In a notable event for the cryptocurrency sector, the Nasdaq Stock Exchange has filed an application with the SEC for listing Grayscale's Hedera ETF. This marks the second stage in the approval process for cryptocurrency ETFs.
Steps in Hedera ETF Approval
Nasdaq's filing for Grayscale follows a similar application by Canary Capital for a spot Hedera ETF. Bloomberg's expert Eric Balchunas indicated that Hedera and Litecoin are the altcoins most likely to receive SEC approval.
Reasons for the Rise in Altcoin ETF Applications
The U.S. has recently seen a surge in altcoin ETF submissions. Anticipation of a more crypto-friendly landscape, especially with the potential re-election of Donald Trump, has driven the influx of new filings. ETFs have been proposed for various altcoins beyond Bitcoin and Ethereum, including Solana, XRP, and Dogecoin.
Market Awaits New ETF Decisions
Earlier today, the NYSE submitted a form for Bitwise's Dogecoin ETF with the SEC, with a 75% approval chance predicted. As the regulatory framework becomes clearer, the cryptocurrency community is keenly watching for updates on new altcoin ETFs.
The SEC's decision on ETF applications will be a pivotal moment for the crypto market, shaping its future development and altcoin adoption.
