TL;DR
- The SEC has acknowledged CoinShares’ filings to list XRP and Litecoin ETFs on Nasdaq, a crucial step in cryptocurrency regulation.
- The SEC will open a 21-day public comment period before deciding on the approval of these ETFs.
- In the last 24 hours, XRP is up 7.27% and Litecoin is up 10.78%.
The U.S. Securities and Exchange Commission (SEC) has acknowledged CoinShares’ filings to list its exchange-traded funds (ETFs) for XRP and Litecoin. This move marks an important step in the institutional regulation of cryptocurrencies, allowing CoinShares, one of the most well-known companies in the industry, to offer these products on the Nasdaq platform.
The SEC has requested public comments on the filings within the next 21 days after publication in the Federal Register. This process is part of the formal procedure the SEC follows to evaluate and approve cryptocurrency proposals, and after this period, the agency will decide whether to approve or reject the ETFs or whether to initiate additional review proceedings. These filings are submitted under the 19b-4 form, which marks the beginning of the formal evaluation phase.
Evaluation Process Begins and Expectations Rise
It is worth noting that the SEC had previously acknowledged ETF filings for XRP from other companies such as 21Shares, Bitwise, and Grayscale, as well as for Litecoin from Grayscale and Canary Capital. The decision on CoinShares’ ETFs could set a precedent for future cryptocurrency products, especially now that the SEC is actively working to define which assets within the crypto ecosystem should be classified as securities.
Regarding the likelihood of approval, Bloomberg ETF analysts have indicated that Litecoin funds have a 90% chance of being approved, while XRP-related products have a 65% chance. This is partly due to the market capitalization of both cryptocurrencies. XRP holds the third position with $151 billion, while Litecoin is in the 15th position with $10.3 billion.
The Market Supports XRP and Litecoin
Regarding the price movement in the last 24 hours, XRP has experienced a 7.27% increase, reaching a price of $2.65. Meanwhile, Litecoin has recorded a 10.78% increase, standing at $136.65. Investors are showing interest in the new products and awaiting further updates
