Crypto ETFs Set for Wall Street Debut with Solana and XRP in Focus
The crypto world is gearing up for a significant milestone as Solana and XRP ETFs are expected to hit the market as soon as October. Financial firms are rushing to meet the new SEC approval timelines, which have been shortened from 270 to 75 days.
Canary Capital and vaneck are among the frontrunners updating their filings to launch these altcoin ETFs. This move could open the doors for mainstream institutional investors to access the crypto market.
Reuters reported on September 24 that financial institutions are aligning with the updated SEC standards. The SEC’s expedited approval process is a game-changer, potentially leading to a surge of Solana- and XRP-linked products.
Steven McClurg, founder of Canary Capital Group, noted, “We have about a dozen filings with the SEC, and more are coming.We’re preparing for a wave of launches.”
To qualify for the fast-track approval, ETFs must meet specific criteria. The underlying assets must be traded on a regulated market or have regulated futures contracts for at least six months.
Kyle DaCruz from VanEck explained, “Not all our existing filings qualify. We’re consulting with our lawyers to determine which products can move forward quickly.”
With the final wave of updated filings expected this week, the crypto market is on the cusp of a new era. This growth could considerably boost institutional interest in altcoins like Solana and XRP.
