According to The Block, TD Cowen, an investment bank, previously stated that an Ethereum spot ETF might be approved after the November 2024 elections. However, in a research report released this week, TD Cowen has revised the timeline and now predicts that the approval of a US Ethereum spot ETF may occur towards the end of 2025 or the beginning of 2026.
In the report led by Jaret Seiberg, the Washington research team at TD Cowen stated that Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), needs the support of the Democratic Party to advance his agenda this year. Additionally, if Gensler intends to pursue other positions, such as Treasury Secretary, after President Biden’s potential second term, he will still require the support of the Democratic Party. Therefore, TD Cowen believes:
TD Cowen also mentioned that even if a more comprehensive cryptocurrency market structure bill is not passed by Congress in 2025, they still consider the timeline of approving an Ethereum spot ETF by the end of 2025 or the beginning of 2026 feasible. Furthermore, Gary Gensler’s term as SEC chairman will conclude in June 2026.
