TD Cowen said the Ethereum ETF paves the way for more cryptocurrency funds.

Approval is relatively fast, but Ethereum ETH

+0.15%
This week the ETF surprised some, with investment bank TD Cowen’s research group seeing approval following approval as inevitable. bitcoin BTC

+0.29%
ETF earlier this year.

“This came about six months earlier than we expected, but even after the SEC approved a cryptocurrency futures ETF, this decision was inevitable,” Jaret Seiberg of TD Cowen’s Washington Research Group said on Thursday. I wrote it. What’s next, within a year, will be offering a “basket of cryptocurrency tokens,” Seiberg continued, possibly just Bitcoin and Ethereum, but possibly more.

However, this approval does not signal an overall change in the SEC’s overall attitude toward cryptocurrencies. That’s because Gary Gensler, chairman of the cryptocurrency committee, issued a statement “highly critical” of the passage of cryptocurrency legislation that could reduce his agency’s powers.

“The cryptocurrency industry’s record of failures, fraud, and bankruptcies is not because there are no rules or the rules are unclear. It is because many players in the cryptocurrency industry do not follow the rules,” Gensler wrote in a statement. The U.S. House of Representatives is on the verge of passing the Financial Innovation and Technology for the 21st Century Act (FIT 21).

Although Gensler’s agency may face setbacks, TD Cowen predicts the SEC will maintain a Democratic majority through 2026. “, the researcher wrote.

Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.