John E. Deaton, a cryptocurrency-focused lawyer who ran against Elizabeth Warren for a Senate seat in Massachusetts, believes XRP ETFs will attract substantial inflows once these products are greenlighted by the US Securities and Exchange Commission.
The number of active applications continues to grow, with the most recent one aiming to launch a Monthly Option Income ETF focused on Ripple’s native token.
Deaton’s comments came in response to the Wolf of All Streets’ remarks that the total number of applications for spot Ripple ETFs has grown to 15. However, that information is a bit dated as another filing reached the US SEC desks this week.
As reported yesterday, Amplify ETFs filed for an XRP Monthly Option Income ETF, which will work differently from a spot one. It doesn’t rely so much on big gains for the underlying asset. Instead, it uses trading strategies to generate steady, predictable, but capped monthly income for its investors.
Despite the increasing number of applications, the US regulator continues to delay making a decision on almost all of them. The next major deadlines are scheduled for October, following the SEC’s request for comments from issuers, which has led to recent filing updates.
Although Deaton wasn’t specific whether the inflows will surprise investors in a positive manner, it’s safe to assume so, given his history with the XRP Army. After all, he was among the most prominent attorneys representing XRP holders in the legal battle between the SEC and Ripple.
Obviously, that’s up for debate since the ETFs are not officially approved. However, there has indeed been notable demand for XRP, which was evident from the futures ETFs as well as the recent record for the asset on CME futures.
So far, we have seen only two cryptocurrencies with spot exchange-traded funds tracking their performance. The market leader started with massive inflows since the BTC ETFs’ inception in January 2024. In contrast, the ETH ETFs had a sluggish start, and they picked up the pace almost a year later.
For now, the XRP Army is left with having to wait for an official SEC decision, but the crowd seems to be quite optimistic with odds on Polymarket surging to 87% for an approval by the end of the year.
