Jake Chervinsky, Chief Legal Officer of VARIANT FUND, stated that the approval of a spot ETH ETF would signify a significant shift in US cryptocurrency regulatory policy following the SAB 121 vote. The proposal to overturn SAB 121 has passed both the House and the Senate in May, awaiting the final decision from Biden. Chervinsky believes that while the possibility of ETF approval is surprising, the more crucial aspect is the potential regulatory attitude change it may reflect.

Deep Tide TechFlow News reports that Variant Fund's Chief Legal Officer, Jake Chervinsky, stated, 'If a spot ETH ETF were to be approved, everyone I know who understands the regulatory situation in Washington would be greatly surprised, but that doesn't mean it won't happen. This suggests that the approval of the ETF could indicate a significant shift in U.S. cryptocurrency regulatory policy following the end of the SAB 121 vote, which might be more important than the ETF itself.'

Previously, it was reported that the bill to overturn SAB 121 passed the House of Representatives on May 8 and the Senate on May 17. President Biden is expected to make a final decision on the bill by May 28.

VARIANT FUND Legal Officer: Approval of ETH ETF Will Signify a Significant Shift in Regulatory Policy