According to The Block, TD Cowen, a prominent investment bank, previously stated that the approval for an Ethereum spot ETF could be obtained after the November 2024 presidential election. However, in a research report released this week, TD Cowen has revised its timeline and predicts that the approval for an Ethereum spot ETF in the United States may occur towards the end of 2025 or the beginning of 2026.
The TD Cowen Washington research team, led by Jaret Seiberg, stated in the report that Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), needs the support of the Democratic Party to advance his agenda this year. Furthermore, if Gensler intends to pursue other positions, such as the Treasury Secretary, after President Biden wins a second term, he will still require the support of the Democratic Party. Therefore, TD Cowen believes that the approval for an Ethereum spot ETF is contingent on Democratic Party support.
TD Cowen also mentioned that even if the comprehensive cryptocurrency market structure legislation fails to pass in Congress in 2025, they still view the timeline for approving an Ethereum spot ETF by the end of 2025 or the beginning of 2026 as feasible. Furthermore, Gary Gensler’s term as SEC chairman will conclude in June 2026.
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