Eric Balchunas, one of many main ETF analysts, has poured chilly water on the prospects of an XRP exchange-traded fund being accepted by the U.S. Securities and Trade Fee (SEC) within the close to future.
In truth, based on Balchunas, the SEC is prone to greenlight a Litecoin ETF earlier than an XRP ETF.
Earlier this month, the SEC reportedly notified no less than two of the 5 potential issuers that it meant to reject their filings for spot Solana ETFs.
The SEC is broadly anticipated to undertake a extra crypto-friendly stance subsequent yr after pro-crypto libertarian Paul Atkins was nominated to interchange SEC Chair Gary Gensler. Nevertheless, this doesn’t imply that XRP ETFs might be greenlit shortly after Atkins begins his time period, based on Balchunas.
Each XRP and Solana have confronted “advanced authorized points,” so these points must be resolved earlier than the SEC will be capable to approve spot ETFs.
Nevertheless, neither Litecoin (LTC) nor Hedera (HBAR) has ever been referred to as a safety by the SEC, which makes their path to a spot ETF simpler, based on Balchunas.
On the identical time, the analyst has cautioned that it’s unclear whether or not there’s sufficient investor demand for the ETF merchandise that have been not too long ago filed by Canary Capital.
