While investors await new crypto ETFs following the approval of Bitcoin and Ethereum-based funds, companies are starting to take steps for creating other ETFs.
New Initiatives for Crypto ETFs
In anticipation of new crypto ETFs, companies like Solana, XRP, and Litecoin have filed applications. CME Group's Senior General Manager Tim McCourt commented on this at the Ripple Swell 2024 event.
Comments from CME Group
Speaking at Ripple Swell 2024, Tim McCourt stated that CME Group has already laid the groundwork for creating an XRP-based ETF by designing a reference rate and real-time index.
The Importance of Reference Rates and Indexes
McCourt noted that CME has over 50 real-time prices and reference rates, which are important for product providers like Bitwise because they offer a regulated benchmark for new products.
McCourt's statements come as Canary Capital files another XRP ETF application with the SEC, highlighting the acceleration of the crypto industry's growth due to ETFs.