After the U.S. Securities and Exchange Commission (SEC) approved Bitcoin spot ETFs on January 10, Ether spot ETFs appear to be next. Analysts and ETF experts considered the SEC’s approval of Ether spot ETFs as unlikely until yesterday evening, but suddenly the tide turned.

Is Biden in the picture?

The US will hold presidential elections in November and Donald Trump and Joe Biden will face off once again. Speaking to US media outlet The Block, Bloomberg ETF analyst Eric Balchunas said that Biden and his team could be behind this change:

“Some of the political policy seems to have changed rapidly with the increasing likelihood of approvals on Spot Ethereum ETFs. We see that cryptocurrencies in general are becoming a more politicized issue ahead of the upcoming presidential elections. I’m not exactly sure, but President Joe Biden’s administration may be trying to appear less stubborn about cryptocurrencies. In contrast, rejecting Ethereum ETFs could further fuel the notion that the current president and his administration are anti-crypto.”

Trump had given the message

As it will be remembered, Trump, Biden’s rival, started to draw a completely opposite perspective on cryptocurrencies compared to the past. Trump, who has been pursuing a cryptocurrency-friendly policy for a while, aims to steal votes from Biden on this issue.

Biden and his team may have seen this and may have at least given up on taking an anti-crypto stance.

Thursday and Friday’s VanEck and ARK Invest Ether spot ETF decisions will put an end to all these discussions.