The US Securities and Exchange Commission (SEC) has signaled a more supportive stance toward decentralized finance (DeFi), leading to a surge in Ethereum’s value. As of Monday, ETH is up 8% on the day, reaching $2,750.
SEC Chairman Paul Atkins expressed his support for greater flexibility in self-custodying crypto assets during the Crypto Task Force Roundtable on June 9. He also highlighted American values such as economic liberty and private property rights as being integral to the DeFi movement.
This positive sentiment has lifted the market, with DeFi coins like Uniswap (UNI), SKY, and Aave experiencing significant gains of 25%, 16%, and 15% respectively. The sector’s market capitalization has increased by 10% to $150 billion.
Bitcoin (BTC) and XRP also edged up by 1% over the past 24 hours, while Solana (SOL) climbed 1.7%. Leveraged liquidations were reported at $489 million, primarily due to Bitcoin.
In the ETF space, US spot BTC ETFs saw significant inflows of $386.27 million, and spot ETH ETFs attracted around $53 million in inflows.
The SEC’s remarks have contributed to a shift in sentiment, with analysts predicting that policy changes from the US will start filtering down to risk assets in Q3. Institutional support is also strengthening, with BlackRock reportedly adding over $500 million in ETH to its books in the past two weeks.
Source: https://thedefiant.io/news/markets/ethereum-rallies-above-usd2-700-as-sec-signals-support-for-defi