news 
SEC’s Legal Battle with XRP Could Delay ETF Approval, Bloomberg Analyst Warns
The anticipation surrounding the potential approval of XRP spot ETFs has been building up in recent times. This development is significant as it could pave the way for other crypto ETFs to follow suit. Grayscale, a prominent player in the space, has officially filed for an XRP spot ETF on the NYSE. Given their track record with Bitcoin and Ethereum spot ETFs, this move sends a strong message that the company is committed to bringing more cryptocurrency-based products to market.
Other players like Canary Capital and Bitwise have also applied for similar approvals, signaling that there may be a growing trend of crypto ETFs in the pipeline. There’s even speculation about BlackRock possibly submitting their own application for an XRP ETF. On top of this, other firms like 21Shares, Bitwise, and Frank Templeton are reportedly exploring options for various crypto ETFs, including Dogecoin and Litecoin.
However, Bloomberg analyst James Seyffart has issued a warning that could put the brakes on this momentum. While he acknowledges that XRP ETFs might be approved by 2025, he believes that other cryptocurrencies, such as Litecoin, will take priority. This is largely due to the ongoing SEC lawsuit against XRP, which asserts that it’s a security.
According to Seyffart, there still remains more work to be done on this front before an approval can be granted. In contrast, he notes that Litecoin has not been labeled as a security by the SEC and therefore may receive clearance first.
Source: coinpedia.org
