CoinVoice has recently learned that after the Ethereum spot ETF 19B-4 filing was approved, investment bank TD Cowen believes that it is only a matter of time before other funds, including funds tracking a basket of cryptocurrencies, are approved, although the U.S. SEC’s internal attitude towards encryption has not changed.
Jaret Seiberg of TD Cowen’s Washington research group wrote in a report that given the approval of a Bitcoin ETF earlier this year, the approval of an Ethereum ETF was inevitable, but it was about six months earlier than expected. He expects that an ETF product containing a “basket of crypto tokens” may appear within the next year, which may include only Bitcoin and Ethereum, or it may include more currencies.
However, this move does not mean that the SEC's overall stance on crypto has changed. SEC Chairman Gary Gensler, who has been critical of crypto, issued a statement strongly opposing crypto legislation, the 21st Century Financial Innovation and Technology Act (FIT 21), which could weaken the power of his agency. Gensler said that the failure, fraud, and bankruptcy record of the crypto industry is not due to the lack of rules or unclear rules, but because many crypto industry participants do not follow the rules.
Despite the potential setback for Gensler’s agency, TD Cowen expects the SEC to maintain a Democratic majority through 2026 and to continue to bring cases against crypto trading platforms that trade tokens that the SEC considers to be unregistered securities. [Original link]
