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Solana (SOL) and XRP could be possible ETF candidates, says Standard Chartered

With the approval of a major filing in the race to launch a spot ether (ETH) exchange-traded fund (ETF), industry leaders are already wondering which cryptocurrency could be next.

Standard Chartered (STAN) said it believes Ripple’s Solana (SOL) or XRP could be the next contenders, but not until 2025.

“For other coins (e.g. SOL, XRP), markets will also look towards their eventual ETF status, although this is likely a 2025 story, not a 2024 one,” said analyst Geoffrey Kendric. “For now, bitcoin and ether dominance will increase, and there will also be selective ‘next in line’ winners.”

The Securities and Exchange Commission (SEC) on Thursday approved Forms 19b-4 filed by potential issuers. While this is an important step in the race to launch a spot ether ETF, it is only one of two ways that needs regulatory approval.

The SEC could take weeks, if not months, even potentially indefinitely, to approve the S-1 document, which so far has only been filed by a few potential issuers.

Several industry experts have suggested that SOL would be a logical choice for a third ETF, given its similarities to Ethereum.

Brokerage firm Bernstein said in a note on Thursday that given Ethereum’s classification as a commodity, the token could follow a similar path. Solana is the third largest cryptocurrency after bitcoin and ether by market capitalization. This excludes the stablecoin Tether (USDT) and Binance Coin (BNB).

CORRECTION (May 24, 2024, 15:14 UTC): Fixes XRP ticker symbol in title.

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