18.09%, reaching $3,655.40 over the same period.

Billionaire investor and Shark Tank personality Mark Cuban has issued a warning to President Biden regarding cryptocurrency regulation. US lawmakers are preparing for a crucial vote that could significantly shape the landscape of the cryptocurrency sector in the United States.

The SEC has requested updates to Form 19b-4 filings for spot Ethereum ETFs. These forms play a critical role in informing the SEC about proposed rule changes and must be approved before spot Ethereum ETFs can begin trading.

The SEC has asked exchanges that want to list and trade spot ETH ETFs to promptly update their 19B-4 filings. 🔎

— Moby Media (@mobymedia) May 20, 2024

Firms aiming to list and trade shares of spot Ether ETFs must update and refile these documents. According to reports, the SEC’s Trading and Markets Division has requested expedited revisions from asset managers, sparking optimism about the prospects of spot Ether ETFs.

Bloomberg ETF analysts James Seyffart and Eric Balchunas have revised their estimates upwards. They now believe the chances of the SEC approving a spot Ether ETF have increased from 25% to 75%. This optimistic outlook follows the SEC’s earlier approval of spot Bitcoin ETFs this year. After the SEC approved the 19b-4 forms for Bitcoin ETFs, issuers’ registration statements had to become effective before trading could commence.

Bloomberg ETF analysts James Seyffart and Eric Balchunas have revised their estimates upwards. They now believe the chances of the SEC approving a spot Ether ETF have increased from 25% to 75%. This optimistic outlook follows the SEC’s earlier approval of spot Bitcoin ETFs this year. After the SEC approved the 19b-4 forms for Bitcoin ETFs, issuers’ registration statements had to become effective before trading could commence.

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