The long-awaited approval for the spot Bitcoin ETF applications has arrived. Notably, the crypto community is bubbling with excitement. Following the recent ETF approval, some prominent crypto personalities are now debating how an XRP ETF could follow suit.
SEC Approves Multiple Spot Bitcoin ETF Applications
The US Securities and Exchange Commission (SEC) released a statement on January 10, announcing the approval of 11 spot Bitcoin ETF applications.
Applicants that received the ETF approvals include Valkyrie, Grayscale, BlackRock, Bitwise, VanEck, WisdomTree, Fidelity, ARK, Invesco, Hashdex, and Franklin.
Following the SEC authorization, the firms can list and trade different shares of spot Bitcoin to their clients. Gary Gensler, the SEC Chairman, pointed out that a 2023 court loss was part of the contributing factors to Wednesday’s approval of ETF filings.
The journey for the approval of spot Bitcoin ETF in the United States has been a long one.
A firm affiliated with the Winklevoss twins was the first to file for the product in 2013. However, the SEC rejected the application and several others that followed it. However, the entrance of BlackRock, a traditional financial giant, into the space with BTC ETF filing changed the game.
BalckRocks’ entry into the ETF race encouraged other prominent entities like Franklin and Fidelity to join. Notably, the SEC went back and forth in its demands of the issuers, including some last-minute changes.
A day before the official announcement of the BTC ETF approval, a post emanated from the SEC’s X official, stating its approval.
However, the regulator debunked the message, claiming a compromise of their account on the social media platform.
The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products.
— Gary Gensler (@GaryGensler) January 9, 2024
Experts Place XRP ETF As The Next
The optimism for a potential spot XRP ETF is scaling higher among proponents. Some prominent crypto experts believe that XRP is the next asset to secure a spot ETF listing.
In a January 11 X post, Panos Mekras, a top crypto author and Anodos Finance co-founder, said it’s only a matter of time before an XRP ETF emerges.
An $XRP ETF is only a matter of time.
— Panos 🔼{X} (@panosmek) January 10, 2024
Likewise, a pro-XRP crypto YouTuber, Zach Rector, stated that an XRP ETF is unavoidable. However, he noted that the emergence of such a product does not make XRP a security.
Rector said:
XRP ETF is coming whether we like it or not. And no, it does not make XRP a security.
XRP ETF is coming whether we like it or not. And no, it does not make XRP a security 🤦♂️
— Zach Rector (@ZachRector7) January 10, 2024
While some still expect the coming of XRP ETF, they believe it could only be after the resolution of the Ripple vs. SEC case. Notably, Ripple’s XRP sales to institutions are still under contention.
Before the SEC’s disclosure of spot BTC ETF approval, Valkyrie’s Chief Investment Officer, Steve McClurg, spoke about XRP ETF.
In his interview with Bloomberg, the CIO anticipates that both XRP and Ethereum spot ETFs could emerge soon.
He stated:
It wouldn’t surprise me if we saw Ripple (XRP) or Ethereum spot ETFs out there.
McClurg’s prediction hinges on Grayscale’s re-addition of XRP to one of its publicly traded trusts.
