We all know about Blackrock's aspirations to sell paper BTC, as a way to centralize it under their custody (with Coinbase's help).

Now we have PayPal issuing an ERC-20 stablecoin, JPM who controls Infura and Metamask praising them for it, and Huobi immediately adopting it.

The SEC has given leeway to BTC, as we all know, but also to ETH. Just like the SEC has delayed the BTC spot ETFs until Blackrock decided to catch up, the SEC has also been careful to attack ETH's "crypto" competitors, never it's number 1 project.