- Ethereum ETF approval came six months earlier than anticipated.
- SEC should keep upholding unregistered securities trading.
The swiftness of Ethereum ETF clearance this week surprised many, although the research team at investment bank TD Cowen had predicted this outcome after Bitcoin ETF approval earlier this year. The widespread acceptance of cryptocurrency assets is seen to have advanced significantly with this development.
Views from TD Cowen on Ethereum ETF Approval
Commenting on this surprising pace, Jaret Seiberg of TD Cowen’s Washington Research Group pointed out that the permission came in around six months earlier than expected.
Seiberg did point out, though, that this choice was inevitable following the SEC’s approval of cryptocurrency futures ETFs.
Looking ahead, Seiberg predicts that there may be an offering with a “basket of crypto tokens,” maybe containing other cryptocurrencies in addition to Bitcoin and Ether, within a year.
SEC’s Unwavering Stance on Crypto Regulation
Even with this encouraging move, the SEC’s general stance on cryptocurrencies has not changed with the approval of Ethereum ETFs. SEC Chair Gary Gensler has stuck to his guns, most recently making a harsh comment about crypto legislation that would lessen the regulatory power of his organization.
According to Gensler, the reason for the regular failures, frauds, and bankruptcies in the cryptocurrency sector is not a lack of regulations or their ambiguity but rather the fact that many industry participants disregard the current laws.
The US House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, also known as FIT21, shortly after this statement.
Future of SEC and Market Responses
Notwithstanding such obstacles, TD Cowen projects that the SEC will keep its Democratic majority until 2026 and will keep suing cryptocurrency trading platforms for allegedly dealing in unregistered securities.
In the meantime, according to CoinMarketCap data, Ether (ETH) is currently valued at about $3,745.56, having decreased somewhat by 0.55% during the previous day. ETH has, nevertheless, been trending upward over the last week, gaining by 19.88%.
On the other hand, ETHNews previously report that Ethereum intends to introduce the Pectra upgrade in Q1 2025, which is predicted to improve the network’s capabilities even more and maybe spark interest from the market.