Ark Invest CEO Predicts Only Bitcoin and Ethereum Spot ETFs in the US
Cathie Wood, CEO of Ark Invest, believes that the Securities and Exchange Commission (SEC) will only approve Bitcoin and Ethereum spot ETFs in the US. According to Wood, it would be surprising to see any other crypto tokens receive approval from the SEC. This aligns with previous predictions from experts who have stated that an XRP ETF is unlikely to launch in the near future.
Potential for Other Token ETFs
While the focus remains on Bitcoin and Ethereum, some experts speculate that if spot Bitcoin ETFs and a spot Ethereum ETF are approved, it could open the door for ETF filings related to other tokens. However, there is no indication that Ark Invest plans to file for ETFs for other crypto tokens at this time.
Optimism for Spot Ethereum ETF Approval
Although pending Spot Ethereum ETFs have not yet been approved by the SEC, industry experts remain optimistic that they will receive authorization similar to Spot Bitcoin ETFs. Bitwise’s Chief Investment Officer has stated that it is probable an ETH ETF will be approved reasonably soon.
Reasons Behind SEC’s Unwillingness to Approve Other Crypto ETFs
Analysts suggest that the SEC is unlikely to approve other crypto ETFs due to concerns about market manipulation and the need for regulated trading platforms. Specifically, XRP futures must be traded on a regulated market like the Chicago Mercantile Exchange (CME) before the SEC can consider any applications. The SEC previously rejected Spot Bitcoin ETF applications on similar grounds but was forced to approve them after a court ruled that futures and spot markets are correlated.
(Chart from Tradingview)
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