As the cryptocurrency space continues to make headlines following Trump’s inauguration, many investors have one question on their minds: Will the US Securities and Exchange Commission (SEC) approve XRP and Solana-based exchange traded funds (ETFs)? With many ETF applications already in the pipeline, attorney John Deaton shared his thoughts on the possibility of SEC approval, in an interview with thinking of crypto.
The rise of cryptocurrency ETFs
The Bitcoin Spot ETF in particular has had an unprecedented impact. Deaton pointed out that within its first year it became the most successful ETF in history, raising more capital than Gold over a two-decade period. This success has not gone unnoticed and Wall Street is looking to replicate the formula with other major cryptocurrencies, including Ethereum (ETH), XRP and Solana (SOL).
As the third largest cryptocurrency by market cap, XRP is particularly attractive. Deaton believes there is a real possibility that XRP could even overtake Ethereum in terms of market value and reach around $7 to $8 per token. While he doesn’t predict astronomical growth, he sees XRP gaining ground, especially before experiencing another market correction.
“I mean, XRP is the third largest crypto asset. I believe there’s a really good chance of it overturning Ethereum,” he said.
Conclusion:
However, the path to approval is not easy. The SEC has been cautious when it comes to approving Cryptocurrency ETFs, citing concerns about market manipulation and investor protection. Still, given the magnitude of interest from institutional investors and the potential for massive profits, the likelihood of XRP and Solana ETFs being greenlit grows with each passing day.
While many in the crypto world are fixated on market prices, Deaton remains focused on the long-term potential of blockchain technology to drive real-world change. “We can think of this industry in ways that help people, not just a quick buck,” he said.
Credit : coinpedia.org
