- Ripple CEO Brad Garlinghouse expresses openness to an XRP ETF after Standard Chartered predicts that Solana (SOL) or Ripple’s XRP by 2025.
- Industry experts suggest that Solana (SOL) could be a logical choice for a third ETF due to its similarities to Ethereum.
With the approval of a crucial filing in the race to launch a spot Ether (ETH) exchange-traded fund (ETF), industry leaders are speculating about which cryptocurrency might be next. Standard Chartered (STAN) predicts that Solana (SOL) or Ripple’s XRP could be the next contenders, but not before 2025. Speaking on the development, analyst Geoffrey Kendric said:
For other coins (eg. SOL, XRP), markets will look ahead to their eventual ETF status as well, albeit this is likely a 2025 story, not a 2024 one. For now, bitcoin and ether dominance will rise, with selective “next in line” winners as well.
Speaking on the development, Ripple CEO Brad Garlinghouse stated that he would welcome an XRP ETF and also believes that there would be multiple ETFs in the market.
BÄÄÄÄÄM! #Ripple CEO Brad Garlinghouse would welcome an #XRP ETF! Many analysts and the billion-dollar bank Standard Chartered predict that an XRP and SOL ETF are about to come in 2025! pic.twitter.com/iI0uXCqWSp
— Collin Brown (@CollinBrownXRP) May 27, 2024
The Securities and Exchange Commission (SEC) approved forms 19b-4 filed by potential issuers on Thursday, marking a significant step towards launching a spot Ether ETF. However, this is only one of two necessary forms that require the regulator’s approval. The approval process for the S-1 document, which has been filed by only a few potential issuers, could take weeks, months, or potentially extend indefinitely.
More Crypto ETFs In the Making
Several industry experts have suggested that Solana (SOL) would be a logical choice for a third ETF, given its similarities to Ethereum, per the Crypto News Flash report. Brokerage firm Bernstein noted that, given Ethereum’s classification as a commodity, Solana could follow a similar trajectory. Solana is currently the third-largest cryptocurrency by market cap, following Bitcoin and Ethereum.
In a note released on Thursday, Jaret Seiberg from TD Cowen’s Washington Research Group remarked on the rapid progression of the SEC’s decisions, stating, “This comes about six months faster than we expected… yet this decision was also inevitable once the SEC approved crypto futures ETFs.” Seiberg further speculated that within the next year, there might be an offering that includes a “basket of crypto tokens,” potentially featuring Bitcoin and Ether, but possibly extending to more cryptocurrencies.
Despite potential setbacks, TD Cowen predicts that the SEC, under Gensler’s leadership, will maintain its Democratic majority through 2026. “We expect the agency will continue to litigate against crypto trading platforms that trade tokens believed to be unregistered securities,” the researcher wrote.
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