ChainCatcher news, investment bank TD Cowen believes that the situation may change under the leadership of the Trump administration.TD Cowen researchers wrote on Monday that they believe "once Trump appoints a new SEC chairman, cryptocurrency enforcement may be put on hold, regardless of whether Gary Gensler resigns from his position as SEC commissioner; he will appoint a new SEC chairman on January 20."TD Cowen researchers claim that they believe the new chairman will reassess the existing cases initiated by financial regulators against cryptocurrency companies, "and look for ways to more clearly articulate how cryptocurrency companies can comply with existing laws."

ChainCatcher news, investment bank TD Cowen calls for more realistic expectations regarding the passage of cryptocurrency legislation in the U.S. next year.TD Cowen stated: "The risk of a political deadlock for the cryptocurrency market structure bill FIT21 and the Senate Agriculture Committee bill is increasing. We believe optimism is misplaced, as we see the voting prospects for both bills declining this year. Furthermore, the risk of the bills becoming politically stuck next year is growing, regardless of the elections, and we remain skeptical about next year."

ChainCatcher news, according to The Block, investment bank TD Cowen stated that President Biden's nomination of two leaders for the U.S. Commodity Futures Trading Commission (CFTC) could impact the agency's future approach to cryptocurrency.Last week, Biden nominated CFTC Commissioner Christy Goldsmith Romero to head the Federal Deposit Insurance Corporation (FDIC) and nominated Kristin Johnson as Assistant Secretary for Financial Institutions at the Treasury Department. Both commissioners have advocated for the agency to establish rules or guidelines to protect consumers and address conflicts of interest in cryptocurrency.If Romero and Johnson successfully take on their new roles, the CFTC will be left with Democratic Chairman Rostin Behnam and Republican Commissioners Caroline Pham and Summer Mersinger, with Republicans holding a majority of seats.TD Cowen stated in a report on Monday that, given this change, the Biden administration will quickly fill these two vacancies. However, alternative candidates may not be confirmed until the fall.

ChainCatcher news, according to The Block, investment bank TD Cowen believes that increased regulatory scrutiny could disrupt the cryptocurrency industry.Its report states that legislation shifting from the broader picture to specific company interests could "derail the industry," as the industry typically comes together to push a legislative agenda and receives coordinated lobbying support. However, when Congress begins to focus on a specific industry, companies start to pay attention to legislation that is favorable to them. This forces lawmakers to take sides within the industry, undermining overall progress.

ChainCatcher news, after the approval of the Ethereum spot ETF 19B-4 filing, investment bank TD Cowen believes that the approval of other funds, including those tracking a basket of cryptocurrencies, is just a matter of time, despite the unchanged internal stance of the U.S. SEC on cryptocurrencies.Jaret Seiberg from TD Cowen's Washington research team wrote in a report that given the approval of Bitcoin ETFs earlier this year, the approval of Ethereum ETFs is inevitable, just about six months earlier than expected. He anticipates that within the next year, there may be an ETF product that includes "a basket of crypto tokens," which may include only Bitcoin and Ethereum or possibly more cryptocurrencies.However, this move does not mean that the SEC's overall stance on cryptocurrencies has changed. SEC Chairman Gary Gensler, who has a critical view of cryptocurrencies, issued a statement strongly opposing the cryptocurrency legislation "Financial Innovation and Technology for the 21st Century Act" (FIT 21) that could undermine the authority of his agency. Gensler stated that the failures, fraud, and bankruptcy records in the crypto industry do not stem from a lack of rules or unclear regulations, but rather from many participants in the crypto industry not adhering to the rules.Despite the potential setbacks faced by Gensler's agency, TD Cowen expects that the SEC will maintain a Democratic majority until 2026 and will continue to sue crypto trading platforms for tokens that the SEC considers to be unregistered securities.

ChainCatcher news, according to a report by TheBlock, an investment bank TD Cowen's latest report states that last year, the "CBDC Anti-Surveillance State Act" proposed by House Majority Whip Tom Emmer may be voted on alongside the highly anticipated stablecoin bill, which could undermine bipartisan support for the stablecoin bill, as Democrats generally believe that the value of central bank-issued cryptocurrencies should at least be explored. Bipartisan leadership has been negotiating for years to reach an agreement on the stablecoin bill.Previously, Federal Reserve Chairman Powell stated that the central bank is "nowhere near" proposing or adopting a CBDC.

ChainCatcher news, according to The Block, a report from investment bank TD Cowen states that after recently winning the insider trading lawsuit against Coinbase, SEC Chairman Gary Gensler is expected to continue filing cryptocurrency cases.Last week, the Washington District Court made a ruling favorable to the SEC in an insider trading case. Therefore, it is expected that Gensler will continue to file lawsuits for at least the next two years, until the end of his term (June 2026).

ChainCatcher news, according to The Block, TD Cowen investment bank believes that the SEC is unlikely to approve a spot Ethereum ETF in the short term, with the initial deadline for such funds set for May. Despite the recent approval of a spot Bitcoin ETF, TD Cowen expects the SEC to take a more cautious approach in approving a spot Ethereum ETF.Analysts point out that the SEC may wait to gain experience from the Bitcoin ETF before considering the approval of Ethereum or other cryptocurrency ETFs. The investment bank stated that the waiting period for approval may not last 26 months and could occur after the U.S. elections (the 2024 U.S. presidential election is scheduled for November).

ChainCatcher reports that the American investment bank TD Cowen has decided to shut down its cryptocurrency division, Cowen Digital.Previously, in March 2022, TD Cowen launched Cowen Digital, a platform that supported 16 major cryptocurrencies including BTC and ETH, aimed at providing institutional clients with access to the cryptocurrency market. (source link)