Bloomberg Analysts Give Take On Crypto ETFs

Bloomberg analysts James Seyffart and Eric Balchunas have revealed their predictions for the Solana, XRP, Dogecoin, and Litecoin ETFs. As part of their predictions, they outlined the approval odds for each of these crypto ETFs.

Bloomberg analysts James Seyffart and Eric Balchunas have given their predictions for the approval of Solana, XRP, Dogecoin, and Litecoin exchange-traded funds (ETFs).

According to their analysis, the approval odds for Solana ETFs are 70% by 2025. At the same time, XRP, Dogecoin, and Litecoin ETFs have a 65%, 75%, and 90% chance of getting the green light, respectively.

These analysts have previously stated that the U.S. Securities and Exchange Commission (SEC) will most likely approve a Litecoin ETF first due to its non-security status and the Commission’s engagement with Canary Capital on its Litecoin ETF application.

To date, Canary, Grayscale, and CoinShares have filed to offer a Litecoin ETF. As for Dogecoin ETFs, they have higher approval odds than Solana and XRP ETFs because the analysts believe there’s a good chance the SEC also classifies the top meme coin as a commodity, similar to Litecoin.

However, the Solana ETFs have an advantage over Dogecoin ETFs since the U.S. SEC has already acknowledged the 19b-4s for the former.

Regarding XRP ETFs, the Bloomberg analysts note that they have the lowest approval odds due to the ongoing Ripple SEC lawsuit. They believe the SEC is unlikely to approve an XRP ETF until it settles the litigation against Ripple.

This comes as legal expert Jeremy Hogan has predicted that the Ripple lawsuit will conclude before the approval of an XRP ETF. The lawyer bases his opinion on the lengthy process involved in the Commission’s approval of such funds.

Earlier, legal expert Marc Fagel predicted that the Ripple SEC case could conclude by the time Paul Atkins assumes the role of SEC Chair.

Paul Atkins’ Confirmation Could Still Take A While

The U.S. Senate will need to confirm Paul Atkins before he can take office as the SEC Chair. In an X post, FOX journalist Eleanor Terrett explains how this could still take a while.

She notes that the Senate must approve dozens of new administration members, with cabinet members typically being confirmed first. Currently, the Senate still needs to decide on nine cabinet members.

As such, Atkins’ confirmation is unlikely to happen in the immediate future. The U.S. SEC Chair nominee will need to have his hearing before the Banking Committee, though a date has not yet been set. The Senate will proceed to vote if his nomination advances out of the committee.

The journalist adds that the Senate did not confirm former SEC Chair Gary Gensler until April 2021, despite being nominated by Joe Biden in January. Similarly, Gensler’s predecessor, Jay Clayton, was not confirmed until May 2017, after being nominated by Donald Trump in January 2017.