Solana
Solana (SOL) and XRP could be possible candidates for ETFs, according to Standard Chartered
With the approval of an important file in the race to launch an ether spot (ETH) exchange-traded funds (ETFs), industry leaders are already wondering what the next cryptocurrency could be.
Standard Chartered (STAN) said it believes Solana (GROUND) or Ripple’s XRP could be the next contenders, but not before 2025.
“For other coins (e.g. SOL, Geoffrey Kendric. “For now, the dominance of Bitcoin and Ether will increase, with selective winners ‘next on the list’ as well.”
The Securities and Exchange Commission (SEC) on Thursday approved Forms 19b-4 filed by potential issuers. While this is an important step in the race to launch a spot ether ETF, it is only one of two forms that require regulator approval.
It could take weeks or months, or potentially indefinitely, for the SEC to approve the S-1 document, which has so far only been filed by a few potential issuers.
Several industry experts have suggested that SOL would be a logical choice for a third ETF, given its similarities to Ethereum.
Bernstein Brokerage Company said in a note Thursday that given Ethereum’s classification as a commodity, the token could follow a similar path. Solana is the third largest cryptocurrency after bitcoin and ether in terms of market capitalization. This excludes Stablecoin Tether (USDT) and Binance Coin. (BNB).
CORRECTION (May 24, 2024, 3:14 p.m. UTC): Fixes XRP ticker symbol in title.