SEC to Consider XRP and Solana Joint ETF Approval?

Here is the article based on the prompt:

SEC to Approve XRP and Solana Joint ETF? Analyst Says Yes

In a recent turn of events, Bloomberg analyst Eric Balchunas has sparked hope among cryptocurrency enthusiasts that a joint exchange-traded fund (ETF) for XRP and Solana could gain approval from the Securities and Exchange Commission (SEC). This comes after the successful approval of Bitcoin and Ethereum-based ETFs earlier this year.

Balchunas believes that the new administration at the SEC will be more open to crypto-related trading securities, which could pave the way for a joint ETF featuring XRP and Solana. As per his claims, combining these two digital assets into one ETF might be a more appealing option compared to separate ETFs for each asset.

XRP currently trades at $2.54, as seen on TradingView.

Interestingly, Balchunas’ statement contrasts with the sentiments of other crypto analysts who argue that XRP and Solana have been embroiled in legal battles regarding their classification as securities. This might be a major obstacle in getting an ETF approved by the SEC.

Eleanor Terrett, a business journalist, also made similar comments, stating that two out of five applications for Solana-based ETFs were rejected this month by the current SEC leadership. However, Balchunas remains optimistic, suggesting that the new administration will have a different stance on crypto-related trading securities.

It’s essential to note that while there is no guarantee an XRP and Solana joint ETF will be approved by the SEC, the potential for increased regulatory clarity under the new administration could provide a significant boost to the crypto market. As such, it remains crucial for investors to stay informed about any developments on this front.

For updates and exclusive offers enter your email.

Source: bitcoinist.com