Bloomberg analyst estimated the chances of approval of new crypto-ETFs at 100%

• The SEC has asked issuers of ETFs on XRP, SOL and other cryptocurrencies to withdraw Form19b-4 filings.
• The reason is the adoption of new listing standards that replace the previous procedure.
• Now all that is left to do to launch an ETF is to get Form S-1 approval.
• A Bloomberg analyst believes that the probability of launching the funds is 100%.

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The U.S. Securities and Exchange Commission (SEC) has asked issuers of cryptocurrency ETFs to withdraw previously filed Form 19b-4 applications. This was reported by Fox Business journalist Eleanor Terrett.

It is about submissions related to spot ETFs on cryptocurrencies XRP, Solana (SOL), Litecoin (LTC), Cardano (ADA) and Dogecoin (DOGE).

According to Terrett, the withdrawal is due to what the SEC has adopted – common listing standards that make Form 19b-4 redundant. This simplifies the ETF approval process.

Bloomberg Intelligence analyst Eric Balchunas said the news from Terret confirms market expectations. According to him, it is logical, because after the adoption of common listing standards, there is no longer a need for Form 19b-4 submissions. At the same time, he added that it is not yet clear what the launch schedule will look like, but more details are expected soon.

The expert also said that the probability of approval for cryptocurrency ETFs is now effectively 100 per cent.