Solana vs Ripple’s XRP: Which Will Get an ETF First?
The US SEC (Securities and Alternate Fee) has accepted two forms of cryptocurrency ETFS (Alternate Traded Funds) this 12 months. The monetary watchdog accepted the spot Bitcoin (BTC) ETFs in January and the spot Ethereum (ETH) ETFs earlier this month. The event has opened the dialogue of which crypto will obtain an ETF subsequent, Solana (SOL), Ripple’s XRP, or one thing else.
Whereas chatting with CNBC, BKCM founder Brian Kelly mentioned that Solana (SOL) may very well be the following cryptocurrency to obtain ETF approval. Kelly known as Bitcoin, Ethereum, and Solana the large three of this cycle.
Bloomberg analyst James Seyffart agreed with Kelly. Seyffart believes an SOL ETF may have extra demand than different digital property, aside from BTC and ETH. Seyffart mentioned the Monetary Innovation and Expertise for the twenty first Century (FIT21) invoice will pace up a SOL ETF launch. Moreover, Seyffart believes a SOL ETF will debut after a number of years of a CFTC-regulated futures market.
Solana ETF to make a debut earlier than XRP ETF?
![Solana](https://watcher.guru/news/wp-content/uploads/2024/03/Solana-logo-1024x512.jpg)
![Solana](https://watcher.guru/news/wp-content/uploads/2024/03/Solana-logo-1024x512.jpg)
In response to Seyffart, Ripple’s ongoing lawsuit with the SEC is a barrier for an XRP ETF this 12 months. Nonetheless, Ripple CEO Brad Garlinghouse is assured the SEC will approve an XRP ETF. Garlinghouse highlights that XRP and BTC are the one cryptocurrencies with regulatory readability.
In response to Geoffrey Kendrick, head of crypto analysis and rising market foreign exchange at Commonplace Chartered, it is just a matter of time earlier than the SEC approves different crypto ETFs. In response to Kendrick, Solana (SOL) and XRP are among the many prime selections that will get an ETF approval from the authorities. Kendrick additionally notes that the SEC most likely doesn’t take into account cryptocurrencies just like ETH, similar to XRP, as securities as a result of their core technological similarities.