Currently, the leading cryptocurrency is experiencing a downturn due to unexpected outcomes from JOLTS and trade tension, even as the price hovers around $105,700. Despite this, altcoin investors have reason to remain optimistic, as favorable news could soon emerge. Eleanor recently shared a significant piece of information that has intrigued the crypto community.
Possible Approval for Altcoin ETFs
The new SEC administration is markedly different from the previous one under Gensler, showing a friendliness toward cryptocurrencies rather than opposition. They do not perceive all altcoins as securities and have wrapped up non-fraud-related crypto cases. Given that Gensler’s administration approved ETFs for BTC and ETH, speculations are rising about what this crypto-friendly administration might achieve.
It is anticipated that the new administration may approve altcoin ETFs in bulk. Eleanor’s recent insights suggest that a joyful announcement could be on the horizon, as new standards are under development.
“The SEC is in the early stages of creating a general listing standard for token-based ETFs in coordination with exchanges. As I understand it, if the token criteria are met, issuers can skip the 19b-4 process, fill out an S-1 form, wait 75 days, and the exchange can list the token. This approach could save both issuers and the SEC from a lot of paperwork and back-and-forth comments.”
Although the specifics of these listing standards remain uncertain, it is speculated that factors such as market capitalization, trading volume, and liquidity might be considered. For now, the SEC is choosing not to comment on the matter.
In conclusion, with the prospect of favorable altcoin ETF regulations, the cryptocurrency market could be on the cusp of an exciting development. This potential shift signals not just regulatory adaption but also an evolution in how cryptocurrencies integrate into the broader financial ecosystem.
