SEC Seems Ready to Advance XRP, Litecoin, Solana ETF Applications

The U.S. Securities and Exchange Commission took the archetypal measurement toward allowing caller crypto exchange-traded funds (ETFs) tracking the terms of assets similar Litecoin and Solana, arsenic good arsenic caller ways of redeeming funds from existing crypto ETFs connected Thursday, portion companies took different measurement toward launching XRP ETFs successful a further motion of the caller crypto-friendlier medication astatine the agency.

Earlier Thursday, the SEC acknowledged a filing by Grayscale for a Solana (SOL) ETF, meaning that the Commission present has until October to o.k. oregon contradict the application.

The SEC had antecedently refused to admit respective applications for ETFs tracking SOL and had told Cboe to instrumentality down its antecedently uploaded 19b-4s for those ETFs.

Eric Balchunas, elder ETF expert astatine Bloomberg Intelligence said the acknowledgement was “notable,” fixed that it’s the archetypal clip an ETF filing for a cryptocurrency that was antecedently deemed a “security” has been acknowledged by the SEC.

“We are present successful caller territory, albeit conscionable a babe step, but seemingly the nonstop effect of enactment change,” helium wrote successful a post connected X.

The SEC besides acknowledged a bid of different crypto ETF-related applications connected Thursday, including Grayscale’s filing for a Litecoin (LTC) ETF arsenic good arsenic BlackRock’s connection to to let for in-kind creations & redemptions connected iShares Bitcoin ETF.

During U.S. evening hours, Cboe filed to database and commercialized shares of 4 abstracted ETFs looking to way the terms of XRP (XRP).

The speech filed 4 19b-4 documents with the SEC connected Thursday, for the prospective ETFs of Bitwise, 21Shares, Canary Capital, and WisdomTree.

All 4 issuers had antecedently filed S-1s, which are the archetypal measurement successful bringing an ETF connected the market.

While Thursday's actions don't needfully warrant that the SEC volition o.k. each of these products, they bash amusement that companies consciousness much comfy with expanding beyond conscionable Bitcoin and Ether ETF products with the existent SEC administration.