Political spending for upcoming elections in the U.S. may have prompted regulators to approve spot Ethereum products and lawmakers to pass a crypto markets bill. That could bode well for other bills, including one to regulate stablecoin, in the near future, according to investment bank TD Cowen.
"We believe this monetary heft helps explain why the SEC approved Ether ETFs and why the House overwhelmingly passed crypto market structure legislation," TD Cowen Washington Research Group, led by Jaret Seiberg, wrote in a note on Tuesday. "We see this as positive for the stable coin bill this year and market structure in 2025."
A stablecoin bill was seen as low-hanging fruit, but it was entangled in who should be the primary regulator for stablecoin issuers — the federal government or state regulators. A House version passed out of that body's Financial Services Committee last year. The committee's chair, Rep. Patrick McHenry, R-N.C., and Rep. Maxine Waters, D-Calif., have said they're working on it.
Source: Financial Digest (financialdigest.net)
TD Cowen Crypto Pacs
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