In a move that has sent ripples through the already wobbly waters of the financial seas, the U.S. Securities and Exchange Commission (or SEC, for those who prefer acronyms over actual words) has decided to give a nod—albeit a rather formal one—to the exchange-traded fund filings for Litecoin and XRP, courtesy of the ever-ambitious CoinShares. It seems that the SEC has finally decided to join the party, albeit fashionably late, as they often do.
On the 19th of February, a date that will surely go down in the annals of financial history (or at least in the footnotes), the SEC officially acknowledged the 19b-4 documents filed by Nasdaq on behalf of CoinShares. These documents are like the invitations to a very exclusive club where only the coolest cryptocurrencies get to hang out. And guess who’s on the guest list? That’s right, Litecoin (LTC) and Ripple’s very own XRP.
Now, for those not in the know, the 19b-4 forms are akin to the first step in a two-step dance that involves listing and trading new investment products. Think of it as the cha-cha of the financial world, where registration of securities, or S-1 filings, is the second part of the routine. It’s all very complicated and involves a lot of paperwork, which is why most people prefer to stick to simpler dances, like the Macarena.
Once the CoinShares Litecoin ETF and CoinShares XRP ETF are added to the Federal Register (which sounds like a very official book of names), the SEC will kick off a 21-day comment period. This is when the public gets to weigh in, likely with a mix of excitement and confusion, on these filings. The agency has already acknowledged spot XRP ETF applications from a gaggle of firms, including 21Shares, Bitwise, and Grayscale. It’s like a crypto buffet, and everyone’s piling their plates high with XRP and Litecoin.
With the massive success of spot Bitcoin (BTC) and Ethereum (ETH) ETFs last year, issuers are now casting their nets wide in search of new crypto ETFs on Wall Street. And let’s not forget the return of President Donald Trump, who has taken on the title of the first U.S. crypto president. It’s a title that sounds impressive until you realize it’s just a fancy way of saying he’s interested in digital coins.
Bloomberg analysts, those brave souls who dare to predict the unpredictable, estimate a 90% chance that the SEC will give the thumbs up to Litecoin ETFs. They previously made similar predictions about Bitcoin funds, which turned out to be spot on. So, they might just be onto something here.
While Litecoin seems to be the golden child of approval odds, XRP isn’t far behind, with a respectable 65% chance of getting the SEC’s seal of approval. It’s like a race where everyone is trying to cross the finish line without tripping over their own feet.
Our official altcoin ETF approval odds are out. Litecoin leads with a 90% chance, then Doge, followed by Solana and XRP. We are only doing this for 33 Act $IBIT-esque filings. But it’s definitely possible to see futures or Cayman-subsidiary type 40 Act stuff get through as well.
— Eric Balchunas (@EricBalchunas) February 10, 2025
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2025-02-19 21:29