06.04.2024

XRP spot ETF to be approved before Ethereum ETF, predicts top Valkyrie executive

Expectations for an Ethereum (ETH) exchange-traded fund (ETF) among traders have increased over the past few weeks, but increasingly, experts are expressing the opinion that the Ether ETF is likely to be rejected by the U.S.

Securities and Exchange Commission (SEC). This conclusion is prompted by information that the SEC is investigating the Ethereum cryptocurrency for recognition as a security.

Fox Business reporter Eleanor Terrett shared the findings from a recent conversation with an institutional investor, the CIO of Valkyrie Funds.

Litecoin and XRP ETFs may be prioritized over Ethereum

Eleanor Terret of Fox Business told crypto market participants that sources among institutional investors say there is interest in Litecoin ETFs (LTC). Terret explains that Litecoin and Bitcoin have functional similarities and that the SEC may be more inclined to approve it, more so than ETH.

Coinbase Derivatives recently announced its plans to launch Commodity Futures Trading Commission (CFTC) approved futures contracts for Dogecoin, Litecoin, and Bitcoin Cash on April 1. This further supports the thesis that the Litecoin ETF has gotten the green light from the SEC.

Terret tweeted the gist of her conversation with Valkyrie Funds’ Chief Information Officer (CIO) Stephen McClurg. McClurg said the SEC will likely treat ether as a security and reject the spot ETH ETF. XRP and Litecoin ETFs, on the other hand, are likely to get approval sooner than Ethereum, McClurg said.

While the U.S. CFTC has clarified its position on Ethereum and Litecoin and categorized them as commodities, the SEC’s approach to cryptocurrencies is unclear.

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Коля Мельниченко

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