Crypto ETF Approvals Likely as SEC Continues Pro-Industry Shift
US regulators are nearing approval for a significant number of crypto exchange-traded funds (ETFs), with analysts estimating a 90% or higher likelihood of approval due to positive engagement from the SEC. The SEC may classify cryptocurrencies like Litecoin, Solana, XRP, and Dogecoin as commodities, potentially placing them outside its jurisdiction. The timeline for approvals and product launches remains uncertain, possibly extending beyond October. The success of Bitcoin ETFs has driven asset managers to pursue altcoin funds, with BlackRock’s iShares Bitcoin Trust achieving over $70 billion in assets in just 341 days. However, demand for Ether ETFs has been lackluster, and while altcoins may gain traction, they are unlikely to challenge Bitcoin's dominance in the ETF market soon. Proposals for XRP and SOL ETFs are currently under public comment by the SEC.
