Valkyrie CIO, Steven McClurg, anticipates a potential surge in XRP ETF filings following the SEC’s likely approval of spot Bitcoin ETFs in the United States.
While industry sentiment is optimistic, experts caution that regulatory hurdles and market readiness pose challenges for XRP, emphasizing the nuanced landscape of cryptocurrency investments in the U.S.
The anticipation surrounding the Securities and Exchange Commission’s (SEC) potential approval of the first spot Bitcoin ETFs in the United States is not only gripping the crypto investment sector but also sparking speculations about the future of other digital assets, especially Ethereum and XRP. As Valkyrie Investments, among the contenders for a spot Bitcoin ETF approval, awaits the SEC’s decision, Chief Investment Officer Steven McClurg sees a potential domino effect, suggesting that XRP ETF filings could soon follow.
In a recent interview on Bloomberg Crypto, McClurg shared his insights, stating, “I think we’re going to see a lot of filings come out for Ethereum. I even think we might see something for Ripple given the recent progress.” He highlighted the inclusion of Ripple in Grayscale Investments’ publicly traded trust and expressed that the growing interest in XRP ETFs might lead to significant developments in the near future.
Despite the buzz within the crypto community and the inclusion of XRP in Grayscale’s Digital Large Cap Fund, not every expert shares the optimism. Bloomberg ETF analyst James Seyffart, in a cautious perspective, stated,
“I don’t think that XRP is ever going to get through the SEC’s doors, essentially not anytime soon, even after that loss [Ripple vs. SEC].”
Seyffart emphasized the need for regulatory prerequisites, such as the listing of XRP futures on the Chicago Mercantile Exchange (CME), before considering a spot XRP ETF.
The nuanced regulatory environment in the United States, especially for assets like XRP that have faced intense scrutiny, adds layers of complexity to the potential approval of an XRP ETF. While McClurg acknowledged the uncertainty, he pointed out that anything could happen in the dynamic crypto market.
The recent trend of the term “XRP ETF” trending suggests heightened community interest, fueled by Grayscale’s move and ongoing discussions about potential offerings. However, it’s crucial to note that reports of Fidelity Investments introducing an XRP Exchange-Traded Product (ETP) were inaccurate, with the existing XRP ETP listed on the Swiss Exchange SIX by 21Shares.
As the crypto industry keeps a close eye on the SEC’s decision on Bitcoin ETFs, the potential approval could pave the way for a new era in cryptocurrency investments, with XRP standing as a key player in the evolving landscape. The journey towards an XRP ETF, if it happens, will likely involve a delicate dance between market demand, regulatory milestones, and overall market readiness.
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