Connect with us

Regulation

XRP, SOL, SHIB ETF’s Unlikely to See SEC Approval: JPMorgan

Published

6 months ago

on


While there have been recent positive developments in the space of crypto ETFs, including the approval of 8 Ethereum ETFs, JPMorgan is still doubtful about the chances of the US SEC approving similar ETFs for Solana (SOL), XRP, and Shiba Inu (SHIB).

JPMorgan Stance on Crypto ETF’s Approvals

Nikolaos Panigirtzoglou, a managing director and global market strategist at JPMorgan, said that the recent decision of the SEC to approve Ethereum ETFs was ‘’stretched’’ especially given the on-going debate on whether Ethereum should be classified as a security.

Panigirtzoglou stated that as the SEC classifies most other cryptos as securities, it is unlikely that ETFs related to Solana and Shiba Inu will be approved anytime soon.

”We don’t believe that the SEC would go even further by approving Solana or other token ETFs given the SEC has stronger (relative to Ethereum) opinion that tokens outside bitcoin and Ethereum should be classified as securities,” he explained.

As Panigirtzoglou pointed out, the likelihood of more such products receiving SEC approval depends on US lawmakers enacting legislation that asserts that most cryptos are not securities, which does not have legislative backing at the moment.

Are XRP, SHIB ETF’s Looming?

At the same time, the Shiba Inu community is making progress in the creation of a specific ETF. According to a Shytoshi Kusama, who is credited with involvement in the Shiba Inu ecosystem, took to social media platform X to congratulate Ethereum on its ETF approval while suggesting the possibility of a SHIB ETF.

Moreover, on February 25, a petition was filed on change.org urging Grayscale Investments CEO Michael Sonnenshein to consider launching a Shiba Inu-specific ETF. This has come at a time when there is increasing demand for ETFs that track various cryptos, such as Solana and XRP.

Similarly, Ripple (XRP) investors are closely observing the ongoing case between SEC and Ripple, which is crucial for the further development of XRP-based financial instruments. However, there are still legal issues that cloud the possibility of an XRP ETF, but the company’s head, Brad Garlinghouse, is confident about its potential.

On the other hand, other analysts, such as Geoffrey Kendrick from Standard Chartered, hold the opinion that the SEC does not consider tokens like XRP as securities because they are based on technological similarities to ETH.

Concurrently, after the approval of Ethereum ETFs, debates about the future of ETFs for other cryptocurrencies, such as Solana and XRP, have arisen. A poll conducted by an XRP Ledger validator revealed that 66% of the participants expect the SEC to approve an XRP ETF by 2025. This view is supported by Standard Chartered who expects approval of both the SOL and XRP ETFs by the same year.

Read Also: Polygon Price Analysis Hints Major Reversal to $1.5 As Buyers Hit Key Resistance

✓ Share:

Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Regulation

“Crypto Dad” Chris Giancarlo Emerges Top For White House Crypto Czar Role

Published

5 hours ago

on

November 22, 2024

By


Chris Giancarlo, widely known as “Crypto Dad,” has emerged as the leading candidate for a newly proposed role of crypto czar in the White House under President-elect Donald Trump’s administration. The potential appointment underscores a strategic effort to advance crypto regulations and foster blockchain innovation in the United States.

This proposed position would be the first of its kind in the White House, aiming to bring clarity to the growing $3 trillion digital asset market. Chris Giancarlo, the former Chair of the Commodity Futures Trading Commission (CFTC), is known for his progressive approach to digital currencies and blockchain technologies.

Chris Giancarlo Leads Race for White House Crypto Czar Role Under Donald Trump

According to a Fox Business report, Chris Giancarlo is the top contender for the position of White House crypto czar, a role being considered by the Trump transition team to streamline crypto regulations and foster blockchain development.

As CFTC Chair from 2017 to 2019, Chris Giancarlo oversaw critical advancements in the digital asset space. This includes the launch of the first Bitcoin futures. He later co-founded the Digital Dollar Project, a nonprofit initiative exploring the potential of a U.S. central bank digital currency (CBDC). Giancarlo’s regulatory expertise and understanding of digital innovation position him as a key figure in shaping the future of the crypto sector.

The Trump administration aims to utilize this position to address industry concerns over the Biden administration’s perceived heavy-handed enforcement. The crypto czar would also collaborate with federal agencies to establish a framework for the $180 billion stablecoin market and enhance the overall regulatory landscape for blockchain and digital currencies.

Trump’s Strategic Approach to Digital Asset Policy

President-elect Donald Trump has expressed plans to make the U.S. a global leader in cryptocurrency and blockchain innovation. Part of this strategy includes appointing a crypto czar to advance policies to support the industry’s growth.

