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Valkyrie CIO Predicts Ripple ETF Approval Ahead of Ethereum

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Observations suggest that the Ripple (XRP) Exchange Traded Fund (ETF) might be approved before the Spot Ethereum ETF. All eyes are on whether global operators will launch the Spot Ripple ETF actively.

According to industry sources on the 28th, Valkyrie Investment’s co-founder and Chief Investment Officer (CIO) Steven McClurg stated in a conversation with a Fox Business reporter, “I believe Ethereum could become a security, so I don’t think the Spot Ethereum ETF will be approved in May.” He further suggested, “Ripple or Litecoin (LTC), for instance, are more likely to be approved before Ethereum.”

However, no operator has officially announced the launch of a Spot Ripple ETF or Spot Litecoin ETF yet. In the case of the Spot Ethereum ETF, seven asset management firms, including BlackRock, Fidelity, Ark Investment, and Grayscale, have applied for listing. The U.S. Securities and Exchange Commission (SEC) is set to decide on approving the Spot Ethereum ETF on May 23rd.

The market is predicting a low probability of approval for the Spot Ethereum ETF. This is due to the ongoing security issue, as Ethereum uses a Proof of Stake (POS) method, unlike Bitcoin’s Proof of Work (POW) method.

Eric Balchunas, a Bloomberg ETF analyst, initially estimated the likelihood of the Spot Ethereum ETF approval at 70% in January but recently revised it to 30%. He explained, “The approval process for the Spot Ethereum ETF is different from that of the Spot Bitcoin ETF,” and “Despite having more than 70 days until the deadline, there’s no progress, which led to a lower likelihood of approval.”

theguru
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