Ripple CEO Brad Garlinghouse has expressed his openness to the idea of an XRP exchange-traded fund (ETF) following a prediction by Standard Chartered that Solana (SOL) or Ripple’s XRP could be contenders for an ETF by 2025. Industry experts have also suggested that Solana would be a logical choice for a third ETF due to its similarities to Ethereum.
With the recent approval of a crucial filing for a spot Ether ETF, industry leaders are now speculating on which cryptocurrency could be next. Standard Chartered predicts that Solana or XRP could be potential candidates, but not until 2025. Analyst Geoffrey Kendric commented on this development, stating that markets will be looking forward to the eventual ETF status of other coins like SOL and XRP, but this is more likely to happen in 2025 rather than 2024. In the meantime, the dominance of bitcoin and ether will continue to rise, with other cryptocurrencies following as well.
Brad Garlinghouse, the CEO of Ripple, has expressed his enthusiasm for an XRP ETF and believes that there will be multiple ETFs in the market. It is anticipated that an XRP and SOL ETF could be launched in 2025, according to analysts and the bank Standard Chartered.
The Securities and Exchange Commission (SEC) has approved forms 19b-4 filed by potential issuers, which is a significant step towards launching a spot Ether ETF. However, there is still another necessary form, the S-1 document, that requires the regulator’s approval. The approval process for this document could take weeks, months, or even longer.
In addition to the Ether ETF, there are more cryptocurrency ETFs in the making. Experts have suggested that Solana would be a logical choice for a third ETF due to its similarities to Ethereum. Solana is currently the third-largest cryptocurrency by market cap, following Bitcoin and Ethereum. Brokerage firm Bernstein has noted that given Ethereum’s classification as a commodity, Solana could follow a similar trajectory.
Jaret Seiberg from TD Cowen’s Washington Research Group has commented on the rapid progression of the SEC’s decisions, stating that it has happened about six months faster than expected. Seiberg also speculates that within the next year, there might be an offering that includes a “basket of crypto tokens,” potentially featuring Bitcoin and Ether, and possibly extending to more cryptocurrencies.
Despite potential challenges, TD Cowen predicts that under Gensler’s leadership, the SEC will maintain its Democratic majority until 2026. The agency is expected to continue litigating against crypto trading platforms that trade tokens believed to be unregistered securities.
In conclusion, there is growing speculation about the possibility of an XRP ETF after the recent approval of a spot Ether ETF. Solana has also been identified as a potential candidate for a third ETF due to its similarities to Ethereum. The SEC’s decisions are progressing faster than expected, and it is anticipated that there will be more cryptocurrency ETFs in the future, potentially including a variety of cryptocurrencies.