5BTC or 111% + 111 Free Spins!
New players only. Exclusive 111% Welcome Bonus + 111 Free Spins
An exchange-traded fund (ETF) for Litecoin (LTC) may receive regulatory clearance before one for Ripple’s XRP, according to a Bloomberg analyst. Grayscale recently submitted a request to the U.S. Securities and Exchange Commission (SEC) to turn its $16.1 million XRP trust into an exchange-traded fund (ETF), according to Fortune.
Other cryptocurrency ETFs, such as those for Litecoin, Solana (SOL), and Dogecoin (DOGE), are also being proposed for approval by a number of companies. This drive occurs as the Trump administration ushers in what many see as a more crypto-friendly era in the United States.
Monica Long, president of Ripple, said last month that she was hopeful an XRP ETF would follow Bitcoin (BTC) and Ethereum (ETH) as the next big thing. James Seyffart, a Bloomberg analyst, is still dubious, though.
Seyffart believes the SEC’s classification of XRP as a security could delay an ETF launch. He also points to Ripple’s ongoing legal battle with the SEC as another hurdle.
“There’s some more work that needs to be done on that front that doesn’t need to happen with something like Litecoin. The SEC has never called Litecoin a security so, I wouldn’t be surprised if you see Litecoin come first,” Seyffart explained.
Despite these obstacles, he acknowledges that an XRP ETF remains a possibility in 2024. If regulatory clarity improves, XRP could still secure approval, but Litecoin appears to have a clearer path forward.