The Block18 minutes ago

Published on January 13, 2024 16:26 GMT+00:00edited on January 13, 2024 16:31 GMT+00:00

The U.S. Securities and Exchange Commission is not expected to approve spot Ethereum exchange-traded funds in the near future, according to the investment bank TD Cowen. The initial deadline for approving such funds is in May.

"Our expectation is that the agency will not be approving ETPs for other crypto tokens any time soon as we believe the SEC will want to gain experience from Bitcoin ETPs before it approves an Ethereum or other crypto token ETP," wrote TD Cowen Washington Research Group, led by Jaret Seiberg, in a note earlier this week. "The wait might not be as long as 26 months, but it likely would be after the election."

The SEC approved spot bitcoin ETFs earlier this week after over a decade of rejections, and 26 months after greenlighting bitcoin futures ETFs in October 2021. …