SEC Faces 92 Crypto ETP Applications, Triggering Industry Growth

TLDR

• A total of 92 crypto ETPs are currently awaiting approval from the SEC, signaling a potential surge in crypto investment products.
• Solana leads with eight pending ETF applications, reflecting its growing popularity in the digital asset space.
• XRP follows closely with seven crypto ETP filings, highlighting continued demand despite its ongoing legal challenges.
• Industry experts predict that the approval of these ETPs could lead to greater institutional involvement in the crypto market.
• Companies like Grayscale and 21Shares are actively seeking to convert their existing trusts into crypto ETPs.

A significant number of crypto exchange-traded products (ETPs) are awaiting approval from the U.S. Securities and Exchange Commission (SEC). According to Bloomberg Intelligence’s ETF analyst James Seyffart, 92 crypto-related ETPs are currently under review. The most notable applications are for Solana (SOL) and XRP, both of which have multiple ETF proposals in the pipeline.

Solana Gains Traction with Pending ETP Filings

Solana (SOL) continues to be a popular asset among crypto investors. It has eight crypto ETP applications awaiting SEC approval. As of now, SOL has become one of the most sought-after altcoins, with multiple proposals looking to gain exposure to the coin. James Seyffart, a leading analyst at Bloomberg, points out that these filings reflect a growing demand for Solana-based investment products.

The potential approval of these ETPs could spark a surge in Solana’s market presence. Many investors are closely watching the developments, particularly given SOL’s performance in the broader market. A successful ETF launch would provide easy access for investors to diversify into Solana, which bigger coins like Bitcoin and Ethereum have previously overshadowed.

“Solana’s potential as a top-tier blockchain is clear,” said Seyffart, explaining the growing interest in Solana-focused ETPs. He added that investors expect the SEC to approve more crypto-related ETPs soon, as it has been working through the backlog.

XRP’s Strong Demand for Crypto ETPs Grows

XRP also remains a key focus in the crypto ETF space. With seven pending applications for ETPs, XRP is one of the most requested assets by financial institutions looking to diversify their portfolios. These filings come as XRP continues to navigate legal challenges in the U.S., but its popularity among institutional investors remains strong.

XRP’s market position makes it an attractive option for ETFs. Its potential for institutional adoption has only grown, as the asset has proven its resilience amidst regulatory uncertainty. Analysts believe that an XRP ETP would further solidify its role in the crypto ecosystem.

As more ETP applications for XRP are filed, many anticipate the SEC’s upcoming decision will be crucial for the future of crypto ETFs. The regulatory body’s approval could open the door for greater institutional involvement and a more mainstream acceptance of XRP.

Grayscale, 21Shares Push to Convert Trusts into ETPs

The SEC’s approval of several crypto-related ETPs could mark the beginning of a new era for digital asset investments. Industry experts believe that crypto ETPs will soon become a standard way for investors to access the crypto market. “The floodgates to crypto ETFs are about to open,” said Nate Geraci, president of NovaDius Wealth Management.

Companies like Grayscale and 21Shares are already looking to convert their existing trusts into ETFs, signaling a shift in the investment landscape. As the regulatory environment becomes clearer, more crypto ETPs will likely emerge.

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