After the SEC approved Ethereum ETFs, all eyes turned to other cryptocurrencies. Solana is at the top of the speculative list. Also on the list is Rippple’s native token, XRP Coin, which is in a legal battle with the SEC. So is an ETF based on these tokens possible and when? Standard Chartered’s Geoffrey Kendrick sees other crypto ETFs as unlikely for now. However, according to Kendrick, the approval of ETH ETFs means that ETH and similar cryptos are not securities.
Analyst: ETH for SOL and XRP Coin only in 2025!
cryptokoin.comAs you follow from, the SEC has given the green light to spot Ethereum ETFs. Following this, Standard Chartered Bank analyst Geoffrey Kendrick evaluated the possibility of other crypto ETFs. Kendrick says his next chapter could be around the corner in 2025. The analyst said, “For other coins (SOL, XRP Coin), markets will also look at their final ETF status. But this will probably be a story of 2025, not 2024,” he says.
According to Kendrick, Thursday’s approval of spot Ethereum ETFs implies that ETH is not classified as a security by the SEC, so other ETH-like coins that have previously been under scrutiny in cases such as the 2023 XRP Coin case may not be considered securities either. In this context, the analyst makes the following statement:
In some cases, the core technology is so similar to ETH that it would be difficult for the SEC to argue that they are securities given its ETH position. The crypto industry currently appears to have political support on both sides of the aisle.
ETF speculation on Solana increased
The SEC has approved forms 19b-4 for eight spot Ethereum ETFs from companies like BlackRock and Fidelity. However, there is likely a long way to go for other crypto spot ETFs to be approved in the country. Spot Ethereum ETF issuers must have their S-1 registration statements go into effect before they can begin trading. This is a process that will take days or weeks. Attention is on cryptocurrencies that are likely to receive the next round of ETFs. Among these, Solana tops the speculative list.
Former White House Communications Director and managing partner of alternative investment firm SkyBridge, Anthony Scaramucci, was among the optimistic voices that a Solana ETF was in the pipeline. “We will be getting a SOL ETF, get ready,” Scaramucci wrote following yesterday’s spot Ethereum ETF approvals. CNBC host Brian Kelly also speculated on the chances of an ETF for Solana. “You should probably consider Solana next,” Kelly said Wednesday. Bitcoin, Ethereum and Solana are probably the big three for this cycle.” said.
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