- The SEC’s approval of Ethereum ETFs has shifted attention to other cryptocurrencies.
- Solana and Ripple’s XRP are now at the forefront of speculative discussions.
- Geoffrey Kendrick from Standard Chartered provides insights on the potential for other crypto ETFs.
Discover the latest developments in the crypto market as Ethereum ETFs gain approval and speculation rises around Solana and XRP ETFs.
SEC’s Approval of Ethereum ETFs Sparks Interest in Other Cryptocurrencies
The recent approval of Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC) has created a buzz in the cryptocurrency market. Investors and analysts are now speculating about the potential for other cryptocurrencies to follow suit. Among the top contenders are Solana (SOL) and Ripple’s XRP, both of which have garnered significant attention.
Analyst Predicts SOL and XRP ETFs Could Emerge by 2025
According to Geoffrey Kendrick, an analyst at Standard Chartered Bank, the approval of Ethereum ETFs is a significant milestone, but the emergence of ETFs for other cryptocurrencies like Solana and XRP may take longer. Kendrick suggests that while the market is optimistic, the next wave of crypto ETFs might not materialize until 2025. He states, “The markets will look at the ultimate ETF status for other coins like SOL and XRP, but this is likely a 2025 story, not 2024.”
Kendrick also notes that the approval of spot Ethereum ETFs implies that ETH is not classified as a security by the SEC. This could have implications for other cryptocurrencies that share similar technological foundations with Ethereum. “In some cases, the core technology is so similar to ETH that it would be challenging for the SEC to classify them as securities, given their stance on ETH,” Kendrick explains.
Speculation Around Solana ETFs Intensifies
The SEC’s approval of eight spot Ethereum ETFs for companies like BlackRock and Fidelity has set the stage for further developments. However, the approval process for other crypto spot ETFs is expected to be lengthy. Spot Ethereum ETF issuers must have their S-1 registration statements go into effect before trading can commence, a process that could take days or weeks.
Among the cryptocurrencies speculated to be next in line for ETF approval, Solana stands out. Anthony Scaramucci, former White House Communications Director and managing partner at alternative investment firm SkyBridge, expressed optimism about a potential Solana ETF. Following the Ethereum ETF approvals, Scaramucci tweeted, “Get ready for a SOL ETF.” CNBC host Brian Kelly also speculated on Solana’s chances, stating, “You should probably think of Solana as the next one. Bitcoin, Ethereum, and Solana are likely the big three for this cycle.”
Conclusion
The SEC’s approval of Ethereum ETFs has opened the door for further developments in the cryptocurrency market. While Solana and XRP are at the forefront of speculative discussions, analysts like Geoffrey Kendrick caution that the emergence of ETFs for these cryptocurrencies may not occur until 2025. As the market continues to evolve, investors will be closely watching regulatory developments and the potential for new crypto ETFs. For now, the focus remains on Ethereum, but the future holds promise for other digital assets.
