Ethereum has had one very wild road and I'd have to say if it wasn't for we simply wouldn't be where we are today. Ethereum paved the way for mainstream adoption including layer two tokens which sparked the first major bull run and then the massive NFT marketplace and DeFi platforms that sparked the second bull run.
Ethereum might just be making those moves once again this time in the ETF space.
Ethereum is now over $2,000 and holding pretty steady based on this recent news.
BlockRock In The Spotlight
The recent spark seems to be coming from news on BlackRock iShares Ethereum Trust which registered as a corporate entity in Delaware. The name on that registration is Daniel Schwieger who is the managing director at BlockRock.
While there's been no official announcement or comment from BlackRock themselves this of course has sparked a flurry of speculation including a price bump in Ethereum itself clearly showing us how eager the market is to get some good news.
SEC and ETFs
Today also marks the first day in which the SEC has to come up with a decision on the current spot ETFs. However they have until early next year per the court order.
While this brought some optimism I personally feel that the SEC will just continue to drag this out as long as possible meaning running up until near the last day and then throwing in some more paperwork to reject it on some grounds and further delay it another 3 - 6 months.
That's just simply what takes place with the SEC leaders currently in place. No real work towards structure or giving clear examples as to how these companies can get a Spot Bitcoin ETF in place instead just dragging feet, delaying and being as not clear as possible on what's needed. To think that's going to change with the current administration is beyond me.
SEC and Grayscale
Grayscale was one of the many platforms that made a push into creating a Spot Bitcoin ETF. It's now said that the SEC is open to talks with Grayscale about their Spot Bitcoin ETF.
This is yet another reality check that the SEC and Gary got blasted for the last year and that the pressure is on him to start building constructive into getting these crypto adoptions in place.
This increasing pressure on the SEC from all sides minus Biden and the Whitehouse is clearly starting to take roots and it's one of the reasons why I believe the USA system still has a little hope. The courts, the people and companies have the power and the white house continues to be put into check.
While it's far from a perfect system it's at least starting to show us that there are competing powers including the demand of the people which are shaping things. This is why I always say wealth is power. The more wealth you have just like a decentralized platform like the hive blockchain the more power, the more your votes worth and the more your say sways everything else.
What's Next
As I said above I honestly think we are just going to stay in this bouncing holding pattern until the SEC finally caves and has to approve these ETFs. There's simply too much pressure from wealthy hands to stop them it's what people want and the SEC has a long track record of having zero respect from many people. I can't even remember the last time I said thank you I'm sure the glad the SEC got involved.
The bull run is primed, now we just need the action and it feels like everyone's on edge to get this thing going already.
