Despite the relatively quick approval of the Ethereum spot ETF last week, which surprised some people, TD Cowen’s research team, an investment bank, said that this approval was inevitable following the earlier approval of a Bitcoin ETF this year. The bank also believes that the approval of other funds is only a matter of time, such as funds tracking a basket of tokens.
According to a previous report by Zombit, the SEC approved the 19b-4 proposal related to the Ethereum spot ETF last week. However, investors still need to wait for the SEC to approve the S-1 registration statement submitted by the fund issuer before they can start trading such ETFs. The founder of Cobo, a digital asset custody solution provider, Discus Fish, predicted that, in the fastest scenario, the S-1 document for the Ethereum spot ETF could be approved in early June, with trading starting in mid-June.
However, this approval does not mean that the SEC has completely changed its attitude towards cryptocurrencies. SEC Chairman Gary Gensler recently made a highly critical statement about cryptocurrencies, opposing bills that could weaken the regulatory authority’s institutional power in the cryptocurrency market structure.
Despite potential setbacks, TD Cowen predicts that the regulatory agency will maintain its Democratic majority seats until 2026. The researchers wrote, “…we expect the agency to continue to bring enforcement actions against cryptocurrency trading platforms that it deems to be trading tokens that are unregistered securities.”
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