Crypto News: Potential ETFs for XRP, Solana (SOL), and Cardano (ADA) in the Works, BlackRock Executive Makes Bold Statements
Robert Mitchnick, an executive at BlackRock, recently made striking claims regarding the possibility of ETFs for Solana and XRP. According to Mitchnick, these altcoins do not have the necessary maturity and liquidity for ETF approval. He pointed to regulatory concerns, the SEC’s reluctance to approve more crypto ETFs, and the overall lack of maturity and liquidity in these altcoins as reasons for his skepticism.
Mitchnick emphasized that Bitcoin and Ethereum currently dominate the market, representing a significant portion of the total market cap. He believes that other altcoins, such as Solana and XRP, do not meet the criteria for ETF approval due to their lower maturity and liquidity levels.
Despite Mitchnick’s doubts, there are opposing views on the potential approval of Solana and XRP ETFs. Nate Geraci, the President of ETF Store, pointed to Europe where ETPs for altcoins like Solana, XRP, and Cardano are already available. He expressed surprise at BlackRock’s stance and suggested that similar products could be launched in the US if the regulatory environment allows.
Following the recent approval of Ethereum ETFs by the SEC, investors and issuers are looking towards other potential ETFs. While XRP faces regulatory hurdles, Solana appears to be in a better position for approval. GSR’s recent report highlighted Solana as a top candidate for a spot crypto ETF in the US, with VanEck and 21Shares already filing for a spot ETF for SOL.
As the crypto market continues to evolve, it remains to be seen whether ETFs for altcoins like Solana and XRP will be approved. Investors are eagerly awaiting regulatory decisions, hoping for more opportunities to invest in a diverse range of cryptocurrencies.