Rex Financial CEO Urges ETF Issuers to be Cautious with Crypto Selection
Greg King, CEO of Rex Financial, has emphasized the importance of careful cryptocurrency selection for ETF issuers, stating that most of the crypto market is “quite sketchy.” In an interview with Bloomberg’s ETF-IQ, King noted that there is a significant selection process that issuers must undertake to ensure the legitimacy of the cryptocurrencies used in their funds.
King expressed his skepticism regarding a potential “large explosion” in ETF submissions for various cryptocurrencies but predicted that there will be “many funds per coin.” This comes after the success of Spot Bitcoin (BTC) ETFs, which has led to an increase in ETF issuers approved for a large number of cryptofunds. Rex Financial is currently waiting for approvals for ETFs tied to memecoins, including Bonk, Trumps Token, and Dogecoin, which is currently the tenth-largest cryptocurrency by market value.
Stable Coins: The Future of Cryptocurrency
At the beginning of July, Rex Financial launched a Solana (SOL) ETF, which contained the reward of the rewards – withdrawals to those who locked up tokens to support the blockchain. King believes that Solana is the story of StableCoin’s future over Ethereum, citing its faster design and higher processing speed. He stated, “To be honest, when I saw that the big debate came out that stable coins were all built on ETH [Ethereum], I said, ‘It’s a big mistake.’ I think Solana is actually the story for the future when it comes to stable coins.”
King’s comments sparked a controversial debate, with many people considering Solana as the up-and-coming challenger to Ethereum’s dominance. He noted that Solana is a “great candidate” for a Spot ETF and is “quite interesting as a portfolio investment” due to its rivalry with Ethereum and its comparatively “much greater reward.” Currently, there are nine issuers who have submitted a Spot Solana ETF, including Vaneck, Bitwise, Grayscale, and Fidelity Investments.
Increased ETF Activity Expected
King also addressed the expectations of many crypto ETFs being launched in the coming months, stating that he thinks there will be “some explosion.” He noted that the number of ETF issuers is multiplying, and this trend is likely to continue. The SEC is expected to clarify trade for trade at least by October, and analysts have signaled that the funds are almost certainly approved.
The increased activity in the ETF market is likely to lead to a more diverse range of cryptocurrency offerings, providing investors with greater options and flexibility. As the crypto market continues to evolve, it is essential for ETF issuers to be cautious and selective in their cryptocurrency choices, ensuring the legitimacy and stability of the funds they offer.
For more information on the latest developments in the crypto and ETF markets, visit https://cointelegraph.com/news/etf-issuers-be-picky-most-crypto-pretty-sketchy-rex-ceo?utm_source=rss_feed&utm_medium=rss_tag_regulation&utm_campaign=rss_partner_inbound
