Bloomberg analyst shared his opinion on the increasing hype around the applications related to altcoin spot ETF products.
As we know, currently multiple crypto spot ETF applications are waiting for regulatory approval on the table of the United States Securities and Exchange Commission (SEC). These applications are mainly related to Solana ($SOL) & $XRP Cryptocurrency and the crypto enthusiasts are highly bullish & optimistic for the future developments regarding these applications.
Recently, Bloomberg ETF expert James Seyffart appeared in a crypto discussion on a YouTube channel, “Thinking Crypto”. The discussion touched on the topic of altcoin spot ETF applications.
The Bloomberg ETF expert shared his personal opinion on behalf of the current situation around the crypto sector & crypto-focused regulatory environment and said that the approval resolution of altcoin ETFs such as $SOL, $XRP, $LTC and $HBAR may extend to the end of 2025.
He claimed that the situation for these spot ETF applications is different from the approved Bitcoin and Ethereum ETFs. He explained that these cryptocurrencies are not getting support from CME’s regulated futures market.
As the whole crypto community is aware of the SEC’s crypto hater stance, Bloomberg ETF expert said that he is optimistic about the new SEC leadership & may allow ETF products to add pledge functions.
Bloomberg ETF analyst James Seyffart suggested that altcoin ETFs like SOL, XRP, LTC, and HBAR might not be approved until late 2025. Unlike Bitcoin and Ethereum ETFs, these lack backing from CME's regulated futures market.
— Bitcoinik (@Bitcoinikdotcom) November 26, 2024
SEC leadership & hope for the crypto sector
Because of the strong fundamentals & basics of the top two cryptocurrencies, Bitcoin & Ethereum, the SEC body easily approved the spot ETF applications in 2024.
However, the situation is not very fair for other cryptocurrencies. Many times, the US SEC body mentioned different- different cryptocurrencies unregistered security tokens when filing lawsuits against crypto companies.
SEC’s enforcement action against the crypto space became intense during the tenure of Gary Gensler. But now it is confirmed that Gensler will resign from his role on 20 Jan 2025 & Donald Trump will hire a pro-Crypto person to lead the agency, as he promised during the election campaigns.
Read also: Finally Solana meme token launcher platform Pump.fun decides to shut down its live stream service!
