While discussing political developments in the United States, Kraken Head of Strategy Thomas Perfumo stated that spot Ethereum (ETH) ETFs could benefit the crypto sector
Perfumo also expressed confidence in the potential for bipartisan support for crypto legislation among US legislators.
Perfumo informed Bloomberg on July 12 that spot Ethereum ETFs would attract capital flows and draw attention to crypto, noting:
“It’s a rising tide, lifts all boat story. “
Perfumo also elaborated that the Ethereum ETF is the determining factor in the eventual value of Ethereum.
Every month, the crypto market is “pricing in” $750 million to $1 billion of net inflows to Ethereum products, according to him. This would suggest that Ethereum could reach all-time highs between $4,000 and $5,000.
Perfumo also contrasted expectations to the all-time high of Bitcoin in March, which he called a “quiet peak” without indicating millions of new investors entering the industry.
Political developments Perfumo also provided commentary on political developments. At the beginning of the interview, he stated that the US election results will “lead the way for the legislative agenda and policy-making for the next four years.”
He also emphasized the significance of legislative action and clarity, and he observed that recent developments indicate bipartisan support in Congress.
The Financial Innovation and Technology for the 21st Century Act (FIT21) was recently passed by the House, and the Senate and the House both attempted to repeal the SEC’s controversial accounting rules. Nevertheless, the resolution was vetoed by President Joe Biden.
Perfumo stated:
“Even though you’ve hit barriers at the executive level, [there’s] still good progress going forward.”
He also mentioned that the Republican party appears to be “more pro-crypto [and] more progressive” on the matter, referencing Donald Trump’s intention to attend the Bitcoin Conference in Nashville.
Trump has also made numerous statements supporting pro-crypto policy, such as those made at recent Wisconsin and San Francisco campaign events.