Approval is relatively fast, but Ethereum ETH
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“This came about six months earlier than we expected, but even after the SEC approved a cryptocurrency futures ETF, this decision was inevitable,” Jaret Seiberg of TD Cowen’s Washington Research Group said on Thursday. I wrote it. What’s next, within a year, will be offering a “basket of cryptocurrency tokens,” Seiberg continued, possibly just Bitcoin and Ethereum, but possibly more.
However, this approval does not signal an overall change in the SEC’s overall attitude toward cryptocurrencies. That’s because Gary Gensler, chairman of the cryptocurrency committee, issued a statement “highly critical” of the passage of cryptocurrency legislation that could reduce his agency’s powers.
“The cryptocurrency industry’s record of failures, fraud, and bankruptcies is not because there are no rules or the rules are unclear. It is because many players in the cryptocurrency industry do not follow the rules,” Gensler wrote in a statement. The U.S. House of Representatives is on the verge of passing the Financial Innovation and Technology for the 21st Century Act (FIT 21).
Although Gensler’s agency may face setbacks, TD Cowen predicts the SEC will maintain a Democratic majority through 2026. “, the researcher wrote.
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