A Bloomberg analyst reportedly thinks {that a} Litecoin (LTC) exchange-traded fund (ETF) will seemingly safe regulatory approval forward of an identical product for Ripple’s XRP.
Fortune reviews 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 seemingly be XRP, however Bloomberg analyst James Seyffart will not be as optimistic.
Seyffart says the SEC continues to be claiming that XRP is a safety, a roadblock which may bar ETFs primarily based on the third-largest crypto asset from getting the seal of approval. He additionally notes that XRP-issuer Ripple continues to be locked in a authorized tussle with the SEC.
“There’s some extra work that must be performed on that entrance that doesn’t must occur with one thing like Litecoin. The SEC has by no means known as Litecoin a safety so, I wouldn’t be stunned in case you see Litecoin come first.”
Whereas Seyffart doesn’t see the approaching approval of XRP ETFs, he believes that it’s throughout the realm of risk for the third-largest crypto asset to get one this 12 months.
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