"SEC's Litecoin ETF Odds Soar to 90%, Dogecoin at 75%"

Bloomberg analysts James Seyffart and Eric Balchunas have shared their insights on the prospects of Solana, XRP, Dogecoin, and Litecoin ETFs, revealing their approval odds for these respective crypto ETFs.

According to the analysts, Litecoin ETFs have the highest approval odds at 90%. They explained that the SEC is already engaging with Canary Capital on its Litecoin ETF, and the Commission is likely to approve a Litecoin ETF first due to its non-security status. Additionally, there are three issuers, including Canary, Grayscale, and CoinShares, that have filed to offer a Litecoin ETF.

Dogecoin ETFs have higher odds than Solana and XRP ETFs, with a 75% approval rating. The analysts believe that the SEC views the top meme coin as a commodity, similar to Litecoin. However, Solana ETFs have an edge over Dogecoin ETFs as the US SEC has acknowledged the 19b-4s for the former, giving it a 70% approval rating.

The XRP ETFs have the lowest approval odds at 65% due to the ongoing Ripple SEC lawsuit. The analysts explained that the SEC is unlikely to approve an XRP ETF until the litigation against Ripple is settled. Legal expert Jeremy Hogan previously predicted that the Ripple lawsuit would end before the XRP ETF approval, while Marc Fagel predicted that the case could end as soon as Paul Atkins takes office as the SEC Chair.

However, the confirmation of Paul Atkins as the new SEC Chair may still take some time. The US Senate needs to approve dozens of new administration members, and cabinet members are usually the first to get confirmed. Currently, the Senate still needs to decide on nine cabinet members, including Atkins. His confirmation hearing before the Banking Committee has not been scheduled yet, and the Senate will proceed to vote if his nomination advances out of the committee.