XRP ETF Approval Odds Plunge. Top Bloomberg Analyst Says It’s Overreaction
Main Idea
Bloomberg analyst Eric Balchunas argues that the recent plunge in XRP ETF approval odds is an overreaction, maintaining his optimistic 95% approval prediction despite SEC Commissioner Crenshaw's opposition.
Key Points
1. XRP ETF approval odds on Polymarket dropped to 66% after SEC Commissioner Crenshaw voted against crypto ETFs, but Bloomberg analyst Eric Balchunas calls this an overreaction.
2. Balchunas notes that Crenshaw consistently votes against crypto-related approvals and is outnumbered by other commissioners, keeping his XRP ETF approval odds at 95%.
3. Crenshaw previously criticized the SEC's settlement with Ripple, which was later rejected by a judge, adding to skepticism around her stance on crypto regulations.
4. The market reaction followed Crenshaw being the sole 'no' vote in recent crypto ETF decisions, while other SEC commissioners voted in favor.
Description
A Bloomberg expert has reacted to XRP ETF approval odds plunging on Polymarket
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