Published on January 29, 2024 14:27 GMT+00:00edited on January 29, 2024 14:31 GMT+00:00

Investment bank TD Cowen has provided a clearer timeline for when it thinks a spot Ethereum exchange-traded fund will be approved in the United States — late 2025 or early 2026. Earlier this month, the bank said the approval could come after the November 2024 election.

"We do not expect the SEC in 2024 to approve a spot Ethereum ETF," TD Cowen Washington Research Group, led by Jaret Seiberg, wrote in a note on Monday. "This is a political call. We believe there is no upside for SEC Chair Gary Gensler to approve a spot Ethereum ETF given how upset progressive Democrats were over the agency's approval of a spot bitcoin ETF earlier this month."

Gensler needs the support of progressives to push forward his agenda in this election year, according to TD Cowen. Also, if Gensler pursues a …