While there are only hours left for the Spot Ethereum ETF decision, a remarkable report came from Bernstein analysts.
According to Coindesk, Bernstein analysts stated that the possible ETH ETF approval would be a very important turning point for both ETH and the cryptocurrency industry.
At this point, analysts think that the approval of a spot ETH ETF in the USA will be an important move for crypto industry regulations, and said that this approval will increase the expectations for ETH rival Solana to be classified as a commodity.
Bernstein analysts Gautam Chhugani and Mahika Sapra stated that the Biden administration may soften its stance on cryptocurrencies ahead of the Presidential elections in November and said:
“Longer term, if Trump is elected, we believe crypto could see significant legislative and institutional support (along with a new SEC chairman) that would lead to long-lasting structural changes in crypto financial integration.
Additionally, a possible Ethereum ETF approval would set a precedent for Ethereum, the first blockchain asset other than Bitcoin, to be considered a commodity.
This would raise hopes for Ethereum's peers (possibly Solana) to follow suit. As a result, the chances of altcoins like SOL being accepted as securities will increase.”
Bernstein analysts also predicted that the ETH price would rise 75% to $6,600 following a possible Ethereum ETF approval.
*Not investment advice
