The United States Securities and Exchange Commission (SEC) gave its approval on Wednesday for the launch of exchange-traded funds (ETFs) that will track the price of Bitcoin.
The introduction of this ETF, which sets a precedent in mainstream investment products, could act as a catalyst, stimulating interest and confidence in other crypto assets.
Steve McClurg, the co-founder and chief investment officer of Valkyrie Funds, recently alluded to the potential approval of Ethereum or XRP exchange-traded funds (ETFs) following the expected launch of Bitcoin spot ETFs.
He said : ” It wouldn’t surprise me if we saw Ripple or Ethereum spot ETFs out there.”
This indicates a possibility of expanding the scope of cryptocurrency ETFs beyond Bitcoin in the near future.