Ethereum ETF Approval To Spur 'A Basket Of Crypto Tokens Within A Year,' Says TD Cowen
The approval of spot Ethereum (CRYPTO: ETH) ETF products may spur the creation of more cryptocurrency-linked investment funds in the near future, according to investment bank TD Cowen.
What Happened: TD Cowen‘s Washington Research Group viewed the approval of Ether ETFs as a marquee event, paving the way for more institutional interest in digital assets, The Block reported.
Jaret Seiberg from TD Cowen’s Washington Research Group stated, “This comes about six months faster than we expected…yet this decision was also inevitable once the SEC approved cryptocurrency futures ETFs.”
Seiberg further noted that within a year, there might be offerings that include a “basket of cryptocurrency tokens,” potentially just featuring Bitcoin and Ether, or many more.
Why It Matters: The approval of Ethereum ETFs is a significant milestone in the cryptocurrency industry. According to a report by JPMorgan, Ethereum ETFs are expected to trade well ahead of November, indicating strong market interest and potential growth.
Furthermore, the approval marks a new era for digital assets. The introduction of these ETFs could lead to increased mainstream adoption and investment in cryptocurrencies.
Despite this approval, the SEC’s overall stance on cryptocurrency remains unchanged. SEC Chair Gary Gensler issued a critical statement against new crypto legislation, emphasizing the industry’s issues with compliance.
Interestingly, Chair Gensler was not part of the team that voted to approve the ETFs.
TD Cowen predicts that the SEC will maintain its Democratic majority until 2026, continuing its litigation against cryptocurrency trading platforms that trade what it considers unregistered securities.
Read Next: Donald Trump: ‘I Will Ensure That The Future Of Crypto And Bitcoin Will Be Made In The USA’
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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