Altcoin ETFs like XRP, Solana (SOL), and Litecoin (LTC), which were expected to receive SEC approval in October, have been delayed due to the government shutdown in the US.
While the US government shutdown is expected to end in a few weeks, there was great activity on the ETF front last night.
Accordingly, news came that SOL, LTC and HBAR ETFs will be launched on October 28-29.
According to Bloomberg ETF analyst Eric Balchunas, the Bitwise SOL ETF, Canary LTC ETF, and HBAR ETF are scheduled to list on October 28, while the Grayscale SOL ETF is scheduled to list on October 29.
The New York Stock Exchange (NYSE) has approved the 8-A filings for Bitwise's spot Solana ETF and Grayscale's GSOL conversion. Bitwise's SOL ETF will launch tomorrow, while Grayscale's GSOL will launch on Wednesday.
Balchunas added that the listings will proceed unless the US Securities and Exchange Commission (SEC) intervenes at the last minute.
Additionally, Canary Funds CEO Steven McClurg said in a statement, “After Ethereum ETFs, Litecoin and Hedera will be the next altcoin ETFs. We are ready to launch tomorrow.”
News of the altcoin ETF has raised questions about how such a move could be possible during the ongoing US government shutdown. According to crypto journalist Eleanor Terrett, this is due to a special clause added to the funds' S-1 registration documents. This clause allows the ETF application to automatically take effect 20 days after it is filed. While SEC approval is normally required, this provision allows the process to be completed automatically even during the government shutdown.
Why Isn't XRP Available?
As the cryptocurrency market prepares for new altcoin ETF launches, XRP investors have been disappointed once again. Among the altcoins expected to launch today and tomorrow were LTC, SOL, and HBAR, but XRP was not included.
Legal expert Bill Morgan, commenting on this issue, stated that delays regarding XRP have become a recurring theme and that XRP continues to be excluded from important developments.
“I had a strong feeling that XRP Spot ETFs weren't going to be next. There are always delays when it comes to XRP. They always lag behind.”
Morgan finally stated that XRP wouldn't be affected by ETF approvals. He stated that XRP's price generally reflects Bitcoin's movements, and argued that if Bitcoin falls, even if multiple ETF approvals are received, the XRP price won't rise.
“I don't think it will have a huge impact on the price. I'll say it again, XRP price action largely follows Bitcoin price action. Even if a 100 XRP ETF gets approved on the same day that Bitcoin price drops 10%, you'll see an even bigger drop in XRP price.”
*This is not investment advice.
