Crypto:
30627
Bitcoin:
$64.705
% 5.78
BTC Dominance:
%53.7
% 0.12
Market Cap:
$2.34 T
% 5.89
Fear & Greed:
52 / 100
Bitcoin:
$ 64.705
BTC Dominance:
% 53.7
Market Cap:
$2.34 T

Will Gary Gensler Remain as SEC Chairman?

Gary Gensler

Is it possible for a more crypto-friendly SEC Chairman to replace Gary Gensler? When could this happen?

According to the research group at investment bank TD Cowen, the recent approval of Ethereum ETFs was expected following the approval of Bitcoin ETFs earlier this year. The approval, which came approximately six months earlier than anticipated, was seen as inevitable after the SEC approved Ethereum Futures ETFs.

In a note written on Thursday, Jaret Seiberg, a member of TD Cowen’s Washington Research Group, stated, “After the SEC approved crypto futures ETFs, this decision was inevitable.” Seiberg also speculated that the next product might be a “crypto token basket,” likely including only Bitcoin and Ethereum initially, but potentially expanding to more tokens within a year.

However, analysts believe that this approval does not indicate a shift in the SEC’s overall stance on cryptocurrency. Gary Gensler, the SEC’s crypto-critical chairman, issued a statement expressing his strong opposition to any cryptocurrency legislation that could reduce the agency’s power.

Gensler stated, “The track record of the crypto industry, filled with failures, frauds, and bankruptcies, is not due to a lack of rules or their ambiguity. It is because many investors in the crypto sector do not play by the rules.”

Despite potential setbacks for his agency, TD Cowen predicts that the SEC will maintain its Democratic majority until 2026. The research group expects the SEC to continue filing lawsuits against crypto trading platforms dealing in tokens considered unregistered securities.

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