Political spending for upcoming elections in the U.S. may have prompted regulators to approve spot Ethereum products and lawmakers to pass a crypto markets bill. That could bode well for other bills, including one to regulate stablecoin, in the near future, according to investment bank TD Cowen. 

Pro-crypto super political action committee Fairshake PAC and its affiliates have raised more than $100 million for the 2024 election, TD Cowen said in a note on Tuesday, citing a report from consumer advocacy group Public Citizen. 

"We believe this monetary heft helps explain why the SEC approved Ether ETFs and why the House overwhelmingly passed crypto market structure legislation," TD Cowen Washington Research Group, led by Jaret Seiberg, wrote in a note on Tuesday. "We see this as …