Valkyrie CIO Anticipates XRP And Ethereum Spot ETFs Following Bitcoin’s Approval
2024年1月10日 - 5:24AM
NEWSBTC
While Bitcoin exchange-traded fund (ETF) applications are still
awaiting approval from the US Securities and Exchange Commission
(SEC), executives from asset management firms are already
speculating about the potential launch of spot ETFs for other major
cryptocurrencies, including XRP and Ethereum (ETH). Valkyrie
Invest’s Chief Investment Officer, Steven McClurg, expressed his
belief that the SEC’s potential approval of a Bitcoin ETF could
pave the way for similar offerings in the XRP and Ethereum
markets. However, regulatory challenges and
classifying XRP and Ethereum as securities may present hurdles
toward these index funds. XRP And Ethereum Spot ETF Potential
Hurdles Unlike Bitcoin, which has been classified as a commodity by
regulators, XRP and Ethereum have been deemed securities. This
divergence in classification poses potential difficulties and may
necessitate a more complex approval process for spot ETFs tracking
these cryptocurrencies. Related Reading: ETHBTC May
Capitulate, Will These Factors Support Ethereum? The anticipated
impact of spot ETF approval on the XRP and Ethereum price would
mirror the pattern seen with Bitcoin. Still, the SEC’s skepticism
towards the broader cryptocurrency market could pose additional
hurdles for XRP and Ethereum ETFs. Nevertheless, the outcome of the
ongoing Ripple vs. SEC case holds significant implications and
could hold the key for the cryptocurrency industry to pursue these
index funds for other cryptocurrencies. If Ripple, the
blockchain payment company associated with XRP, emerges victorious
and is not classified as a security by Judge Analisa Torres, it
could establish a precedent for asset managers seeking to apply for
an XRP ETF. This legal precedent could also prompt potential
litigation against the SEC to support an Ethereum ETF application.
While discussions revolve around the possibility of spot ETFs for
XRP and Ethereum, there is still uncertainty surrounding the
approval of Bitcoin ETFs. The SEC may reject or delay the
pending applications, making it uncertain whether these other index
funds will materialize. Furthermore, US regulators’ current
classification of XRP and Ethereum as securities adds an additional
layer of complexity to their respective ETF prospects. Bitcoin ETF
Decision Imminent As reported on Monday by NewsBTC, Sources close
to the process have indicated that the ultimate approval for
Bitcoin ETFs may come on Wednesday. CNBC’s sources suggest
that this coincides with the application deadline for Ark Invest
and 21 Shares, raising the possibility of a potential trading
launch between Thursday and Friday. Several applications are
expected to receive the green light, pending updates from the SEC
on the filings. Related Reading: Cardano’s 2024 Rollercoaster:
Price Plunges 18% Despite 250% Surge In Development Activity
Overall, as anticipation builds around the potential approval of
Bitcoin ETFs, asset managers are already contemplating the prospect
of spot ETFs for other major cryptocurrencies like XRP and
Ethereum. However, the regulatory challenges and the
classification of XRP and Ethereum as securities present
significant hurdles for these index funds. The Ripple vs. SEC case
outcome could have far-reaching implications, potentially setting a
legal precedent for asset managers to pursue XRP and Ethereum
ETFs. XRP is trading at $0.5673, showing a lack of bullish
momentum with a 1% decline in the past 24 hours. Furthermore, it
has experienced a continuous downtrend of 13% over the past 30
days. Featured image from Shutterstock, chart from
TradingView.com
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