Talks about a potential XRP exchange-traded fund (ETF) have emerged following its non-security status as more firms seek Ethereum (ETH) ETFs.
Former CFTC lawyer Mike Selig has taken to Twitter to express his views on the recent surge in applications for Ethereum (ETH) exchange-traded funds (ETFs) with the US Securities and Exchange Commission (SEC).
Selig argued that if a Bitcoin (BTC) ETF were on the horizon, it was already likely that an ETH ETF would not be far behind. The lawyer reasoned with factors such as the Hinman speech, the SEC FinHub framework, and recent court developments.
If a spot BTC ETF is on the horizon, a spot ETH ETF can’t be far behind. With the Hinman speech, the SEC FinHub framework, and judicial decisions in Ripple and Terraform, the case grows stronger each day that ETH is not a security, even if it was initially sold as one. https://t.co/7lDYVeFgFM
— Mike Selig (@MikeSeligEsq) August 2, 2023
Specifically, he highlighted that court rulings on Ripple and Terraform strengthen the case that Ethereum is not a security, even if it was initially sold as one.
The Likelihood of XRP ETF
In response, Digital Asset Investor, a well-known influencer in the XRP community, pointed out the potential for an XRP ETF.
The influencer asserted that XRP enjoys a unique advantage over other digital assets due to its legal clarity in the United States. He expressed that XRP’s non-security status presents a strong case for an XRP ETF in the future.
“The case is even stronger for an XRP ETF since it’s the ONLY digital asset with LEGAL clarity in the United States,” the influencer proclaimed.
The case is even stronger for an XRP ETF since it's the ONLY digital asset with LEGAL clarity in the United States. https://t.co/blTJu931FN
— Digital Asset Investor.XRP (@digitalassetbuy) August 2, 2023
Ethereum ETF Filing with SEC
In a tweet that sparked excitement among crypto enthusiasts, James Seyffart, renowned for updates around EFTs, highlighted the sheer number of recently-filed applications with the SEC.
Seyffart’s tweet revealed that six distinct issuers had submitted up to seven Ethereum Futures ETF filings to the US SEC. The accompanying image indicates that six filings were submitted on August 1 alone.
The rush for Ethereum ETF approvals reflects the increasing interest in cryptocurrencies as mainstream investment options. The development follows prominent financial institutions such as BlackRock and Fidelity filing for Bitcoin ETF, as The Crypto Basic reported in June.