James, Bloomberg's ETF expert, has been working extra hours to analyze the recent approval of the Ethereum ETF. This groundbreaking event could potentially spark a new rally for altcoins. Here’s what James had to say about the development and its implications for the ongoing XRP case.

Ethereum ETF Approval Finalized

Investors are drawing parallels between this approval and the approval process of the Spot Bitcoin ETF, noting that funds are not yet trading on the stock markets. Typically, when S-1 Form approvals for Bitcoin were granted, trading began the next day. However, due to timing issues, S-1 approvals for Ethereum will take a few weeks, delaying the start of trading.

James explains the situation further:

“The approval was granted through delegated authority, bypassing a public commissioner vote. Nevertheless, any commissioner (possibly Crenshaw) could object and request a review. We don’t have a clear picture of the voting process or the distribution of votes. Based on her stance on Bitcoin ETFs, Crenshaw likely voted against the approval.

It’s important to note that a request for review doesn’t alter the approval itself. The approval stands firm. However, it could provide more insight into last week’s events, possibly influenced by political factors. The decision won’t change unless a majority of SEC commissioners disagree, preventing the Trading and Markets division from issuing the approval through delegated authority.”

Potential Impact on the XRP Coin Case

Political pressure likely played a role in the SEC’s decision to approve the ETF. If the SEC is making a rapid shift in its approach, it might also need to reconsider its stance on ongoing crypto cases. Former President Trump’s pro-crypto statements have influenced Democrats to support crypto in congressional votes.

With the approval of the Ethereum ETF, legal actions against Ethereum-related entities may cease to avoid market instability. This could also benefit XRP Coin, potentially leading to a more favorable outcome in its legal battles.

In conclusion, the approval of the Ethereum ETF marks a significant milestone that could influence the broader crypto market, including the ongoing XRP case. James’s insights highlight the political and regulatory complexities at play, suggesting a possible shift towards a more favorable environment for cryptocurrencies.