Ripple CEO Brad Garlinghouse has expressed his willingness to consider an XRP Exchange-Traded Fund (ETF) following a prediction by Standard Chartered that either Solana (SOL) or XRP could be the next contenders for an ETF, although not before 2025. Industry experts believe that SOL could be a logical choice for a third ETF due to its similarities to Ethereum.
The recent approval of a crucial filing for a spot Ether ETF has sparked speculation about which cryptocurrency could be the next in line. Standard Chartered predicts that SOL or XRP could be potential candidates, but this is unlikely to happen before 2025. Analyst Geoffrey Kendric suggests that markets will be looking forward to the eventual ETF status of other coins such as SOL and XRP, but this is a story for 2025 and not 2024. In the meantime, the dominance of bitcoin and ether will continue to rise, with selective winners emerging as the next in line.
Garlinghouse has expressed his support for an XRP ETF, stating that he believes there will be multiple ETFs in the market. The approval of forms 19b-4 by the Securities and Exchange Commission (SEC) is a significant step towards launching a spot Ether ETF. However, there is still another necessary form, the S-1 document, which requires the regulator’s approval. The approval process for the S-1 document could take weeks, months, or potentially extend indefinitely as it has only been filed by a few potential issuers.
Experts in the industry have suggested that SOL would be a logical choice for a third ETF due to its similarities to Ethereum. Solana is currently the third-largest cryptocurrency by market cap, following Bitcoin and Ethereum. Analysts from TD Cowen’s Washington Research Group have noted the rapid progression of the SEC’s decisions, stating that it has come about six months faster than expected. They predict that within the next year, there could be an offering that includes a “basket of crypto tokens,” potentially featuring Bitcoin and Ether, and possibly extending to more cryptocurrencies.
Despite potential setbacks, TD Cowen predicts that under Gensler’s leadership, the SEC will maintain its Democratic majority through 2026. They expect the agency to continue litigating against crypto trading platforms that trade tokens believed to be unregistered securities.
In conclusion, the possibility of an XRP ETF is being considered, with SOL also being a potential contender. The approval process for a spot Ether ETF is progressing, and experts believe that more crypto ETFs could follow, potentially including a variety of cryptocurrencies. The SEC is expected to maintain its Democratic majority and continue its actions against unregistered securities in the crypto trading industry.