Cryptocurrency enthusiasts are eagerly awaiting the possibility of XRP, Solana (SOL), and Cardano (ADA) ETFs, but BlackRock executive Robert Mitchnick has made some striking claims about their approval prospects.
During the Bitcoin 2024 Conference, Mitchnick spoke with Bloomberg ETF analyst James Seyffart and expressed his skepticism about the potential approval of ETFs for altcoins like Solana and XRP. He cited concerns about maturity, liquidity, regulatory issues, and the SEC’s reluctance to approve more crypto ETFs as reasons for his doubts.
Mitchnick emphasized that Bitcoin and Ethereum currently dominate the market, representing a significant portion of its capitalization, while other altcoins lack the maturity and liquidity necessary for ETF approval. Despite this, he believes that cryptocurrencies will continue to gain adoption and that more financial institutions will enter the crypto space.
However, not everyone shares Mitchnick’s views. ETF Store President Nate Geraci pointed to Europe, where ETPs for altcoins like Solana, XRP, and Cardano are already available, suggesting that similar products could be launched in the US with the right regulatory environment.
With the recent approval of Ethereum ETFs by the SEC, investors are now considering other potential ETFs. While XRP faces regulatory obstacles, Solana appears to be well-positioned for approval. GSR’s research indicates that Solana is a top candidate for a spot crypto ETF in the US, with firms like VanEck and 21Shares already filing for approval.
As investors eagerly await regulatory decisions, the possibility of Solana and XRP ETFs becoming a reality is generating excitement in the cryptocurrency community. However, it’s important to note that this information is not investment advice.
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