U.S. spot XRP ETF approval unlikely before election, Korean securities firm suggests

Despite crypto asset manager Bitwise's application for a Ripple (XRP) ETF with the U.S. Securities and Exchange Commission (SEC), Hong Sung-wook, a researcher at South Korean brokerage NH Investment & Securities, noted in a weekly report highlighted by Business Post that it's unlikely any new crypto ETFs will be approved before the November presidential election. He explained that the ongoing SEC lawsuit against Ripple Labs, the company behind XRP, complicates the likelihood of the approval of Ripple's ETF application. Hong suggested that if Republican presidential candidate Donald Trump, known for his pro-crypto stance, does not win the election, it may become even more challenging to secure additional spot ETF approvals. However, a Trump victory could lead to regulatory changes and potentially increase the chances of new ETFs being approved.