What is the outlook for XRP ETF in the United States?
After the SEC approved a spot Bitcoin ETF in mid-January, the crypto market is eagerly anticipating potential approval for an XRP ETF and paving the way for a spot Ethereum ETF. In addition, Ripple's recruitment of a senior executive in the enterprise DeFi field and signals from the issuer of the Bitcoin ETF are seen as preparations for an XRP ETF.
In response to an article containing Grok AI chatbot responses, the response indicated that the approval of a spot XRP ETF does not require the approval of a futures ETF. Fox Business reporter Eleanor Terrett asked Bloomberg ETF analysts Eric Balchunas and James Seyffart whether the approval of a futures ETF is essential for the approval of a spot ETF.
Eleanor Terrett claimed that one of the important reasons the SEC approved the spot Bitcoin ETF was the use of the CME Bitcoin futures market as a surveillance tool. Bloomberg ETF analyst James Seyffart stated, "Futures ETFs are 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 does indeed serve as a surveillance tool for the spot Bitcoin ETF.
Financial expert Scott Johnsson also agreed with James Seyffart's statement, saying, "You need a futures market, not necessarily a futures ETF." Furthermore, he explained that futures ETFs help increase liquidity in the futures market, enhance trading activity, and improve correlation with spot prices, thereby enhancing the possibility of a spot ETF.
Will the SEC approve a spot XRP ETF?
Despite Judge Analisa Torres ruling that XRP is not a security, partially winning Ripple's battle against the SEC, the likelihood of approving a spot XRP ETF seems slim. The decision regarding institutional sales by Ripple is still pending in court.
Bloomberg analysts had previously stated that XRP would not pass the SEC's threshold. Unless there is a CME XRP market or a market structure and product approved by Congress, XRP still has not taken the first step. The crypto market should continue to monitor the SEC's decision on the Ethereum ETF.
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