Investment bank TD Cowen stated that the US Securities and Exchange Commission will approve a Bitcoin ETF before the January 10 deadline due to "political necessity." The TD Cowen Washington research team, led by Jaret Seiberg, wrote in the report: "For us, this is a political necessity because the agency needs to consolidate its role as a cryptocurrency regulator before Congress considers broader encryption legislation. We also believe that the agency does not want to lose legal challenges by refusing to approve a Bitcoin ETF."