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Bloomberg ETF Analyst James Seyffart highlights Litecoin, the top contender in the race for ETF approval.
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Dogecoin (HBAR) and Dogecoin (DOG) also have a high potential, thanks to their clear regulatory status.
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The SEC’s approval of XRP as an ETF is still uncertain due to ongoing legal disputes.
James Seyffart, Bloomberg ETF analyst, believes that Litecoin is the most likely to be approved for a spot ETF.
Seyffart recently shared this perspective on the Thinking Crypto Podcast, giving it a 90% chance.
Why Litecoin is the Leader in the Pack
According to Seyffart Litecoin has an impressive 90% chance of being approved.
Litecoin has a strong position at the SEC. This is especially true with the Division of Trading and Markets and Division of Corporate Finance. Litecoin is now the frontrunner for ETF approval in the race of altcoins.
Other Altcoins With Strong Prospects
Seyffart highlighted several altcoins which showed promise in securing ETF acceptance. Dogecoin also has a high chance of being approved due to its status as a non security.
HBAR is considered to be a good investment, even though it’s not as certain as Litecoin and Dogecoin. This is because the SEC Corporate Finance division has been active in this area.
What about more controversial altcoins?
Seyffart mentioned Polkadot, XRP and Solana. Seyffart said that despite the legal uncertainty surrounding some of these assets in the past, he was confident that SEC would not classify them as securities and allow them to be listed within a commodities ETF.
RelatedXRP ETFS Inches Closer to Reality: SEC Recognizes Bitwise Filing and Review Begins
This could be a significant shift. If the SEC continues to evolve its stance on crypto assets, these altcoins may soon be approved. Notably, the SEC acknowledged the ETF submissions of these altcoins. During the previous SEC administration the agency refused to acknowledge altcoin ETF submissions.
XRP’s Unique Hurdle
XRP is still an outlier because of Ripple’s ongoing battle with the SEC. Seyffart pointed out that the direct legal battle between Ripple, the SEC and other parties complicates the approval of an XRP ETF.
Unlike other altcoins XRP’s ETF is dependent on the resolution of legal issues that have been ongoing for many years. Seyffart is still optimistic that XRP’s ETF approval will come once the lawsuit has been resolved.
Related: World’s first spot XRP ETF approved in Brazil, price jumps 6%
The lawsuit between Ripple, and the SEC, is nearing its end, as both parties are currently in negotiations to reach a settlement.
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