Foreign media: US SEC seems ready to advance ETF applications for XRP, LTC and SOL

PANews February 7th news: According to CoinDesk, the U.S. Securities and Exchange Commission (SEC) took the first step on Thursday to allow the launch of a new cryptocurrency ETF that tracks the prices of assets such as Litecoin and Solana, while also approving it. A new way to redeem funds from existing cryptocurrency ETFs. Meanwhile, several companies have also made progress in launching XRP ETFs, further demonstrating that the US SEC is more friendly to cryptocurrencies under the country's new government.

Earlier Thursday, the SEC confirmed Grayscale’s submission of Solana (SOL) ETF application, meaning the committee now has time until October to approve or reject the application. The SEC also confirmed a series of other applications related to cryptocurrency ETFs on Thursday, including the Litecoin (LTC) ETF application submitted by Grayscale, and a proposal from BlackRock to allow iShares Bitcoin ETFs to be created and redeemed in physical form. During the evening hours in the U.S., Cboe submitted listing and trading applications for four ETFs aimed at tracking XRP prices. The exchange filed four 19b-4 documents with the SEC on Thursday, targeting potential ETFs from Bitwise, 21Shares, Canary Capital and WisdomTree. All four issuers have previously submitted S-1 documents, which is the first step in bringing ETFs to market.

While Thursday’s actions do not necessarily guarantee that the SEC will approve all of these products, they do show that under current SEC management, these companies feel more at ease about expanding ETF products outside of Bitcoin and Ethereum.