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Investment bank TD Cowen's research group noted that the latest approval of Ethereum ETFs is an expected development following the approval of Bitcoin ETFs earlier this year.
The approval, which came nearly six months earlier than expected, was seen as inevitable after the SEC approved Ethereum Futures ETFs.
“After the SEC approved crypto futures ETFs, this decision was inevitable,” Jaret Seiberg, a member of TD Cowen's Washington Research Group, said in a note Thursday. He also predicted that the next product could be a “basket of crypto tokens” within a year, possibly consisting of just Bitcoin and Ethereum, but potentially more.
However, the approval does not indicate a change in the SEC's overall attitude towards crypto, according to analysts. Gary Gensler, the agency's crypto-critical president, issued a “highly critical” statement opposing the adoption of crypto legislation that could diminish his agency's power.
Gensler said:
“The crypto industry's track record of failures, scams, and bankruptcies is not because we don't have rules, or because the rules are unclear.
“This is because many investors in the crypto industry do not play by the rules.”
Despite potential setbacks for Gensler's agency, TD Cowen predicts the SEC will maintain its Democratic majority through 2026. The research group expects the agency to continue taking action against crypto trading platforms that trade tokens believed to be unregistered securities.