Investors expect the approval of ETH-spot ETFs to pave the way for an XRP-spot ETF market. The SEC approved the first US ETH-spot ETF despite considering ETH a security.
Bloomberg Intelligence ETF Analyst James Seyffart attributed the SEC U-turn on ETH-spot ETFs to the White House. With the US Presidential Election race heating up, cryptos are a talking point. Earlier this month, Republican Party front-runner and former US President Donald Trump plugged cryptos, saying,
“If you like crypto in any form…and it comes in many forms…if you’re in favor of crypto, you better vote Trump.”
US BTC-spot ETF market inflow trends may have drawn the attention of the US administration. Since launching on January 11, the US BTC-spot ETF market saw total net inflows of $13,327.2 million.
Notably, Coinbase (COIN) highlighted the significance of the crypto market to Washington in 2023, kickstarting the StandWithCrypto campaign to raise awareness on Capitol Hill.
According to Coinbase, 52 million Americans owned crypto at the time. The numbers are too significant for US President Joe Biden to ignore. A shift in attitude toward cryptos on Capitol Hill could be a boon for XRP and the broader crypto market.