Investment bank TD Cowen’s research group, Ethereum The final approval of its ETFs was earlier this year. Bitcoin He stated that it was an expected development following the approval of the ETFs.
The approval, which came nearly six months earlier than expected, was seen as inevitable after the SEC approved Ethereum Futures ETFs.
“This decision was inevitable after the SEC approved crypto futures ETFs,” Jaret Seiberg, a member of TD Cowen’s Washington Research Group, said in a note Thursday. He also predicted that the next product could be a “basket of crypto tokens” within a year, possibly consisting of just Bitcoin and Ethereum, but potentially more.
However, the approval does not indicate a change in the SEC’s overall attitude towards crypto, according to analysts. The agency’s crypto-critical president, Gary Gensler, issued a statement that is “highly critical” of the adoption of crypto legislation that could diminish his agency’s power.
Gensler said:
“The crypto industry’s track record of failures, scams, and bankruptcies is not because we don’t have rules, or because the rules are unclear.
“This is because many investors in the crypto industry do not play by the rules.”
Despite potential setbacks for Gensler’s agency, TD Cowen predicts the SEC will maintain its Democratic majority through 2026. The research group expects the agency to continue taking action against crypto trading platforms that trade tokens believed to be unregistered securities.
*This is not investment advice.
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