JAKARTA - The crypto market was excited again after the United States Securities and Exchange Commission (SEC) approved the Exchange Trade Funds (ETF) of the Ethereum spot type on Thursday, May 23, 2024. This decision sparked speculation and optimism among market analysts regarding similar investment products for other altcoins.
Geoffrey Kendrick, a leading digital asset analyst at Standard Chartered Bank, predicts that a new chapter of crypto ETF will begin next year, 2025. In an interview with The Block on Friday, May 24, he said:
"The market is likely to look forward to the status of the ETF for other coins such as SOL and XRP, although the realization is likely to occur in 2025, not 2024."
Corn added that Ether's spot ETF approval indicates that the altcoins are not "securities" as previously stated by the SEC. As such, it implies that other altcoins previously being monitored by the SEC, such as the XRP case, also have the potential to be exempt from "securities" status.
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Paul Grewal, Coinbase's legal head, also spoke up on the same day, stating that this approval indicates that Ethereum (ETH) is a commodity. He added:
"In some cases, the core technology promoted by crypto assets has high similarities with ETH. With the SEC's current position towards ETH, it will be difficult for them to classify such assets as securities."
Apart from skills, other market players also voiced support for the presence of the Solana ETF spot. SkyBridge Capital founder Anthony Scaramucci stated that his party would soon seek to realize the Solana ETF.
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