Crypto asset manager XRP exchange-traded fund, joining a long list of companies applying for crypto ETFs to take advantage of the Trump Administration’s friendlier Bitcoin’s lesser-known relative.
Seyffart says that ongoing SEC lawsuits involving XRP assert that the cryptocurrency is a security, barring it from being approved for an ETF. If Atkins is confirmed, it is likely that he will either wind down or drop these suits entirely, but it’s unclear when that will happen. The same applies for Solana ETFs, which Grayscale has also filed for.
“There's some more work that needs to be done on that front that doesn't need to happen with something like Litecoin,” Seyffart said. “The SEC has never called Litecoin a security so, I wouldn't be surprised if you see Litecoin come first.”
However, Monica Long, president of Ripple, the company behind XRP, told Bloomberg earlier this month that she thinks an XRP ETF is “next in line” and will be approved “very soon.”
Other asset managers that have filed for XRP ETFs include Bitwise, Wisdom Tree, and Canary.
