Following the long-awaited Bitcoin spot ETF’s regulatory approval, prominent crypto community figures now argue an XRP ETF is next.
On January 10, the U.S. Securities and Exchange Commission (SEC) granted accelerated licenses to proposals for 11 Bitcoin spot exchange-traded funds (ETFs). The agency communicated the approvals in a statement on its website.
The proved ETFs include Grayscale, Bitwise, Hashdex, Valkyrie, BlackRock, BZX, VanEck, Invesco, WisdomTree, Franklin, and Fidelity. In other words, the listed firms have authorization to list and trade several shares of spot Bitcoin.
SEC chairman Gary Gensler cited a court loss in 2023 as a contributing factor that prompted the approval of the filings on Wednesday.
XRP ETF Next
Amid this Bitcoin development, key figures within the XRP community are optimistic that the introduction of an XRP ETF is imminent. Panos Mekras, a well-known crypto author and co-founder of Anodos Finance, conveyed this sentiment in a recent tweet.
“An XRP ETF is only a matter of time,” Mekras proclaimed on X.
An $XRP ETF is only a matter of time.
— Panos ?{X} (@panosmek) January 10, 2024
Similarly, Zach Rector, a notable pro-XRP crypto YouTuber, argued that an XRP ETF is inevitable. Rector asserted that its arrival does not imply the classification of XRP as a security. In his words:
“XRP ETF is coming whether we like it or not. And no, it does not make XRP a security.”
XRP ETF is coming whether we like it or not. And no, it does not make XRP a security ?♂️
— Zach Rector (@ZachRector7) January 10, 2024
Meanwhile, some community members expressed the view that the introduction of an XRP ETF may not happen until after a complete settlement in the SEC vs. Ripple case. Recall that Ripple’s XRP sales to institutions remain a matter of contention in U.S. courts.
Top Executive Confirms XRP ETF Coming
Before the SEC approved Bitcoin spot ETFs, the Chief Investment Officer of Valkyrie, a company also granted permission to list a Bitcoin ETF, indicated that an XRP ETF might occur concurrently with the endorsement of an Ethereum spot ETF.
In his words, “It wouldn’t surprise me if we saw Ripple [XRP] or Ethereum spot ETFs out there.”
The foundation of Steve McClurg’s sentiment is Grayscale’s recent reinstatement of XRP to its Digital Large Cap Fund.
Also, while the Valkyrie executive conveyed uncertainty regarding the likelihood of Valkyrie filing for an XRP ETF, he noted anything is conceivable.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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