BlackRock likely to file for Solana and XRP ETFs: ETF Store president

Geraci predicted that BlackRock will file suit soon, and Ripple could file suit after the SEC settles its suit.Institutional demand for Solana and XRP ETFs could be significant. The SEC has already received applications from several asset managers, including Grayscale, Bitwise, Franklin Templeton, VanEck, Canary Capital, and 21Shares.

Despite the growing interest in XRP ETFs, the regulatory status of XRP is still unknown. In 2020, the SEC sued Ripple Labs, reportedly because XRP was offered for sale as an unregistered security.

In July 2023, a judge ruled that institutional sales of XRP are considered unregistered securities offerings, but the tokens are not necessarily securities when traded in secondary markets. However, as the SEC continues its legal battle, the case could be resolved soon.

According to a March 12 report by Fox Business journalist Eleanor Terrett, the SEC and Ripple are currently working on a settlement. Settlement talks reportedly focus on adjusting the fine and aligning it with recent SEC policy changes.

Given the broader push for regulatory clarity in the crypto sector, Terrett said ongoing discussions center on whether Ripple should still be fined under the SEC’s new leadership. If XRP is reclassified as a commodity, that could increase the chances of the ETF being approved.