ETF Store President Says It Is Time for XRP, Solana, and Litecoin Spot ETF Applications

1 month ago 5

Nate Geraci explained how the journey of Bitcoin spot ETF products started and where we are heading now.

Nate Geraci is the president of the ETF Store, and he keeps sharing the latest developments around crypto ETF products and their worldwide impacts. In his latest update, Geraci talked about the future possibilities around the next crypto spot ETF applications.

The ETF Store president noted that the crypto spot ETF game initially started with a court ruling in the Grayscale vs. SEC legal dispute over the rejection of Bitcoin spot ETF applications. As of today, the Bitcoin spot ETF market is around $60 billion, and the Ethereum spot ETF market is around $7 billion.

By highlighting the success of crypto spot ETF applications, Geraci said that we are now heading toward the approval of spot ETF applications for XRP and Solana cryptocurrencies, for which applications have been submitted.

One year ago, the D.C. Circuit Court of Appeals issued a final ruling in Grayscale’s lawsuit against the SEC over a spot bitcoin ETF…

Spot bitcoin ETFs are now a $60bil category.

Spot ether ETFs have $7bil.

And we now have filings for Solana, XRP, & Litecoin ETFs.

Wild.

— Nate Geraci (@NateGeraci) October 15, 2024

After 8-9 months, the United States Securities and Exchange Commission (SEC) will respond to the applications filed for multiple crypto spot ETF products, following the successful approval of Ethereum spot ETF applications.

Billions of Trade Per Day

Geraci noted that, in the last two days, the trading volume in the BTC spot ETF market has been in the billions.

So nearly $1bil into spot btc ETFs in last 2 days…

For context, only 8 out of 560+ ETFs launched in 2024 have taken in more than $1bil for the *year*… https://t.co/C7U8WtKPko

— Nate Geraci (@NateGeraci) October 16, 2024

Legal Hurdles for Crypto Spot ETF Applications

No doubt that investors and crypto enthusiasts are optimistic and eager to see approval for crypto spot ETF applications, but these demands are not going to be fulfilled easily. The American securities regulator believes that the majority of cryptocurrencies are unregistered security tokens.

In multiple lawsuits against crypto companies, the SEC labelled Solana (SOL) cryptocurrency as an unregistered security token. Recently, the SEC also filed an appeal against the court ruling over the nature of XRP cryptocurrency. So, the crypto community will need to wait for further developments.

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