As a seasoned investor with over two decades of experience in the financial markets, I have witnessed the ebb and flow of trends, technologies, and regulations. The recent approvals of Bitcoin and Ethereum ETFs by the U.S. SEC have been intriguing developments, to say the least. However, Nate Geraci’s insights into the potential approval of Solana and XRP ETFs have piqued my interest and raised some concerns.
2024 marked the approval of two investment products based on cryptocurrency trading: a Bitcoin ETF that tracks the price of Bitcoin, and an Ethereum ETF that mirrors the value of Ethereum.
Some key players in the industry think substantial advancements have been achieved in obtaining regulatory clearance for these two digital coins. As a result, there’s a lot of anticipation for further developments. This momentum has prompted VanEck and 21Shares to submit an application to the U.S. SEC for a Solana-focused ETF. Moreover, Grayscale Trust initiated the process for an XRP ETF by introducing the XRP Trust for accredited investors.
Projections on Solana and XRP ETF approvals
Despite this apparent progress, Nate Geraci, an ETF analyst, has projected likely factors that could impact the future of ETF approval. Geraci’s analysis covers Solana, XRP and ETF products generally.
Independent of political views, it seems challenging to foresee further spot crypto ETFs entering the market under the current administration…
— Nate Geraci (@NateGeraci) September 14, 2024
In an X post, Geraci stated that, given the current stance of the U.S. administration, an additional spot crypto ETF product is difficult. He maintained that the analysis lacks political undertones, as the present reality speaks for itself.
Geraci stated that, based on the current situation, it seems unlikely that we’ll see a Solana or Ripple ETF within the next year or two. Regardless of its outcome, it appears to hinge significantly on the results of the upcoming November election.
Will next U.S. president influence crypto ETF approvals?
Although the post includes a warning, it’s worth noting that a substantial portion of the community holds the viewpoint that cryptocurrencies may influence the selection of the upcoming U.S. President.
Significantly, both ex-President Donald Trump and Vice President Kamala Harris have modified their firm positions regarding cryptocurrencies. Moreover, Trump’s former VP, Senator J.D. Vance, is a staunch advocate for digital currencies.
Instead, Geraci proposes that a second approval for a crypto industry Spot ETF might be achieved if the current administration of President Joe Biden were to change. This newly established administration could subsequently revise its position and policies towards the digital asset environment.
As per his projection, any further crypto ETF may not come until 2025 or 2026.
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2024-09-14 17:14