Bloomberg analysts believe that Litecoin’s (LTC), exchange-traded funds (ETFs), will be approved by regulators before a product similar to Ripple XRP.
Fortune reported that asset manager Grayscale filed a document with the U.S. Securities and Exchange Commission to convert their $16.1 million XRP Trust into an ETF on Thursday.
Other companies have also applied for crypto ETFs. These include those for Litecoin and Solana.
Monica Long, Ripple’s president, said last month that the next crypto-ETF to be approved after Bitcoin (BTC), Ethereum (ETH), and XRP will probably be XRP. However, Bloomberg analyst James Seyffart does not share this optimism.
Seyffart claims that the SEC still believes that XRP qualifies as a security. This could prevent ETFs that are based on the crypto asset that is the third largest from receiving the stamp of approval. Ripple, the company that issued XRP, is also still embroiled in a legal battle with SEC.
There’s more work to do on this front, which doesn’t have to happen for something like Litecoin. Since the SEC never defined Litecoin as a financial instrument, it’s not surprising that Litecoin would be first.
Seyffart believes it’s possible that the XRP, the third largest crypto asset in terms of market capitalization will get an ETF this year.
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The post Litecoin ETF Is Likely to Be Approved Prior To XRP According to Bloomberg Strategist Report: may be updated as new information becomes available.
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