Trump has also proposed the establishment of a presidential crypto advisory council to address ongoing regulatory challenges. This initiative aims to align federal policies with industry needs, fostering a competitive environment for blockchain businesses. The council will explore the creation of a Bitcoin reserve as part of the administration’s broader crypto policy agenda.

The transition comes as current SEC Chair Gary Gensler announced his resignation effective January 20, 2025, coinciding with Trump’s inauguration. Gensler faced criticism during his tenure for his enforcement-driven approach to crypto regulations.

Amid speculation, Chris Giancarlo clarified that he is not pursuing the SEC Chair role. Giancarlo said in a recent statement,

“I’ve already cleaned up earlier Gary Gensler mess at the CFTC and don’t want to have to do it again.”

His focus remains on advancing crypto-friendly policies through a potential new role. According to the report, the “Crypto Dad” stated,

“I would be honored to be considered for the role.”

The creation of the crypto czar position could mark a pivotal moment in the evolution of U.S. crypto policy. With Chris Giancarlo leading the race, the industry anticipates advancements in crypto regulations under the new administration.

✓ Share:

Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Regulation

UK to unveil crypto and stablecoin regulatory framework early next year

Published

8 hours ago

on

November 21, 2024

By


UK to unveil crypto and stablecoin regulatory framework early next year
  • The UK will introduce unified crypto regulations, including stablecoins, in early 2025.
  • New rules aim to simplify oversight and avoid restrictive staking classifications.
  • Labour government aims to compete with EU’s MiCA rules and US pro-crypto policies.

The United Kingdom is set to introduce a comprehensive regulatory framework for cryptocurrencies, stablecoins, and crypto staking services in early 2025, marking a pivotal shift in its approach to digital assets.

The announcement was made by the Economic Secretary to the Treasury Tulip Siddiq at City & Financial Global’s Tokenisation Summit in London on November 21.

Initially slated for December 2024, the regulatory rollout was delayed due to the change in government following the election of Prime Minister Keir Starmer’s Labour administration in July 2024.

The upcoming UK crypto regulatory framework

The upcoming framework consolidates regulations for crypto assets into a single, overarching regime, a decision Siddiq described as “simpler and more logical.”

The framework aims to provide clarity in a rapidly growing sector that has faced uncertainty in the UK.

Stablecoins will receive distinct treatment under these regulations, as their functionality does not align with existing payment services rules.

Siddiq highlighted that staking services would also avoid being designated as “collective investment schemes,” a classification that could impose burdensome restrictions.

UK aims to align with the global crypto regulatory landscape

The UK government’s renewed focus on digital asset regulation comes as it seeks to align with global developments. The European Union’s Markets in Crypto-Assets (MiCA) regulations will be fully enforced by the end of 2024, offering regulatory certainty that has positioned Europe as an attractive market for the crypto industry.

Meanwhile, the US, under President Donald Trump’s administration, has adopted a markedly pro-crypto stance, including the establishment of a White House “crypto czar” and SEC Chair Gary Gensler’s planned departure in January 2024.

The Labour government has shown its intent to catch up with international competition. In September 2024, it introduced a bill recognizing NFTs, cryptocurrencies, and carbon credits as property.

The new regulatory push reflects the UK’s ambition to regain credibility as a crypto hub while addressing criticisms of the Financial Conduct Authority’s perceived stringent oversight.

By delivering a robust, streamlined framework, the Labour government aims to bolster the UK’s standing in the multibillion-dollar crypto industry.

Share this article
Categories
Tags



Source link

Continue Reading

Regulation

Gary Gensler To Step Down As US SEC Chair In January

Published

11 hours ago

on

November 21, 2024

By


In a recent development, the US Securities and Exchange Commission (SEC) announced that Gary Gensler will step down from his position next year. This follows calls for Gensler to resign since Donald Trump won the US presidential elections.

Gary Gensler To Step Down As US SEC Chair

The US SEC announced in a press release that Gary Gensler will depart the Agency on January 20, 2025. The US SEC Chair also confirmed this development in an X post. Interestingly, this comes on the same day that Donald Trump will be inaugurated as the 47th president of the United States.

Following the announcement, Gensler also used the opportunity to reflect on his time at the Commission. He remarked that it has been an “honor of a lifetime” to serve alongside those at the SEC. He also thanked President Biden for the opportunity to serve in the position. Gensler has been the US SEC Chair since April 2021. During his time, he has spearheaded several litigations against the crypto industry.

This includes the long-running legal battle with Ripple, which Gensler took over from his predecessor Jay Clayton, which bordered on whether XRP was a security. Up till now, the Agency continues to reiterate this ‘digital asset securities’ claim.

✓ Share:

Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io