If THIS Happens by May 28, It Will Be MUCH BIGGER Than an Ethereum ETF!

👇1-12) 10x Research’s primary analysis generally focuses on our understanding that crypto is not random. Events, data points, and announcements can be influential drivers of prices. It all started with a curious development on May 8, 2024. Grayscale withdrew their 19b-4 filing for an Ethereum futures ETF. If approved, which was likely as Ethereum futures ETF approved and listed, it might have paved the way for Grayscale to file a lawsuit against the SEC, just as they did in 2023.

👇2-12) But that Grayscale would sue the SEC and lose again billions of dollars in outflows from their ETH ETN was unlikely. Reporters and analysts didn’t know what to make of this, and the expectation that the SEC would approve an ETF was sub-10% for this week as the May 23 SEC deadline came closer. The derivatives markets expected only a 4% move from Ether this week.

👇3-12) On the same day, May 8, the US House of Representatives voted in favour of a resolution opposing the SEC's crypto accounting policy, which deterred banks from handling crypto customers. According to the SEC's proposal, a bank holding a customer's digital tokens (custody) should do so on its balance sheet, potentially incurring massive capital expenses.

👇4-12) SEC Chair Gensler defended Accounting Bulletin No. 121, while President Biden said he would veto the resolution if it reached his desk for approval. This was a clear sign that the SEC and the White House continued to work to make banking difficult for the crypto industry. The Democrats are seen as the anti-crypto party.

👇5-12) On the same day, Trump held a fundraising event for everybody who bought at least 47 Trump NFTs (at $99 each), and he vowed to stop the hostility towards crypto. By then, most became convinced that Trump (and the Republicans) would stand for crypto liberties while the Democrats were against it. Estimates are that 40% of US adults own crypto, making crypto not necessarily a swing vote decision for the November 5 US Presidential election. However, a presidential candidate’s views on crypto could impact the 2024 election.

👇6-12) On May 14, Biden agreed to two debates with Trump, likely based on a May 12 report that Trump was leading in five (out of six) swing states. This is when the Biden campaign started to throw a Hail Mary as Trump appears to be the most likely winner of this election - according to the polls. Twitter is full of Biden struggling to talk and even walk straight without tripping. Hence, a live debate appears to be a desperate move.

👇7-12) On May 20, the SEC asked Nasdaq and CBOE to tweak ETH Spot ETF filings. This signaled that the SEC might soon approve filings for an ETH Spot ETF, with May 23 as the final deadline. This caused a +20% spike in Ether prices.

👇8-12) On the same day, May 20, we also heard that Fidelity had changed its application and removed its clause from ETH being staked if approved. This is another sign that the SEC's view on the potential approval of these ETH ETFs has changed at the last minute. ETF, yes, staking, no, appears most likely.

👇9-12) As the Accounting Bulletin No. 121 repeal passed by 60-38 (11 democrats, 1 independent, and 48 republicans), Biden has until May 28 (10-day deadline, excluding Sundays) to veto it. If Biden vetoed it, Congress would not have the votes (2/3) to overwrite. IF Biden signs this into law, then the crypto industry might have proof that Democrats have shifted pro-crypto.

👇10-12) Super PACs backed by the crypto sector have raised more than $100m (only PAC backing Ron DeSantis' failed presidential campaign and super PAC backing Democratic Senate candidates raised more), with $54m coming from corporate executes (notably Coinbase and Ripple) - which allows for unlimited political spending. This $100m is more than 'Make America Great Again' from Trump.

👇11-12) Of the six 2024 primary races where the crypto super PACs intervened, five out of six crypto candidates won. Eleven primary races that include crypto-backed candidates remain. Therefore, crypto has become politically influential, and with Bitcoin at 70,000, the industry has the money to spend.

👇12-12) Biden will show his hand soon if the Democrats have become pro-crypto. The Bitcoin ETF was the first act, the Ethereum ETF the second, and the White House vetoing an SEC crypto rule might be the third act - that’s a trend. Suppose Biden signs the Join Resolution into law, nullifying the SEC’s Accounting Bulleting No. 121 and preventing the SEC from issuing a similar rule. The crypto bull market will take on a new dimension in that case. We will know soon. The May 28 deadline is approaching soon.