{"id":3725,"date":"2024-07-26T06:33:46","date_gmt":"2024-07-26T06:33:46","guid":{"rendered":"https:\/\/solanacrypto.news\/2024\/07\/26\/blackrock-crypto-chief-denies-chances-of-solana-xrp-etf-approval\/"},"modified":"2024-07-26T06:33:46","modified_gmt":"2024-07-26T06:33:46","slug":"blackrock-crypto-chief-denies-chances-of-solana-xrp-etf-approval","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2024\/07\/26\/blackrock-crypto-chief-denies-chances-of-solana-xrp-etf-approval\/","title":{"rendered":"BlackRock Crypto Chief Denies Chances Of Solana, XRP ETF Approval"},"content":{"rendered":"
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While speaking on the inaugural day of the Bitcoin Conference 2024, BlackRock Head of Digital Assets Robert Mitchnick poured cold water on the hopes of more crypto ETFs, including Solana and XRP, in the future. This is contrary to several crypto experts believing that the spot Ether ETF approval would open gates for more altcoin ETFs in the future.<\/p>\n

BlackRock Crypto Chief Is Negative on More Crypto ETFs<\/h2>\n

Robert Mitchnick, who leads the digital assets division of BlackRock stated that chances of exchange-traded-funds (ETFs) that track other crypto assets like Solana\u2019s SOL, Ripple\u2019s XRP, etc are low. He further explained his rationale during his interview with Bloomberg\u2019s James Seyffart at the Bitcoin Conference<\/a>. Mitchnick said:<\/p>\n

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\u201cI don\u2019t think we\u2019re going to see a long list of crypto ETFs. If you think of Bitcoin, today it represents about 55% of the market cap. ETH is at 18%. The next plausible investible asset is at, like, 3%. It\u2019s just not close to being at that threshold or track record of maturity, liquidity, et cetera.\u201d<\/p>\n<\/blockquote>\n

However, he makes it clear that crypto as an asset class is not going anywhere and that more financial firms will get an opportunity to compete in the crypto space. On the other hand, its competitors like VanEck have already made the first move towards Solana ETFs<\/a>.<\/p>\n

On the other hand, the spot Ether ETFs<\/a> have been having a dull start after launch. These products have recorded two consecutive days of outflows with Grayscale\u2019s ETHE bleeding heaving. Besides, BlackRock is holding the other hand trying to keep the inflows coming.<\/p>\n

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Mitchnick added that despite the lack of clarity on crypto regulations<\/a> from the U.S. Securities and Exchange Commission (SEC), the regulator still wants to draw the line somewhere. He pointed out that the SEC wasn\u2019t comfortable with spot Ether ETFs offering a staking facility.<\/p>\n

Also Read: BlackRock Ethereum ETF Wallet Gets 76,669 ETH From Coinbase<\/a><\/p>\n

Nate Greaci Rejects Mitchnick\u2019s Views<\/h2>\n

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ETH Store President Nate Geraci stated that he completely disagrees with Mitchnick\u2019s views. Geraci pointed out Europe where ETPs for altcoins like Solana, XRP, and Cardano, are already there in the market. \u201cOnly need to look over to Europe to see SOL, XRP, ADA, etc. ETPs. Surprised BlackRock would say this,\u201d he added.<\/p>\n

Commenting on the regulatory front, Geraci stated that the introduction of similar products in the US would certainly require regulatory changes, however, he continues to be optimistic on that front.<\/p>\n

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills. <\/p>\n<\/p><\/div>\n

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