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(BTC) Bitcoin News TodayCryptocurrencyCryptocurrency RegulationETF (Exchange Traded Fund)NewsRipple (XRP)Solana (SOL)

Standard Chartered Predicts Solana, XRP ETF Approvals Following Ethereum ETF Greenlight

UK-headquartered Standard Chartered predicts that the ETH ETF approval by the US regulator opens doors for Solana (SOL) and Ripple (XRP) to pursue similar courses. 

The British multinational bank anticipates launching more crypto ETFs in the United States. The bank’s analyst revealed on Friday, May 24, that more crypto ETFs are bound to be listed in the US.

Standard Chartered Predicts XRP and SOL ETFs Launch

During Friday’s note, the bank indicated that XRP and SOL would soon launch their ETF bids. 

Standard Chartered’s prediction is based on the news of the SEC approving 19b-4s from eight applicants. The bank’s researcher admits the sudden 180° turn was unprecedented though historic as it allows conventional traders to acquire shares, tracking the price movement of the second-ranked digital asset by market value per CoinGecko data. 

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 The researcher echoes pronouncements by the Bloomberg ETFs analyst Eric Balchunas who indicated that the ETH approval occurs barely six months since the spot Bitcoin ETFs on January 10.

Geoffrey Kendrick, who heads Standard Chartered’s crypto research and foreign currencies in the emerging market, summed up the probability of more digital coins realizing the ETF wrapper status as inevitable. 

Though optimistic about other coins unveiling the ETFs, Kendrick said the status would feature a protracted period, likely in 2025. The other coins will not replicate the rushed process realized by Ether, and highly unlikely in 2024. 

Kendrick indicated coins that encountered ETH-like uncertainty on whether security or commodity in the Ripple Labs case (XRP) would assume the commodity status.

Kendrick added that in cases where the core technology is proven to match ETH, it would prove difficult for the Gensler-led SEC to accord them securities status. 

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Suits Against Ethereum-Leaning Projects on Brink of Collapse

Industry analysts and observers regularly weighed in on the likelihood of spot Ethereum ETFs with a spell of pessimism, particularly with the SEC serving Wells Notice to major Ethereum-leaning projects. Analysts revised the approval probability to 25%, indicating that the regulator barely engaged the asset managers, as witnessed in the run to the spot Bitcoin ETFs.

The tides would suddenly change as fund managers seeking to unveil the ETF  products undertook frantic filing of amended paperwork. The process appeared politically fueled by a change in the philosophy coinciding with former President Donald Trump accepting crypto donations. 

Thursday afternoon, the SEC gave the amended applications the green light as they await the approval of S-1s registration to begin trading. 

The approval of Ethereum ETFs was an abstract event since the regulator had hinted at cracking down on the affiliate projects. 

Such surfaced when Ethereum infrastructure developer Consensys lodged an offensive suit against the Wall Street watchdog, alleging the regulator desired to designate Ether security secretly. 

The spot Ether ETHs is altering the course of existing lawsuits against and by the SEC that involve various crypto projects. Such involves the protracted legal battle with Ripple Labs. Last year, the fintech company scored a partial win when Judge Anelisa Torres ruled that XRP sold to retail investors excluded from securities. 

Judge Torres indicated that contracts valued at $728 million for XRP involved in the institutional sales were unregistered securities. The industry still read the split ruling as positive to the industry, akin to the present feeling where crypto pundits consider ETH ETF’s approval to lift a lot more tokens from the security status. 

ETH ETF Approval to Change Fate for SOL, XRP and ADA Status

In the charges leveled against crypto exchanges Binance and Coinbase, the SEC had classified several coins such as SOL, ADA, and XRP securities. It charged the actors behind the projects for failure to register the tokens offered for sale despite their securities’ status.

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The classification of SOL, XRP, and ADA is bound to change from security following the stunning turnaround by the Wall Street watchdog to approve ETH ETFs. There is no way the SEC can approve the 19b-4s while also classifying Ether as a security. 

Bain Capital Crypto’s head of regulatory, TuongVy Le, termed the debate on Ether status dead since the approval of spot ETH ETFs on Thursday, May 23.  The Gensler-led Commission now considers Ether a commodity given that funds whose assets are composed of 40% securities cannot register via form S-1.

Adam Cochran from Cinneamhain Ventures echoesTuongVy Le that the contest on Ether status is over a fate that would extend to other project tokens, including SOL, XRP, and ADA.  

Meanwhile, Kendrick predicts Ethereum could clear $8,000 while Bitcoin can test $150,000 this year. He affirmed that the price was realistic given the recent positive developments and ETF success.

Editorial credit: Alex Yeung / Shutterstock.com


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Stephen Causby

Stephen Causby is an experienced crypto journalist who writes for Tokenhell. He is passionate for coverage in crypto news, blockchain, DeFi, and NFT.

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