big deal for altcoin crypto ETFs? Bloomberg senio

big deal for altcoin crypto ETFs?

Bloomberg senior ETF analysts Eric Balchunas and James Seyffart acknowledged the update. In fact, Seyffart hailed it as a “pretty big deal,” saying,

“This is the framework and generic listing standards we’ve been looking for with regard to digital assets in an ETF wrapper. This is a pretty big deal.”

For perspective, spot Bitcoin [BTC] and Ethereum [ETH] ETFs were approved after launching CME Futures. 

But Coinbase derivatives have more altcoins than CME Futures, hence it will also be considered for spot ETF approvals, added Balchunas. 

Since Futures trading is under the CFTC (Commodity Futures Trading Commission), the agency will have a bigger say on what will be approved by the SEC, noted Seyffart. 

That said, from a Futures trading perspective, SOL began trading on CME Futures on the 17th of March, while XRP followed later on the 19th of May this year.

If the new General Listing Standard (GLS) rules were to be applied as they are, spot SOL ETF approval could happen earlier (September 17) than XRP, added Xethalis