Wen XRP ETF? A Crypto Lawyer Weighs in on Likely Timelines
The post Wen XRP ETF? A Crypto Lawyer Weighs in on Likely Timelines appeared on BitcoinEthereumNews.com.
When the news first broke about SEC Chair Gary Gensler’s upcoming resignation, the crypto market immediately turned abuzz with speculation about the future of crypto regulation in the United States. Although Trump’s pick for the new SEC Chair hasn’t been announced yet, most agree that the gloomy days of regulatory crackdown on crypto are over. As the industry awaits the appointment of the new pro-crypto SEC Chair, some analysts believe that after the success of Bitcoin and Ether spot exchange-traded funds (ETFs), many similar products tracking the performance of top altcoins will get approval from the regulator. Once far-off propositions now have more chances than ever to become reality, so asset managers are now vying to offer altcoins ETFs for easy trading by Wall Street investors. So far, several fund companies have filed applications for Solana, HBAR, and XRP spot ETFs, with analyst Nate Geraci predicting that Cardano and Avalanche may be next in the line. Eric Balchunas, the senior ETF analyst for Bloomberg, even went as far as to suggest that Dogecoin ETF may secure a spot ETF as well, floating December 31 as a possible date for DOGE filing with the SEC. The imminent arrival of such products would unleash a wave of institutional capital into the ecosystems of the said altcoins, driving prices to new highs. According to John Deaton, a pro-Ripple attorney who unsuccessfully challenged Elizabeth Warren in the 2024 Senate race, a $100 billion market cap for XRP may be just around the corner. At its current price, XRP has a market cap of $81 billion, not too far away from unseating BNB for the fifth place. Given that the altcoin has nearly tripled in valuation in two weeks, jumping from $33 billion on November 10, adding another $20 billion doesn’t seem unrealistic at all. …
Filed under: News - @ November 24, 2024 1:17 am