Potential ETH Futures Approval, Gensler Grilled in Congress

Market Update Equities and crypto are finally seeing some relief, with the Nasdaq and S&P bouncing ~1% while $BTC has gained 3.4% to trade at $27.1k. Investors continue to look for signs of a soft landing, with a fresh release of 2Q GDP matching consensus estimates of 2.1% annualized growth. Meanwhile, pending home sales fell 7.1% in August, massively overshooting 1% estimates from Bloomberg. The slowdown was widespread, with every region in the U.S seeing MoM drops. This could perhaps add ammo to the bull case of slowing inflation, which has a sizable component coming from housing data. $ETH is slightly outperforming (+3.8%) $BTC, with positive developments on the prospects of $ETH based futures ETFs (more below). $LDO has been the top performer among the top 50 by MC. Lido tends to trade with a high beta to $ETH as fees and earnings of the protocol trail the price of $ETH. According to Bloomberg analysts, the SEC may approve an Ethereum futures ETF as early as next week. The SEC is reportedly eager to expedite the approval process for these ETFs to clear its regulatory agenda before a potential government shutdown. A government shutdown looms if Congress disagrees on fiscal year spending by October 1st. This move could pave the way for a wave of 15 Ether futures ETFs from nine