- Ripple’s hiring for a senior executive position in the corporate DeFi space and signals from Bitcoin
ETF issuers are seen as preparations for an XRP ETF.
- Eleanor Terrett asked Bloomberg ETF analysts Eric Balchunas and James Seyffart whether a futures ETF approval is necessary for the approval of a spot ETF.
- Despite the partial victory for Ripple, claiming that XRP is not a security, the potential approval of a spot XRP ETF does not seem very likely.
|Before you reading,
Don't miss coins like PEPE again! Click here to find new PEPEs!
Is the US Securities and Exchange Commission considering opening the door to XRP after spot Bitcoin ETF approvals?
What Are the Prospects for XRP ETFs in the US?
|Did you missed the PEPE? No worries, click here to 100x potential memes!
After the SEC approved spot Bitcoin ETFs in mid-January, the crypto market is awaiting the potential approval of an XRP ETF, setting the stage for spot Ethereum ETFs. Additionally, Ripple’s hiring for a senior executive position in the corporate DeFi space and signals from Bitcoin ETF issuers are considered as preparations for an XRP ETF.
In response to an article containing a Grok AI chatbot response stating that the approval of a spot XRP ETF would not require the approval of a futures ETF, Fox Business journalist Eleanor Terrett asked Bloomberg ETF analysts Eric Balchunas and James Seyffart whether an approval of a futures ETF is necessary for the approval of a spot ETF.
|You are looking to New 1000x Potential Gems: We recommended to Click Here to Buy Safely!
Eleanor Terrett claims that one of the significant reasons the SEC used the CME Bitcoin futures market as a surveillance tool when approving the spot Bitcoin ETF. Bloomberg ETF analyst James Seyffart stated, “A futures ETF is not necessary.” However, he mentioned that a regulated market is a crucial parameter when the SEC decides to approve any ETF. The CME Bitcoin futures market indeed serves as a surveillance tool for a spot Bitcoin ETF.
Financial expert Scott Johnsson also agreed with James Seyffart, saying, “You need a futures market, not necessarily a futures ETF.” Moreover, he explained that a futures ETF helps add liquidity to the futures market, increasing trading activity and correlation with spot prices, thereby enhancing the possibilities for a spot ETF.
Will the SEC Approve a Spot XRP ETF?
Despite Judge Analisa Torres ruling that XRP is not a security, giving Ripple a partial victory against the SEC, the potential approval of a spot XRP ETF does not seem very likely. The decision regarding Ripple’s institutional sales is still pending in court.
Bloomberg analysts had previously stated that XRP would not pass through the SEC’s door. Unless there is a CME XRP market or a market structure and products passed by Congress, XRP is still not in the first step. The crypto market should continue to monitor the SEC’s decision on Ethereum ETFs.