Nate Geraci, president of The ETF Store, recently indicated that several new spot cryptocurrency ETF applications are expected to be filed this week, potentially including assets like XRP, Solana (SOL), and Cardano (ADA). This development suggests that issuers, anticipating the outcome of the U.S. presidential election, are now moving forward with these filings.
The approval of spot Bitcoin and Ethereum ETFs earlier this year has set a precedent, leading to increased interest in similar products for other cryptocurrencies. The potential introduction of spot ETFs for assets such as XRP, SOL, and ADA could provide investors with more accessible avenues to gain exposure to these digital currencies through traditional financial markets.
It's important to note that the approval process for ETFs involves thorough regulatory review. The U.S. Securities and Exchange Commission (SEC) evaluates factors such as market surveillance, investor protection, and the underlying asset's market maturity before granting approval. While the filing of these applications is a significant step, the timeline for approval remains uncertain and will depend on the SEC's assessment.
