Crypto ETFs for Solana and XRP May launch in October
The crypto world is gearing up for a big change.Here’s the latest update.
Financial institutions are racing to launch crypto exchange-traded funds (ETFs) for Solana and XRP, with potential launches as early as October. This move follows the U.S. Securities and Exchange Commission’s (SEC) recent decision to shorten approval timelines from 270 to 75 days.
Companies like Canary Capital and VanEck are updating their filings to meet the new SEC standards. This change could bring more crypto options to mainstream investors. The shortened review period is a notable step toward wider institutional access to the crypto market.
Several firms are now updating their ETF filings to comply with the new rules. “We have about a dozen filings with the SEC, and more are coming,” said Steven McClurg, founder of Canary Capital Group.The SEC’s expedited process is a game-changer.
however, not all existing filings qualify for the fast track. The underlying assets must be traded on regulated markets or have regulated futures contracts for at least six months. “We’re working with our lawyers to see which products can move forward quickly,” said Kyle DaCruz from VanEck.
With the final wave of updated filings expected this week, the crypto market is on the brink of a new era. This growth could open doors for more investors to access Solana and XRP through ETFs.
