Following the recent approval of Bitcoin’s spot Exchange Traded Fund (ETF), attention seemed to have drifted towards the filing of altcoin ETFs.
Among altcoins with potential for an ETF filing, Ethereum and XRP top the chart. Like Bitcoin, the crypto community anticipates bullish runs for any of these altcoins once they get ETF filing and approval.
Read Also: Top Crypto Executive Says XRP ETF Coming Next
Contrary to the belief above, a highly respected figure in the crypto space and the founder of the Black Swan Capitalist, Versan Aljarrah, recently took to X to explain why XRP ETF approval is unlikely to spew bullish momentum for XRP, citing Bitcoin ETF approval as an example.
Ripple's #XRP was meant to be a #currency, not an #ETF
— Black Swan Capitalist (@VersanAljarrah) January 11, 2024
The #BitcoinETF drama? Just another distraction from the deep shifts already embedded in our #financial system and an invitation for institutional corruption
Just look at #Vanguard's restrictions, already screwing investors pic.twitter.com/sKL0dlO3M8
Bitcoin ETF, An Invitation For Institutional Corruption
According to Versan, XRP was meant to serve as a currency, not an ETF. The Black Swan Capitalist founder also picked on the recently approved Bitcoin ETF, stating that it was a diversion from the already established financial system. He added that it could pave the way for institutional corruption.
Part of Versan’s tweet read thus, “The BitcoinETF drama? Just another distraction from the deep shifts already embedded in our financial system and an invitation for institutional corruption.”
Corroborating his stance, Versan highlighted Vanguard’s reaction to Bitcoin’s Spot ETF approval. For context, a report on January 11 revealed that the brokerage platform, Vanguard, has no intention of offering the new spot Bitcoin ETFs on its outlet, noting that they do not align with its conventional offerings.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
In a nutshell, the Black Swan Capitalist founder hinted that a similar measure like the one described above could be meted out to XRP by trading platforms following an ETF approval.
Bill Morgan Insight On Why XRP ETF Appears Unlikely
Per a recent tweet making rounds in the crypto sphere, Bill Morgan, a lawyer and crypto enthusiast, has taken to X to highlight why Ethereum and XRP spot ETF approvals appear highly unlikely.
Revealing the voting results that resulted in Bitcoin’s spot ETF approval, Morgan noted that it was a tightly contested bargain that ended with 3 – 2 votes in favor of the number one cryptocurrency.
Let’s just consider this divided 3-2 vote on the BTC spot ETF approval in terms of an applicant seeking approval of a spot #Ethereum ETF or XRP ETF
— bill morgan (@Belisarius2020) January 11, 2024
Gensler: Approved
Peirce: Approved
Uyeda: Approved
Crenshaw: Not Approved
Lizárraga: Not Approved
You need a vote from Gary…
Read Also: Top Crypto Figure Predicts When Blackrock Will File For An XRP ETF
Notably, the SEC chairman, Gary Gensler, was among the three officials who gave Bitcoin an edge via voting, resulting in the BTC ETF approval. Speaking on why he voted in support of the Bitcoin ETF approval despite showing observable reluctance, the chairman noted that his decision was because of the defeat in last year’s Grayscale case.
Considering the relationship between XRP top officials and the SEC chairman, whose vote played a crucial role in Bitcoin ETF approval, XRP would unlikely not get the SEC chairman’s support.
In his words, Morgan remarked, “You need a vote from Gary Gensler to approve a spot Ethereum or XRP ETF. Let that sink in.”
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