Gensler’s Exit Opens Door for XRP, Solana ETFs, But Litecoin May Lead the Way
After the departure of former SEC Chair gary gensler gary gensler Gary Gensler is a pioneer and the current chair of the U.S. Securities and Exchange Commission. He has extensive experience that spans Wall Street, government regulation, and an angel teaching about cryptocurrencies and blockchain at MIT. Gary S. Gensler was on born October 18, 1957, in Baltimore, Maryland.He graduated from Pikesville High School in 1975, where he was later given a Distinguished Alumnus award. He also earned a degree in economics.Gensler served in the United States Department of the Treasury as Assistant Secretary for Financial Markets from 1997 to 1999, then as Undersecretary for Domestic Finance from 1999 to 2001He has expressed his desire to present crypto-related approach changes later on that include token commitments, decentralized finance, stablecoins, guardianship, exchange-traded resources, and advancing stages. Chairman the potential approval of more spot crypto ETFs (exchange-traded funds) has become a hot topic in the industry. Recently, several altcoins, including XRP, Solana, and Litecoin, have seen filings for spot ETFs. However, the real question remains: will the SEC approve these products soon?According to Nate Geraci, President of The ETF Store, the approval of such ETFs depends largely on regulatory clarity. In an interview with Thinking Crypto, he said that currently, the prevailing narrative suggests that Litecoin may be in a better position to receive approval, as it’s seen as similar to Bitcoin. Bitcoin is categorized as a non-security commodity, and there are no major legal challenges involving Litecoin at this moment, making it an attractive option for approval.Will XRP ETFs Debut Soon?However, the situation is different for XRP, as it is embroiled in ongoing legal issues. This adds a layer of complexity to the potential approval for spot ETFs. Despite these challenges, Geraci believes that all options are still on the table. The key factor will be how quickly the SEC can resolve questions about which cryptocurrencies are classified as securities versus commodities.Timeline Remains UncertainWith the recent transition in SEC leadership, under new Chairman Paul Atkins, it remains to be seen what his priorities will be. Geraci remains optimistic but notes that crypto will likely be a key focus, though the timeline is uncertain.For spot crypto ETFs to be approved, there is no specific requirement for the underlying asset to have an existing futures market, despite Bitcoin and Ethereum taking that route. The crucial element is a “surveillance sharing agreement” with a regulated market of significant size. This agreement ensures that market activities can be monitored effectively. In summary, while it’s not guaranteed, Geraci believes that additional spot crypto ETFs—including those for XRP, Solana, and Litecoin—are likely in the future.Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. Daily Get real-time crypto news, market insights, and blockchain updates. Weekly Stay updated with major trends, funding news, and price analysis. Monthly Receive a detailed report with market analysis and expert predictions.