Last week, Ethereum developer Consensys brought the U.S. Securities and Exchange Commission to court, seeking a declaration that ether is not a security. This legal battle will be a prolonged affair, according to investment bank TD Cowen. As a result, the bank reiterated that spot Ethereum exchange-traded funds are unlikely to gain approval before 2025.
SEC Chairman Gary Gensler is "okay" with the court deciding whether ETH is a security or commodity, according to TD Cowen. TD Cowen views the litigation as "a positive" as Consensys raises key issues that need to be resolved. SEC officials had previously said Ethereum was not a security, but Gensler has refused to comment on the matter, which has created uncertainty that needs to get resolved, the bank said.
"And we are dubious that a court will want to block oversight of crypto given prior industry controversies," it added.
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