Standard Chartered’s Head of Forex and Digital Asset Research, Geoffrey Kendrick, stated that following the approval of Ethereum spot ETFs, other cryptocurrencies such as SOL and XRP, which have technical similarities to ETH, may not be considered securities and could potentially have their own ETF products by 2025.
Summary:
SEC approves Ethereum spot ETF! Expert analysis: ETH and most cryptocurrencies are “not securities” and can finally be unwound.
Background:
After the clearance of Ethereum spot ETF, will Solana be next? What other potential stocks are there?
The U.S. Securities and Exchange Commission (SEC) officially approved the 19b-4 documents (exchange rule changes) for eight Ethereum spot ETF applications, including BlackRock and Fidelity, taking an important step towards the listing of Ethereum spot ETFs. Industry experts believe that this move by the SEC is like an “implicit acknowledgment” that ETH is not a security and is likely to be extended to other tokens.
James Seyffart, an ETF analyst at Bloomberg, stated on the Bankless Podcast:
Standard Chartered Bank: SOL, XRP, and other cryptocurrencies may welcome ETFs next year.
In response, Geoffrey Kendrick, Standard Chartered’s Head of Forex and Digital Asset Research, stated that after the approval of Ethereum spot ETFs, other cryptocurrencies may have their own ETF products by 2025. He also mentioned that the market dominance of Bitcoin and Ethereum is expected to continue to rise, especially in terms of the Sharpe index.
However, Kendrick also mentioned that although the market is anticipating more cryptocurrency ETFs, he expects Bitcoin and Ethereum to maintain their market positions, particularly in Sharpe index, for now.
Furthermore, he continued to maintain his predictions for the future of Bitcoin and Ethereum, stating that Bitcoin will reach $150,000 and Ethereum will surpass $8,000 by the end of the year.
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