James

BlackRock

<a href="https://bitcoinworld.co.in/blackrock-crypto-chief-denies-chances-of-solana-xrp-etf-approval/" title="BlackRock Crypto Chief Denies Chances Of Solana, XRP ETF Approval" rel="noopener noreferrer nofollow"></a>
<a href="https://www.blackrock.com/" rel="noopener noreferrer nofollow">BlackRock</a>‘s crypto chief, Robert Mitchnick, believes Solana, XRP, etc. doesn’t have enough maturity and liquidity to float an ETF. Nate Geraci disagrees.
<ul>
 <li style="font-weight: 400">BlackRock’s Mitchnick cites a lack of maturity and liquidity for other altcoins to transform into an ETF.</li>
 <li style="font-weight: 400">He also pointed out the regulatory concerns and SEC unwillingness to accommodate more such products.</li>
 <li style="font-weight: 400">Nate Geraci disagreed with Mitchnick stating that Europe already has several crypto ETPs running successfully.</li>
</ul>
While speaking on the inaugural day of the Bitcoin Conference 2024, BlackRock Head of Digital Assets Robert Mitchnick poured cold water on the hopes of more crypto ETFs, including Solana and XRP, in the future.&nbsp;
This is contrary to several crypto experts believing that the spot Ether ETF approval would open gates for more altcoin ETFs in the future.
<h3 id="span-style-font-weight-400-blackrock-crypto-chief-is-negative-on-more-crypto-etfs-span">BlackRock Crypto Chief Is Negative On More Crypto ETFs</h3>
Robert Mitchnick, who leads the digital assets division of BlackRock stated that chances of exchange-traded-funds (ETFs) that track other crypto assets like Solana’s SOL, Ripple’s XRP, etc are low.&nbsp;
He further explained his rationale during his interview with Bloomberg’s James Seyffart at the Bitcoin Conference. Mitchnick said:
“I don’t think we’re going to see a long list of crypto ETFs. If you think of Bitcoin, today it represents about 55% of the market cap. ETH is at 18%. The next plausible investible asset is at, like, 3%. It’s just not close to being at that threshold or track record of maturity, liquidity, et cetera.”
However, he makes it clear that crypto as an asset class is not going anywhere and that more financial firms will get an opportunity to compete in the crypto space.&nbsp;
On the other hand, its competitors like VanEck have already made the first move towards Solana ETFs.
On the other hand, the spot Ether ETFs have been having a dull start after launch. These products have recorded two consecutive days of outflows with Grayscale’s ETHE bleeding heaving. Besides, BlackRock is holding the other hand trying to keep the inflows coming.
Mitchnick added that despite the lack of clarity on crypto regulations from the U.S. Securities and Exchange Commission (SEC), the regulator still wants to draw the line somewhere.&nbsp;
He pointed out that the SEC wasn’t comfortable with spot Ether ETFs offering a staking facility.
<h3 id="span-style-font-weight-400-nate-greaci-rejects-mitchnick-s-views-span">Nate Greaci Rejects Mitchnick’s Views</h3>
ETH Store President Nate Geraci stated that he completely disagrees with Mitchnick’s views. Geraci pointed out Europe where ETPs for altcoins like Solana, XRP, and Cardano, are already there in the market.&nbsp;
“Only need to look over to Europe to see SOL, XRP, ADA, etc. ETPs. Surprised BlackRock would say this,” he added.
Commenting on the regulatory front, Geraci stated that the introduction of similar products in the US would certainly require regulatory changes, however, he continues to be optimistic on that front.

BlackRock Crypto Chief Denies Chances Of Solana, XRP ETF Approval

目錄

ItsBitcoinWorld

在 2024年7月27日發表的其他文章

Can Dogecoin Replicate Its 2021 18,000% Run? Here’s What The Chart Says

Are Axie Infinity and MoonBag the Best Altcoins to Buy in 2024?

Harga XRP Siap Terbang Tinggi, Analis Prediksi Lonjakan Besar

Vitalik Buterin of Ethereum Champions Use of ZK Proofs for Web3 Social Media Systems

Kevin Predicts Promising Future for Dogecoin

SEC approves Grayscale’s Bitcoin Mini Trust ETF for NYSE Arca listing

訂閱免費電子報，每天收取加密貨幣最新動態！