The crypto community across South and North America could be witnessing history as Brazil approves the first XRP ETF, while in the U.S., the Litecoin ETF is also showing promising signs of approval.
Brazil Approves XRP ETF
Brazil has taken the lead as the U.S. Securities and Exchange Commission (SEC) stalls XRP ETF approvals for firms like 21Shares, Bitwise, Grayscale, and CoinShares.
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This week, the country’s Securities and Exchange Commission (CVM) approved the world’s first spot XRP ETF, reinforcing Brazil’s growing influence in the crypto market.
Set to launch on B3 and managed by Hashdex, the fund named The Hashdex Nasdaq XRP Index Fund, offers regulated exposure to XRP and is expected to attract institutional interest.
Brazil is Latin America’s second-largest crypto market, recording $90.3 billion in inflows from July 2023 to June 2024. Institutional transactions jumped 48.4% in early 2024, with stablecoins making up 59.8% of all trades.
Litecoin ETF Edges Forward
Meanwhile, as the U.S. grapples with protests over Elon Musk’s federal workforce crusade, progress on new crypto ETFs appears to be inching forward.
This week, Canary Capital’s spot Litecoin ETF surfaced on the Depository Trust and Clearing Corporation (DTCC) system under the ticker LTCC. While a small step, it could be an early signal of shifting sentiment at the SEC.
A DTCC listing typically indicates that an ETF is being prepared for potential trading, though it does not guarantee SEC approval. It remains a procedural move to ensure the fund is ready for clearing and settlement if approved.
Canary Capital filed for a spot Litecoin ETF in October 2024, ahead of similar applications from Grayscale and CoinShares. Its proposal is expected to be the first up for an SEC decision.
Why This Matters
Brazil’s approval of the XRP ETF and the potential progress of a Litecoin ETF in the U.S. could signal a broader shift toward institutional acceptance and regulatory clarity in the crypto market.
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