A Bloomberg analyst reportedly thinks that a Litecoin (LTC) exchange-traded fund (ETF) will likely secure regulatory approval ahead of a similar product for Ripple’s XRP.
Fortune reports that on Thursday, asset manager Grayscale submitted a filing with the U.S. Securities and Exchange Commission (SEC) to convert its $16.1 million XRP trust into an ETF.
A number of other companies are also applying for new crypto ETFs, including those for Litecoin, Solana (SOL) and Dogecoin (DOGE), as the US enters a pro-crypto era under the Trump administration.
Last month, Ripple president Monica Long said that the next crypto ETF to receive a greenlight after Bitcoin (BTC) and Ethereum (ETH) will likely be XRP, but Bloomberg analyst James Seyffart is not as optimistic.
Seyffart says the SEC is still claiming that XRP is a security, a roadblock that might bar ETFs based on the third-largest crypto asset from getting the seal of approval. He also notes that XRP-issuer Ripple is still locked in a legal tussle with the SEC.
“There’s some more work that needs to be done on that front that doesn’t need to happen with something like Litecoin. The SEC has never called Litecoin a security so, I wouldn’t be surprised if you see Litecoin come first.”
While Seyffart does not see the imminent approval of XRP ETFs, he believes that it is within the realm of possibility for the third-largest crypto asset to get one this year.
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