Tuttle Capital Administration has filed for a number of unique leveraged cryptocurrency ETFs which are seemingly meant to check the boundaries of the brand new SEC management.
It has proposed ten 2X lengthy ETFs for such cryptocurrencies as XRP, Cardano (ADA), and the Solana-based Bonk (BONK) meme coin.
As reported by U.Right this moment, analyst Nate Geraci stated that he was anticipating one other wave of cryptocurrency ETF filings this week.
Final week, Rex Monetary filed for a Dogecoin ETF. Bitwise, the main crypto index fund supervisor, has additionally registered a brand new authorized entity in Delaware forward of presumably submitting its personal prospectus for such a spot ETF.
On line casino-like hypothesis
Not everyone seems to be a fan of meme coin ETF filings. Based on a latest report by the Monetary Instances, there are rising issues about such rampant hypothesis.
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Bryan Armour of Morningstar advised the outlet such merchandise could be extra appropriate for a on line casino than US capital markets provided that playing seems to be their solely use case.
Final yr, the SEC greenlit spot Bitcoin and Ethereum ETFs. These cryptocurrencies already had futures-based merchandise previous to this. Nevertheless, as Armour factors out, there are not any futures markets for among the unique meme cash that now have their very own ETF filings.
Notably, Geraci didn’t fully rule out the approval of such unconventional meme coin ETFs, telling the Monetary Instances that “something is feasible.”
As reported by U.Right this moment, Republican SEC Commissioner Mark Uyeda not too long ago took the reins of the company as its new appearing chairman. Former Commissioner Paul Atkins will spearhead the SEC as soon as he will get confirmed by the Senate.