SEC Moves Forward with XRP, Litecoin, and Solana ETF Applications
The U.S. Securities and Exchange Commission (SEC) has initiated the process to potentially approve new crypto exchange-traded funds (ETFs) tracking assets like Litecoin and Solana. This move, along with advancements for XRP ETFs, indicates a shift towards a more crypto-friendly stance under current leadership.
- The SEC acknowledged Grayscale's filing for a Solana ETF, with a decision due by October.
- This marks the first recognition of an ETF application for a cryptocurrency previously classified as a security.
- Grayscale also submitted a filing for a Litecoin ETF.
- BlackRock proposed in-kind creations and redemptions for its iShares Bitcoin ETF.
- Cboe filed to list four different ETFs aimed at tracking the price of XRP.
- The issuers include Bitwise, 21Shares, Canary Capital, and WisdomTree.
These developments reflect increased confidence among companies in diversifying beyond Bitcoin and Ether ETFs. However, SEC approval is not assured for any of these products.