Solana

United

James

BlackRock

<p>Hopes for the introduction of new crypto ETFs are meeting notable skepticism, despite the recent approval of an ether ETF. Indeed, BlackRock’s head of digital assets, Robert Mitchnick, recently expressed reservations about the future of ETFs for altcoins like Solana and XRP. His comments have sparked mixed reactions in the industry.</p>
<h2 id="h-perspectives-de-blackrock-sur-les-etf-crypto">BlackRock’s Perspectives on Crypto ETFs</h2>
<p>Robert Mitchnick recently expressed doubts about <a href="https://www.cointribune.com/en/the-solana-etf-is-coming-launch-date-set-for-march-2025/" target="_blank" rel="noopener noreferrer nofollow">the approval of new ETFs</a> based on altcoins such as Solana (SOL) and Ripple (XRP). In an interview with James Seyffart of Bloomberg at the Bitcoin Conference 2024, Mitchnick stated, “I don’t think we will see a long list of crypto ETFs.” He <a href="https://coingape.com/blackrock-crypto-chief-denies-chances-of-solana-xrp-etf-approval/" target="_blank" rel="noopener noreferrer nofollow">noted</a> that Bitcoin and Ether respectively constitute 55% and 18% of the total market capitalization. In terms of maturity and liquidity, these two cryptos far surpass other altcoins.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>Mitchnick indicated that assets like Solana do not even represent 3% of the total capitalization. This makes them less attractive for ETFs. He also mentioned the SEC’s cautious stance, which he said is not comfortable with ETFs offering staking services. This situation could hinder the development of new ETFs based on other cryptos, despite the growing interest from institutional investors.</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://bitvavo.com/fr/affiliate/coinmedia?a=_cta" target="_blank" rel="noopener noreferrer nofollow">€20 bonus for registering on Bitvavo</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<h2 id="h-reactions-divergentes-dans-l-industrie">Divergent Reactions in the Industry</h2>
<p>Nate Geraci, president of ETH Store, disagreed with Mitchnick’s statements. He pointed out that Europe has already integrated similar financial products for altcoins like Solana, XRP, and Cardano.</p>
<p>“Just look to Europe to see ETPs on SOL, XRP, ADA, etc.,” he asserted. Geraci added that the adoption of similar products in the United States would require regulatory changes. However, he remains optimistic about this possibility.</p>
<p>Mitchnick’s comments and the reactions they have elicited highlight the challenges and differing opinions surrounding the integration of altcoins into ETFs. This situation underscores the importance of clear <a href="https://www.cointribune.com/en/mica-regulation-80-of-crypto-companies-are-unaware-of-this-crucial-deadline/" target="_blank" rel="noopener noreferrer nofollow">regulation</a> to guide investment and market decisions in the cryptocurrency field.</p>

Crypto: BlackRock Doubts the Approval of Solana and XRP ETFs!

Table of Contents

Cointribune EN

Other articles published on Jul 26, 2024

Dogecoin(DOGE) Price Preparing for a Fresh Move: May Reach $0.5 in the Next Few Months

SEC Chairman Gary Gensler May Resign as Trump Readies for 2025 Presidential Term

Race for memecoin king: LINK briefly touches $15 as Raboo and Pepe Succeed

BitFlyer Closes FTX Japan Deal, Crypto ETF Services On The Horizon

Are Crypto Casinos Just A Craze?

Jersey City to Invest Pension Fund in Bitcoin ETFs

Join our free newsletter for daily crypto updates!