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Chances For Solana, Cardano ETFs Increasing, Says Tether Co-Founder
- Ethereum ETFs expected to launch in early July, following regulatory approvals.
- Leaders from Ripple and Tether endorse expanding ETFs to include altcoins like XRP, Solana, and Cardano.
- Wall Street’s appetite for crypto grows, driven by a pursuit of risk and potential returns, but sustainability concerns loom.
D-day for Ethereum exchange-traded funds (ETFs) to start trading in the US is nearing – with some analysts expecting early July as the commencement day.
But it’s not only ETH ETFs that pundits are holding their breath for. In late May, Ripple CEO Brad Garlinghouse threw his support behind XRP, Solana and Cardano funds. And now, Tether co-founder William Quigley has added to the anticipation, saying a SOL or ADA ETF could soon be a reality.
Related: ASX Approves Its First Ever Bitcoin Spot ETF, VanEck’s Product Set Launch This Week
Wall Street Is Greedy, Says Tether Co-Founder
Quigley told Decrypt that Wall Street has just begun showing its appetite for crypto, adding, “Wall Street is greedy. Every time Wall Street packages a new product to sell to consumers, if that product is successful, you can guarantee there will be copycats”.
He also highlighted that without a Spot Bitcoin ETF approval there would be no further such funds.
There would be no ETFs if the Bitcoin ETF had failed.
William Quigley Quigley’s comments echo earlier remarks made by Anthony “Pomp” Pompliano, who spoke on Wall Street’s greed, saying there was great appetite for altcoins.
Pomp said that TradFi loves crypto due to an obsession with risk, and risk equals liquidity, which is how Wall Street makes money.
They [Wall Street] are not as risk averse as you think. Wall Street is just addicted to risk. Why? Risk has volatility and volatility means that maybe there can be returns there for the big institutional investors.
Anthony Pompliano It’s Not All Sunshine and Roses, Explains Quigley
But that is not to say that the altcoin party will continue forever. Quigley believes that once there is a large pullback and interest wanes, some fund managers will be forced to close down trading of their products.
Then, you’ll see some of those ETFs shut down by the firms who launched them due to lack of demand.
William Quigley Since approval in January, the US Spot Bitcoin funds have attracted large volumes of fund inflows making them among the fastest growing ETFs of all time. Some of the largest institutional holders include state pension funds like the Wisconsin State Investment Board, which allocated close to US$150 Million (AU$227 Million) into BTC funds.
Related: Major Banks in France, Canada, Switzerland Report Exposure to Bitcoin ETFs
Industry experts expect the Ether fund approvals in early July, as 19b-4 forms were approved in late May.
The S-1 approvals are the last hurdle and would allow trading of these funds in the US.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
