In light of updated regulatory standards from the SEC for cryptocurrency ETFs, Bloomberg expert Eric Balchunas predicts the possibility of XRP ETF approval in the coming months.
SEC's New Standards for Crypto ETFs
Recently, the SEC announced new 'Listing Standards' for cryptocurrency exchange-traded products (ETPs). These rules pertain to cryptocurrencies that have had at least six months of futures trading activity on regulated platforms such as Coinbase's derivatives exchange.
Market Optimism: Chances of ETF Approval
Eric Balchunas places the odds of XRP ETF approval at 85%. This sentiment is echoed by prediction markets like Polymarket, reflecting similar expectations. Optimism is further bolstered by the SEC's recent decision to allow ETF issuers to use the actual cryptocurrency for creating and redeeming shares.
Regulatory Challenges and Ripple's Legal Status
Despite positive changes, XRP still faces legal hurdles due to the ongoing battle with the SEC. However, there is hope for a potential removal of unforeseen obstacles after a possible agreement between Ripple and the SEC.
Given the improving regulatory environment, approval of the XRP ETF could happen as early as October, marking a significant milestone for the entire crypto sector.
