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- A recent survey shows 63% of participants favoring XRP, 25.9% supporting Solana, and 11.1% voting for other cryptocurrencies, with XRP proponents citing its clear regulatory status in the U.S.
- Analysts suggest Ethereum’s spot ETF approval could pave the way for other cryptocurrencies, with Bloomberg’s James Seyffart identifying Solana as a potential candidate.
The crypto community remains divided on which digital asset is most likely to secure the next spot ETF approval following the U.S. SEC’s recent endorsement of Ethereum-based ETFs.
Discussions have prominently featured XRP and Solana (SOL). A recent survey gauging community opinions on potential candidates for ETF approval included options for XRP, Solana, and “Others.” As of the latest data, 63% of survey participants favor XRP, 25.9% support Solana, and 11.1% voted for other cryptocurrencies.
Which crypto asset has the best odds of getting approved for an #ETF next? 🤔
— iTrustCapital (@iTrustCapital) May 30, 2024
The ongoing survey reflects the prevailing sentiment within the crypto community. The XRP Army, in particular, believes XRP is more deserving of an ETF than Ethereum or Bitcoin, citing XRP’s clear regulatory status in the U.S.
Despite these views, leading asset managers like BlackRock and Fidelity have focused on Bitcoin and Ethereum ETFs, with no similar efforts for XRP.
Analysts Betting for A Spot Solana ETF
Industry experts suggest that the recent approval of Ethereum spot ETFs could open the door for similar investment products for other cryptocurrencies. Bloomberg’s ETF specialist James Seyffart has identified Solana as a potential candidate, citing its appeal to institutional investors and its competitive position relative to Ethereum.
However, Seyffart does not anticipate a Solana spot ETF being approved before 2026 due to the necessary prerequisites, such as the establishment of a Solana futures market regulated by the Commodity Futures Trading Commission (CFTC).
Additionally, Seyffart highlighted that the SEC’s stance on Solana as a security could further delay the possibility of a Solana ETF.
On the other hand, Ark Invests’ chief Cathie Wood also believes that a spot Solana ETF is imminent while adding that the advisory companies would consider the more established cryptocurrencies, per the Crypto News Flash report.
Any Chances for XRP ETFs?
James Seyffart holds a more skeptical view regarding the prospects of an XRP spot ETF. The ongoing legal battle between Ripple and the SEC, along with the lack of a CFTC-regulated futures market for XRP, are significant obstacles.
Seyffart believes these issues will take considerable time to resolve, thus delaying the potential approval of an XRP ETF.
Despite these challenges, Ripple CEO Brad Garlinghouse remains optimistic that the SEC will eventually approve ETFs for XRP, Cardano, and Solana. Garlinghouse acknowledges that the approval process for these ETFs could be lengthy, per the Crypto News Flash report.
Interestingly, prominent community commentator Adam Cochran has advocated for Litecoin (LTC) and meme coin Dogecoin (DOGE) to be prioritized for ETFs over other assets. Cochran argues that the strong demand for LTC and DOGE makes them compelling candidates. Seyffart partially concurs with this perspective.
