Will Solana and XRP ETFs Be Approved?

Crypto ETFs for Solana, XRP, and even Litecoin are now in limbo. VanEck and 21Shares submitted forms for Solana spot ETFs in June and July.

Several crypto exchange-traded funds (ETFs) were approved in 2024, including 11 Bitcoin spot ETFs and 9 ETH spot ETFs. However, ETFs for other cryptocurrencies, such as Solana, XRP, and Litecoin, are still pending approval.

VanEck and 21Shares submitted filings for Solana spot ETFs in June and July, respectively. But the SEC has not yet approved these filings and has even removed them from the Cboe website. This indicates the regulator’s cautious approach in dealing with assets other than Bitcoin and Ethereum.

According to Nate Geraci, the president of The ETF Store, Solana ETFs are unlikely to be approved under the current administration. The SEC considers most cryptocurrencies, except Bitcoin and Ethereum, to be securities, which adds another layer of complexity to the approval process.

On October 2, Bitwise filed for an XRP ETF, following the SEC’s decision to classify XRP as a digital asset and not a security. Bitwise also updated their application on October 15. However, the SEC is still reviewing the filing.

Later in the month, Canary Capital filed an S-1 form for a Litecoin ETF. But like Solana and XRP ETFs, the Litecoin ETF is also awaiting approval.

If approved, these ETFs could significantly increase liquidity in the crypto market, bringing in a new wave of investors. According to Lark Davis, a crypto influencer, these ETFs will enhance crypto's visibility and benefit not only investors but also the entire crypto space.

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