The SEC's decisions regarding crypto filings, including form 19b-4 updates, could impact market perceptions of the Biden administration's stance on crypto.

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If [spot ether ETFs] are denied that's a story that would just go on and on considering how much attention spot bitcoin exchange-traded funds have been garnering, said Balchunas

The Bloomberg analyst added that, similar to Biden potentially vetoing a bill overturning the SEC's move to establish certain accounting standards for firms that custody crypto, a denial of spot ethereum ETFs could possibly add fuel to the idea the current president's administration is anti-crypto.