On his first day back in office, President Donald Trump appointed Republican SEC Commissioner Mark Uyeda as acting chair of the Securities and Exchange Commission (SEC).
A Crypto Advocate
Uyeda is known for his pro-crypto stance, as he constantly challenges the SEC for their previously anti-crypto practices — one of which being the SEC’s staff accounting bulletin, SAB 121, which restricts banks from offering digital asset custody. Uyeda has also consistently questioned SEC's multiple legal actions against crypto entities, and is now in prime position to make a difference. Under this new leadership, here's what most experts are expecting in the near future.
Approval of Crypto ETFs
The focus is now on potential ETFs for $LTC , $SOL , $DOGE and XRP. 21Shares, Bitwise and Grayscale, among other big players, have filed to launch various crypto ETFs, and experts believe that a Litecoin ETF currently looks the most likely, with the rest following closely behind. In particular, the case for a XRP ETF may need to be investigated further, as there still exists an ongoing lawsuit against them. That being said, the future looks bright for crypto ETFs, with Bitcoin and Ethereum ETFs already being approved and listed last year.
Value of Crypto ETFs
Crypto ETFs, in general, provide a safer way of investing in tokens for less-informed investors who may not know how to set up a secure wallet. Millions have been lost to crypto exchange hacks, and a lot of these lost funds were held in exchange wallets — which are typically less secure. The introduction of more crypto ETFs gives investors more options and is also a positive development for cryptocurrencies in general.
