According to Odaily, following the approval of the Ethereum spot ETF 19B-4 file, investment bank TD Cowen anticipates that the approval of other funds, including those tracking a basket of cryptocurrencies, is only a matter of time, despite the U.S. Securities and Exchange Commission's (SEC) unchanged internal attitude towards cryptocurrencies. Jaret Seiberg of TD Cowen's Washington research group wrote in a report that given the approval of the Bitcoin ETF earlier this year, the approval of the Ethereum ETF was inevitable, only about six months ahead of schedule. He predicts that within the next year, there may be an ETF product containing a 'basket of crypto tokens', which may include only Bitcoin and Ethereum, or possibly more currencies.
However, this does not mean that the SEC's overall stance on cryptocurrencies has changed. SEC Chairman Gary Gensler, who is critical of cryptocurrencies, issued a statement strongly opposing the 'Financial Innovation and Technology Act of the 21st Century' (FIT 21), a crypto legislation that could potentially weaken his agency's power. Gensler stated that the failures, frauds, and bankruptcies in the crypto industry are not due to a lack of rules or unclear rules, but because many participants in the crypto industry do not comply with the rules.
Despite potential setbacks for Gensler's agency, TD Cowen predicts that the SEC will maintain a Democratic majority before 2026 and will continue to sue crypto trading platforms that trade tokens that the SEC considers to be unregistered securities.