- Senators urge the SEC to tread carefully with crypto ETF approvals, highlighting risks to market integrity and investor protection.
- Amidst regulatory challenges, optimism surges for AI-related cryptocurrency projects like Worldcoin, with potential boosts from tech conferences.
The U.S. Securities and Exchange Commission (SEC), under the direction of Gary Gensler, has received a warning letter from Senators Jack Reed of Rhode Island and Laphonza Butler of California concerning the emerging market for Bitcoin Exchange-Traded Funds (ETFs).
They have particular concerns about the applications that large financial institutions like Franklin Templeton, VanEck, BlackRock, Fidelity, and Grayscale have made for Spot Ethereum ETFs, as formerly reported by ETHNews.
The senators have prioritized investor protection and market integrity in their appeal for a thorough and meticulous assessment process. They stress possible hazards such as market manipulation and the lack of significant trading volumes in cryptocurrencies other than Ethereum, and they call for a cautious approach to the approval of cryptocurrency ETPs.
Senatorial Concerns and Their Market Impact
The future of Spot Ethereum ETFs is now unclear due to this heightened attention, which could have an impact on the larger cryptocurrency ETP market. The senators’ point of view suggests a shift in the direction of more stringent regulatory oversight, which may change the possibility that different cryptocurrencies waiting for their turn will get clearance for ETFs.
In response to these changes, the market has moved significantly; Bloomberg ETF analyst Eric Balchunas changed the approval odds for Spot Ethereum ETFs from a high of 60–70% to a lower and more cautious 30%.
This change reflects the market’s mounting dissatisfaction with the SEC’s opaque clearance procedure, which has left stakeholders wondering what the future holds for cryptocurrency exchange-traded funds. To explore this development in more depth, you can watch the YouTube video below.
Top Trader’s Perspective on Worldcoin (WLD) and ETH Competitors
Amidst these regulatory obstacles, Sam Altman’s Worldcoin (WLD) initiative stands out as a notable endeavor that integrates cryptocurrencies and artificial intelligence. With a bullish prediction, the anonymous trader “The Flow Horse” has generated attention in WLD, especially ahead of Nvidia’s GTC presentation.
“With just six days to go until the NVDA meeting [on March 18–21], WLD appears to be holding $10.”
It is anticipated that this event will showcase AI-focused projects, which could strengthen Worldcoin’s standing in the cryptocurrency market.
The trader’s excitement is not limited to Worldcoin; it also includes Solana (SOL) and Avalanche (AVAX), two stocks that are expected to rise significantly. Solana is expected to break over the $150–$160 range, which might signal the start of a bullish phase with $200 as the target.
At the time of writing, the price of SOL has risen 8.10% in the last 24 hours, reaching a price of $179.59. This represents an increase of 23.28% over the past 7 days.
Apart from that, AVAX price has made a comeback attempt, climbing over 6% to $56 in the last day. This is a 33.54% gain over the previous week.