Stephen McClurg, chief investment officer at ETF issuer Valkyrie, has stated that an XRP ETF could become a reality before Ethereum.
McClurg expressed this sentiment during a fireside conversation with FOX Business correspondent Eleanor Terret at the Digital Wildcatters Empower Conference. Terret called attention to this view in a recent post about X.
🚨New: Key takeaways from our fireside chat @DWildcatters Enhance your meetings @ValkyrieFunds CIO @stevenmcclurg:
📌He believes $ETH securities, and spot ETFs may not be approved in May.
📌He thinks it's likely $LTC or $XRP Spot ETF approved… pic.twitter.com/6VjaBEXubL
— Eleanor Terrett (@EleanorTerrett) March 27, 2024
Why is XRP ETF preferred over Ether ETF?
According to the disclosure, McClurg believes U.S. regulators may agree to an XRP exchange-traded fund (ETF) before approving an Ethereum ETF. A FOX correspondent revealed that McClurg came to this conclusion following recent developments regarding ETH's regulatory status in the United States.
Recall The Crypto Basic from a week ago. report The US SEC was operating underground, collecting financial information and other records that could classify Ethereum as a security, similar to XRP in 2020.
This development has rattled the cryptocurrency scene and was a surprise, especially considering the Ethereum founder's known relationship with SEC leadership. However, as of this writing, there has been no official announcement from the SEC regarding ETH being a security.
Meanwhile, Valkyrie executive McClurg believes the lawsuit could eventually materialize, and the development could impact existing filings for Ethereum-based spot ETFs. As Tellet revealed, McClurg does not expect a spot ETH ETF to be approved by the latest May deadline.
– Advertisement –
However, he said the crypto community will see spot ETFs for Litecoin (LTC) and XRP before Ethereum. This view is further strengthened by the fact that XRP has secured clear regulatory status in the United States.
Other experts looking forward to XRP ETF
It is worth mentioning that while there is a pending application for the Ethereum ETF, there is no such application for XRP. However, prominent figures in the XRP community have repeatedly urged major asset managers to apply for XRP ETF listing.
Nevertheless, there is still a lot of optimism about the realization of a spot XRP ETF. For example, former Ripple director Sean McBride has suggested a 2024 timeline.
Martin Heasboek, head of research at US-based exchange Uphold, recently reinforced this sentiment: “XRP ETP is coming soon.”
Additionally, Ripple CEO Brad Garlinghouse stated that the introduction of an XRP ETF is inevitable and welcome.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
-advertisement-
