What to know:
- The U.S. Securities and Exchange Commission, in a rare moment of clarity, has graced us with updates on the crypto ETF applications that have been languishing in bureaucratic purgatory.
- In a twist that could only be described as “not entirely unexpected,” the regulator has acknowledged Grayscale’s audacious attempts to introduce Solana and Litecoin ETFs, alongside BlackRock’s rather ambitious proposal for in-kind creations and redemptions on the iShares Bitcoin ETF. Bravo! 🎩
- Meanwhile, Cboe has decided to throw its hat into the ring, filing a plethora of 19b-4 documents to list and trade the prospective XRP ETFs from Bitwise, 21Shares, Canary Capital, and WisdomTree. Because why not? The more, the merrier! 🎉
On this fine Thursday, the U.S. Securities and Exchange Commission has taken what can only be described as a tentative step toward permitting new crypto exchange-traded funds (ETFs) that track the price of assets like Litecoin and Solana. It seems the winds of change are blowing, albeit gently, as companies inch closer to launching XRP ETFs. One might even say we are witnessing the dawn of a crypto-friendlier era at the agency. How delightful! 😏
Earlier in the day, the SEC acknowledged Grayscale’s filing for a Solana (SOL) ETF, which means the Commission now has until October to either bless or curse this application. The suspense is palpable! 🎭
Previously, the SEC had turned a blind eye to several applications for ETFs tracking SOL, instructing Cboe to remove its earlier 19b-4s for those ETFs. A classic case of “not my circus, not my monkeys.” 🐒
Eric Balchunas, the senior ETF analyst at Bloomberg Intelligence, remarked that this acknowledgment was “notable,” as it marks the first time an ETF filing for a cryptocurrency previously deemed a “security” has been recognized by the SEC. A round of applause, if you please! 👏
“We are now in new territory, albeit just a baby step, but seemingly the direct result of leadership change,” he mused on X, as if we were all waiting with bated breath for the next plot twist in this financial soap opera.
The SEC also acknowledged a series of other crypto ETF-related applications on this fateful Thursday, including Grayscale’s filing for a Litecoin (LTC) ETF and BlackRock’s proposal to allow for in-kind creations and redemptions on the iShares Bitcoin ETF. Truly, a cornucopia of possibilities! 🍇
As the evening descended upon the U.S., Cboe filed to list and trade shares of four separate ETFs aiming to track the price of XRP (XRP). Because, of course, why settle for one when you can have four? 🥳
These four issuers had previously filed S-1s, which are the first step in bringing an ETF to market. A veritable parade of ambition, if you will!
While Thursday’s actions do not guarantee that the SEC will approve all of these products, they do suggest that companies are feeling a tad more adventurous, willing to venture beyond the safe harbors of Bitcoin and Ether ETF products under the current SEC administration. How positively thrilling! 🎢
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2025-02-07 01:53