The SEC stance on cryptos apparently changes course and shows a possible openness towards new spot ETFs on some of the altcoins.
Grayscales and CoinShares are the two now out in the open with Solana, XRP, and Litecoin spot ETFs proposals, giving more hope for extended crypto market expansion in 2025.
New Proposals for Altcoin ETFs
CoinShares has filed two spot ETF applications, one on XRP and one on Litecoin. But not to be outdone, Grayscale's made two 19b-4 filings; the first was for a Solana spot ETF while the second, also on Litecoin, proposed converting existing Qualified Investor Trusts to ETFs in a well-worn path when it did it for both Bitcoin and Ethereum products.
SEC Change of Direction
That turning point may finally have arrived with the exit of Gary Gensler from the SEC.
It has created a new cryptocurrency task force nick-named "crypto mom" that will provide a clear rulebook for the regulation of cryptocurrency-related financial products and easy paths to their applications. With this new mindset, an approval of an altcoin ETF is bringing in two other massive steps in market access for retail and institutional investors.
BlackRock: proposed amendment for deposits and withdrawals no longer in Cash but in Bitcoin
Meanwhile, Nasdaq, on behalf of BlackRock, filed a proposed rule change to offer deposits and withdrawals directly in bitcoin for its Spot ETF instead of the current system of deposits and refunds in cash.
I recall that the SEC had suggested this latter system, although deposits and refunds in Bitcoin had been provided for.
If passed, the present proposal will be more efficient; again, this is a privilege given to accredited investors and retail investors only.
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