The US Securities and Exchange Commission (SEC) is expected to approve an Ethereum-based ETF in late 2025 or early 2026, according to a report released by investment bank TD Cowen. The bank’s analysts have noted that a positive decision from the SEC should not be expected this year, as they believe it is a political issue. According to the report, SEC Chairman Gary Gensler has no chance of approving an Ethereum ETF at this time, as progressive Democrats would be against it after the approval of the Bitcoin ETF. This is because Gensler will need the support of progressives for his future political ambitions and would not want to face an unnecessary fight. TD Cowen has also said Gensler may still be gaining experience with the recently approved Bitcoin ETFs before making a decision on Ethereum ETFs.
