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Ethereum ETF Approval Will Spur ‘A Basket of Crypto Tokens Within a Year,’ Says TD Cowen
May 27, 2024 1:05 am | 2 minute read
The approval of the commercial Ethereum (CRYPTO: ET) According to the investment bank, ETF products could spur the creation of more cryptocurrency-related investment funds in the near future T. D. Cowen.
What happened: T. D. CowenWashington Research Group sees the approval of Ether ETFs as a landmark event, paving the way for greater institutional interest in digital assets, The Block reported.
Jaret Seiberg of TD Cowen’s Washington Research Group said: “This comes about six months faster than we expected… yet this decision was also inevitable once the SEC approved cryptocurrency futures ETFs.”
Seiberg also noted that within a year there could be offerings that include a “basket of cryptocurrency tokens,” potentially containing just Bitcoin and Ether, or many others.
Because matter: The approval of Ethereum ETFs represents a significant milestone in the cryptocurrency industry. Second to a report from JPMorganEthereum ETFs are expected to trade well before November, indicating strong market interest and potential growth.
Additionally, the approval marks a new era for digital assets. THE the introduction of these ETFs could lead to greater adoption by all and investments in cryptocurrencies.
Despite this approval, the SEC’s overall stance on cryptocurrencies remains unchanged. Chairman of the SEC Gary Gensler released a critical statement against the new cryptocurrency legislationhighlighting the industry’s problems in terms of compliance.
Interestingly, President Gensler he wasn’t part of the team who voted to approve ETFs.
TD Cowen predicts the SEC will maintain its Democratic majority until 2026 as it pursues litigation against cryptocurrency trading platforms that trade what it considers unregistered securities.
Disclaimer: This content was partially produced with the help of artificial intelligence tools and was reviewed and published by Benzinga editors.
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