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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
XRP ETF Valkyrie CIO

XRP ETF Filings With SEC Are Likely Post Bitcoin Approval: Valkyrie CIO

Jake Simmons
by Jake Simmons
1 year ago
·
Posted in XRP
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Following the potential approval of the first spot Bitcoin ETFs in the United States by the Securities and Exchange Commission (SEC), the crypto investment sector is poised for a potential shift towards other significant digital assets, notably Ethereum and XRP. While the SEC currently has several applications for spot Ethereum ETFs under review, the situation for XRP ETFs is notably different, with no applications filed to date.

However, the landscape could change rapidly, according to Steven McClurg, Chief Investment Officer at Valkyrie Investments. Valkyrie Invest is currently one of 11 applicants awaiting approval of its application for a spot Bitcoin ETF. Just yesterday, Valkyrie CIO Steven McClurg stated in an interview that he expects a spot Bitcoin ETF approval today (Wednesday) and trading to begin tomorrow (Thursday).

XRP ETF Filings Could Be Submitted To The SEC Soon

In a TV appearance for Bloomberg Crypto, McClurg commented on the prospects for a spot XRP ETF. When asked by presenter Sonali Basak about “How soon before you turn around and try to make other spot products for different crypto assets,” McClurg answered:

You know I think we’re going to see a lot of filings come out for Ethereum. I even think we might see something for Ripple given the recent progress. You notice that Grayscale just added Ripple to one of their trust is publicly traded. So it wouldn’t surprise me if we saw Ripple or Ethereum spot ETFs out there.

Related Reading: Ripple CTO Responds To Community Calls To Burn XRP Holdings

McClurg’s remarks reflect a broader industry sentiment that with the SEC’s green light for Bitcoin ETFs, doors might open for other cryptocurrencies. Commenting on Valkyrie strategy, he stated: “I really don’t know if we’re going to do that or not. I think those are more retail plays and people have other ways to access them. But given that in this market anything could happen, anything could happen.”

Notably, the crypto community has shown heightened interest in the possibility of an XRP ETF. The term “XRP ETF” was trending on X just two days ago. This buzz was partly ignited by Grayscale Investments’ decision to reintegrate the cryptocurrency into its Grayscale Digital Large Cap (GDLC) Fund.

Related Reading: Pro-XRP Lawyer Deaton Accuses SEC Of Failing To Represent US Interests

Moreover, there have been claims within the community suggesting that Fidelity Investments has introduced an XRP Exchange-Traded Product (ETP). However, these reports were inaccurate, as Fidelity has not released any such ETP. What Fidelity’s platform does feature is 21Shares’ XRP ETP. It is listed on the Swiss Exchange SIX and is important to note that this ETP is not registered in the United States.

A Major Hurdle

Not every expert believes in the possibility of an XRP ETF. Bloomberg ETF analyst James Seyffart offered a more cautious perspective a few months ago: “I don’t think that XRP is ever going to get through the SEC’s doors, essentially not anytime soon, even after that loss [Ripple vs. SEC].”

He elaborated that before considering a spot XRP ETF, the Chicago Mercantile Exchange (CME) would need to list XRP futures as a regulated market of sufficient size, a prerequisite that currently seems distant.

Seyffart’s analysis underscores the nuanced and challenging regulatory environment for cryptocurrencies in the US, especially for assets like XRP, which have been under intense scrutiny. The potential for an XRP ETF hinges not only on market demand but also on a complex interplay of regulatory milestones and market readiness.

At press time, XRP traded at $0.56346.

XRP price
XRP price still trades below the 200-day EMA, 1-day chart | Source: XRPUSD on TradingView.com
Featured image from Fortune, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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