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Cumberland Morning Color
Good Morning and Happy Wednesday from Cumberland APAC! This has been one of the more fascinating weeks for the crypto industry in some time. It’s very difficult to understand what exactly is happening behind the scenes in DC as the Ethereum ETF appears to have gone from on-track to be rejected to on-track to be approved. One of two things is true, and we likely won’t find out until some reporting digs up the details: either the ETF had already been on-track, and the market was just wrong in its expectations, or Democrats realized that anti-crypto was the wrong side of an increasingly political topic, in an election year, and they hastily changed direction. (If it is the latter, then we would expect the veto for the SAB 121 repeal to...