Key dealers
- Gray scales and coiners have applied for ETFs including Litecoin, Solana and XRP.
- Approval of these ETFs would increase regulated investment options for crypto assets.
Gray-scale investments and coiners have applied for several crypto-trained funds and focused on assets including Litecoin, Solana and XRP as both companies try to expand regulated investment options.
Grayscale has submitted applications for ETFS that track both Litecoin and Soana. Litecoin ETF would track LTC’s price movements without demanding direct ownership and build on the company’s existing Litecoin Trust product.
Grayscale has previously been submitted to convert its existing Grayscale Solana Trust (Gsol) to a Spot Solana ETF, with Sec’s decision initially Planned for January 23.
However, no public comment or action was issued by the SEC, which indicates the possibility of an extended audit period.
In his latest FileGray scales seem to deal with previous regulatory problems and provide additional clarity regarding ETF’s structure, custody and compliance measures.
This movement can potentially enable the SEC to go through the proposal with a more extensive framework for evaluation.
Coinshares has joined the race with their own applications for one Litecoin ETF and one XRP ETF. XRP ETF, which is described in its SEC archive, aims to replicate XRP’s performance while simplifying the challenges with direct custody.
Similarly, other funds, including Bitwise, Proshares, Wisdomtree and Rex shares, have submitted applications for XRP ETFs.
These applications come on the heel of President Trump took office on Monday and establish a Pro-Crypto Sec, with Mark Uyeda Serving As Interims SEC chairman.
SEC, under the new administration, has introduced a dedicated crypto working group To develop a regulatory framework for digital assets.
Last year, Sec Bitcoin and Ethereum approved ETFs, which marked a significant step towards integrating regulated crypto products into mainstream markets.
With the new administration’s pro-crypto attitude, many anticipate a more favorable environment to approve more ETFs, including those proposed by Coinshares and Grayscale.
