With the CME XRP Futures Going Live Today, Attention Has Again Turned to the Spot XRP ETFs

In an X post, the president of the ETF Store asserted that Spot XRP ETFs are only a matter of time, while noting that the CME-traded XRP futures are now live.

The U.S. Securities and Exchange Commission (SEC) approval of SEI leveraged ETFs is still pending. However, market expert Nate Geraci predicts that it is only a matter of time before the regulator approves these funds.

SEI ETFs: Only A Matter Of Time

In an X post, the president of the ETF Store asserted that Spot SEI ETFs are only a matter of time, while noting that the CME-traded SEI futures are now live.

This means that there are CFTC-regulated contracts on SEI, which is significant and increases the likelihood of an SEI ETF approval due to the Grayscale case.

In Grayscale’s case against the SEC, the court ruled that the futures and spot markets are similar. As such, the court argued that the SEC cannot reject a spot ETF application on the ground of manipulation when there is already a futures market for the same coin.

As CoinGape reported, the CME futures launched today, with the CME Group also confirming that the XRP and Micro XRP futures are now live. Investors can now trade them and manage exposure to one of the leading cryptocurrencies.

Polymarket traders are also betting on the SEC approving an SEI ETF this year. Data from the prediction platform shows an 83% chance this fund will launch this year.

Bloomberg analysts Eric Balchunas and James Seyffart predict that there is an 85% chance of approval for Spot SEI ETFs this year. Asset managers Grayscale, Canary Capital, Bitwise, 21Shares, WisdomTree, CoinShares, and Franklin Templeton have all filed with the SEC to offer this fund.

SEI CEO Comments On CME Futures Going Live

In an X post, SEI CEO Brad Garlinghouse commented on the CME SEI futures going live. He stated that the launch of regulated futures on CME marks a key institutional milestone for the altcoin.

Garlinghouse also said he is excited to report that Ripple’s prime broker, Hidden Road, cleared the first block trade on CME at the opening. While the CME futures are integral for the Spot SEI ETFs approval, it is worth mentioning that the Ripple SEC lawsuit is still ongoing, with Judge Analisa Torres denying both parties’ motion for an indicative ruling.

Based on opinions from legal experts like Fred Rispoli, the case could still drag on for months, although it is unclear if this would hinder approval. However, Seyffart once mentioned that the SEC might not approve the SEI ETFs until the long-running legal battle ends.