Bitcoin
Solana, XRP ETFs Coming After Ethereum, Bitcoin Approvals: Standard Chartered
More crypto ETFs are coming.
That’s according to British multinational bank Standard Chartered, whose digital asset researcher said in a note on Friday that Solana It is XRP will soon get their own exchange-traded funds.
The US Securities and Exchange Commission (SEC) approved yesterday eighth place Ethereum ETFs. The unexpected and historic move means that traditional investors can now buy shares that track the price of the second-largest digital asset. Change follows site approval Bitcoin ETFs in January.
Geoffrey Kendrick, head of crypto and emerging market foreign currency research at Standard Chartered, said it is now only a matter of time before other major digital currencies receive ETF wrapper status.
“For other coins (e.g. SOL, XRP), markets will also await their eventual ETF status, although this is likely a 2025 rather than 2024 story,” he wrote.
“Other coins similar to ETH (some of which the SEC claimed were securities in the 2023 XRP case) are also not securities,” Kendrick continued. “In several cases, the core technology is so similar to ETH that it would be difficult for the SEC to claim that they were securities, given ETH’s position.”
Industry observers and analysts were pessimistic about the approval of spot Ethereum ETFs this week because the SEC had barely engaged with asset managers hoping to abandon the funds.
So fund managers looking to launch products began Frantically filing changed paperwork to move the process forward, amid speculation of a politically fueled change in philosophy. On Thursday afternoon, the SEC gave them the green light.
The approval of Ethereum ETFs is surprising because the regulator has cracked down – and harshly, according to some lawmakers – on the crypto industry. Even a high-profile lawsuit against the Wall Street watchdog alleged that the SEC wanted to designate Ethereum as a security rather than a commodity.
In 2023, Ripple, a fintech company whose founders launched XRP, won a partial victory in court against the SEC when a judge ruled that programmatic sales of XRP to retail investors did not qualify as securities, which the SEC claimed.
Although the judge ruled that contracts worth $728 million for institutional sales constituted sales of unregistered securities, the industry interpreted the news as positive.
Under SEC Chairman Gary Gensler, the regulator stated Many coins and tokens are securities and therefore break the law when offering sales to investors.
Kendrick added in his note that by the end of the year, Ethereum is expected to reach $8,000 per coin.
The bank researcher said previously that Bitcoin could reach $150,000 per coin by the end of 2024. He added today that the price was still realistic with the continued success of ETFs.
Edited by Andrew Hayward