- The SEC is expected to offer an update on a XRP ETF application on June 17.
- Polymarket punters put a 88% chance of an approval.
- Bloomberg analysts say “altcoin ETF summer” is just around the corner.
It’s squeaky bum time for the XRP army.
The Securities and Exchange Commission is expected to offer an update about Franklin Templeton’s application to launch a spot XRP exchange-traded fund today, after delaying its decision in May.
It is one of several pending XRP ETF applications.
Polymarket punters are bullish that the regulator will approve a spot XRP ETF, giving it an 88% chance of approval this year.
If approved, JPMorgan and Standard Chartered expect XRP ETFs to unleash a trading bonanza worth up to $8 billion within their first year of trading.
The expectations of the SEC update come as analysts are betting that the regulator will approve a smattering of crypto ETFs over the next few months.
“Get ready for a potential ‘Altcoin ETF Summer’ with Solana likely leading the way,” Eric Balchunas, ETF analyst at Bloomberg Intelligence, tweeted earlier in June.
The Trump administration’s pro-crypto policies are seen as a key driver behind the optimism.
Since elected, US President Donald Trump has not only supported a relaxation of crypto regulations, but also appointed industry allies to key governmental positions.
New SEC Chair Paul Atkins is one of them. He has been an industry ally for years and has already embarked on a crusade to exorcise the ghost of former chair Gary Gensler, who spearheaded the agency’s crypto crackdown during the Biden years.
To be sure, the SEC could delay its final decision on an XRP ETF until October. While Polymarket punters are bullish that those funds will be approved this year, they only give them a 16% chance of being approved before August.
Crypto market movers
- Bitcoin is down 0.9% over the past 24 hours to trade at $106,635.
- Ethereum is down 2.4% to trade at $2,574.
What we’re reading
- DeFi lender Spark airdrops 300 million SPK tokens as deposits near all-time high — DL News
- Tornado Cash Co-Founder Gets $500K Defense Boost From Ethereum Foundation — Unchained
- Crypto group Tron to go public after US pauses probe into billionaire founder — Financial Times
- Ouch! SBET down 75% in 30 mins? — Milk Road
- Solana was just the start. Moody’s plots multi-chain ratings push — DL News
Eric Johansson is DL News’ interim managing editor. Got a tip? Email at eric@dlnews.com.
