A Bloomberg analyst reportedly thinks {that a} Litecoin (LTC) exchange-traded fund (ETF) will doubtless safe regulatory approval forward of an analogous product for Ripple’s XRP.
Fortune studies that on Thursday, asset supervisor Grayscale submitted a submitting with the U.S. Securities and Alternate Fee (SEC) to transform its $16.1 million XRP belief into an ETF.
Quite a few different firms are additionally making use of for brand new crypto ETFs, together with these for Litecoin, Solana (SOL) and Dogecoin (DOGE), because the US enters a pro-crypto period below the Trump administration.
Final month, Ripple president Monica Lengthy stated that the subsequent crypto ETF to obtain a greenlight after Bitcoin (BTC) and Ethereum (ETH) will doubtless be XRP, however Bloomberg analyst James Seyffart shouldn’t be as optimistic.
Seyffart says the SEC remains to be claiming that XRP is a safety, a roadblock that may bar ETFs based mostly on the third-largest crypto asset from getting the seal of approval. He additionally notes that XRP-issuer Ripple remains to be locked in a authorized tussle with the SEC.
“There’s some extra work that must be accomplished on that entrance that doesn’t have to occur with one thing like Litecoin. The SEC has by no means referred to as Litecoin a safety so, I wouldn’t be stunned if you happen to see Litecoin come first.”
Whereas Seyffart doesn’t see the upcoming approval of XRP ETFs, he believes that it’s throughout the realm of chance for the third-largest crypto asset to get one this 12 months.
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