Stating that Bitcoin Spot ETFs are likely to be approved, Valkyrie manager Steven McClurg said that Ripple (XRP) and Ethereum Spot ETFs may be next. However, the cryptocurrency community seems divided on the likelihood of this happening.
Cryptocurrency journalist Eleanor Terrett shared insights from conversations with industry insiders, revealing her range of views on whether the U.S. Securities and Exchange Commission will approve a single-product XRP spot ETF.
According to Terrett's study, supporters argue that XRP is the only digital asset to receive any “regulatory clarity” from the courts. In July, a US district judge ruled that the XRP token was not a security and that Ripple did not break the law when selling XRP to retail investors on exchanges.
They also look at XRP's relisting on major exchanges and its recent inclusion in Grayscale's Digital Large Cap Fund as a positive sign that the asset will be included in future funds.
On the other hand, naysayers argue that SEC Chairman Gary Gensler's blatant dismissal of most digital assets other than Bitcoin, XRP, and possibly even other single-item ETFs like Ethereum (ETH) could lead to Congressional intervention in crypto regulation or lack thereof, according to Terrett. He believes this means it will be a difficult task without a change of management (one that is more friendly to digital assets).
Some even think Gensler's approval of Bitcoin spot ETFs will “solidify the distinction between Bitcoin and other cryptos” in the eyes of the SEC.
*This is not investment advice.
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