Valkyrie Funds Chief Investment Officer, Steven McClurg, has suggested that the market may soon see Ripple and Ethereum spot exchange-traded funds (ETFs). In an interview with Bloomberg TV, McClurg stated that the addition of XRP to Grayscale’s publicly traded offerings indicates a growing interest in these assets.
McClurg also expressed his belief that the US Securities and Exchange Commission (SEC) will approve spot Bitcoin ETFs on Wednesday. He anticipates that the ETFs will be deemed effective at the close of business on Wednesday, with trading commencing on Thursday morning.
Currently, there are nearly a dozen spot Bitcoin ETF hopefuls significantly reducing their management fees in an attempt to outperform their competitors. This is seen as another sign of imminent approval. Bloomberg Intelligence ETF analyst, James Seyffart, reported that Fidelity has lowered their fees to 0.25% from the previous 0.39% and has offered a fee waiver to 0% through July 31. Including Fidelity, 5 out of the 11 issuers have revised their fee structures or offered temporary waivers after receiving feedback from the SEC on Jan. 8. Bitwise, with the previously lowest fee of 0.24%, reduced it to 0.20% with a waiver to 0% for 6 months or 1 billion; Wisdomtree lowered its fee of 0.50% to 0.30% also with a waiver to 0% for 6 months or 1 billion.
However, the crypto community experienced a shock when the SEC’s X account shared a false tweet suggesting the approval of a spot Bitcoin (BTC) ETF in the US. The SEC Chair, Gary Gensler, quickly clarified that the SEC’s X account had been compromised and the tweet was unauthorized. This incident led to heightened sensitivity in the cryptocurrency market to regulatory actions. Bitcoin’s price experienced a notable dip to $46,000, reflecting nearly a 1.50% decrease on Wednesday.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Gary Gensler, James Seyffart, Steven McClurg |
| Companies | US Securities and Exchange Commission, Bitwise, Fidelity, Bloomberg TV, Valkyrie Funds, Wisdomtree, Grayscale |
| Currencies | XRP, Bitcoin, Ethereum |
| Securities | None |
