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Bloomberg analyst James Seyffart presents potential timelines for the approval processes of exchange-traded funds (ETFs) related to cryptocurrencies such as Solana 
$172 (SOL), XRP, Litecoin (LTC), and Hedera (HBAR). As regulatory discussions intensify in the United States, Seyffart anticipates that approval decisions for these ETFs may extend into late 2025.
Approval Challenges for Crypto ETFs
Seyffart noted the difficulty of obtaining approval for altcoin ETFs due to previous decisions made by the SEC (Securities and Exchange Commission). He emphasized that the approvals of Bitcoin 
$103,556 and Ethereum 
$2,377 ETFs are linked to regulated futures markets operated by the CME. However, the absence of such markets for many altcoins like SOL and XRP could hinder the ETF evaluation process.
“Without a significant regulated market, the SEC has historically rejected altcoin ETF applications,” – Seyffart.
Despite companies like WisdomTree and 21Shares submitting XRP ETF applications, Seyffart indicated that current regulations do not permit the launch of these products. Issues such as market manipulation, custody, and compliance need to be addressed.
The Role of Index and Basket ETFs
Seyffart also commented on the potential for multi-index ETFs that include BTC, ETH, and other cryptocurrencies. He noted that products like Grayscale’s GDLC and Bitwise’s Crypto 10 Index may be less affected by regulatory issues due to their substantial investments in Bitcoin and Ethereum.
However, he added that the SEC’s approval of these products will depend on whether the agency views smaller altcoin investments as compliant with existing regulations. Seyffart expressed hope that the approval process for altcoin ETFs may accelerate with a new SEC administration, although he does not feel certain about this outcome.
