Crypto Makes Its Way to Wall Street: Solana and XRP ETFs Expected in October
The cryptocurrency market is on the cusp of a significant milestone as Solana and XRP ETFs are expected to hit the market in October, marking a major step towards mainstream access to crypto markets. According to recent reports, financial companies such as Canarian Capital and Vaneck are updating their submissions to start the first Altcoin ETFs, following the newly shortened schedule of the SEC permit.
The US Securities and Exchange Commission (SEC) has reduced the schedule for permits from 270 days to just 75 days, accelerating the regulatory process. This move is expected to initiate a wave of products from Solana and XRP-linked products, providing investors with greater access to the cryptocurrency market. As Steven McClurg, founder of the Canary Capital Group, noted, “We now have about a dozen submissions at the SEC and more. We all prepare for a wave of starts.”
Updated ETF Registrations and Regulatory Changes
Companies are eagerly updating their ETF registrations to meet the new listing rules and standards of the updated securities and stock exchange commissions. The final wave of updated registrations could arrive by the end of the week, with managing companies highlighting new regulatory changes. According to Teddy Fusaro, President of Bitwise, the submissions are already far in the review process. To qualify for the accelerated process, an ETF must meet certain criteria, including the underlying asset being traded in a regulated market or regulated for regulated futures contracts for at least six months.
Kyle Dacruz, director of the Digital Assets product at Asset Manager Vaneck, noted that “Not all of our existing submissions qualify. The next step is to speak to our lawyers to find out which products can progress and how quickly they will come onto the market.” As the cryptocurrency market continues to evolve, the introduction of Solana and XRP ETFs is expected to provide investors with greater access to the market and potentially drive growth and adoption.
Key Takeaways and Implications
The expected launch of Solana and XRP ETFs in October marks a significant milestone for the cryptocurrency market. With the accelerated regulatory process and updated ETF registrations, investors can expect greater access to the market and potentially increased growth and adoption. As the market continues to evolve, it is essential to stay informed about the latest developments and regulatory changes. For more information, visit https://crypto.news/solana-and-xrp-first-the-sec-fast-tracks-altcoin-etfs/
