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SEC's Potential Approval Could Ignite Solana and Other Altcoins with New ETF Listings

Bitwise's Chief Investment Officer, Matt Hougan, anticipates a surge in altcoin ETF approvals by October due to new SEC regulations.

These regulations could shorten the necessary approval period for ETFs from 240 days to just 75 days.

Issuers meeting certain criteria would also no longer require further approvals, facilitating a smoother launch process.

Hougan highlighted that cryptocurrencies like Solana (SOL), XRP, and Chainlink (LINK) are prime candidates for upcoming ETFs.

In addition to these, he mentioned other notable cryptocurrencies such as Cardano (ADA), Avalanche (AVAX), and Dogecoin (DOGE) that could qualify for SEC approval.

The SEC's proposed rule change for crypto ETP listings was first introduced in July.

Should these new rules pass, traditional asset managers are expected to enter the ETF market, further boosting the sector.

Hougan believes that the introduction of these ETFs could significantly energize the cryptocurrency market.

He is optimistic about a year-end rally driven by these potential changes.

The anticipated approval of altcoin ETFs could mark a pivotal moment for the crypto landscape, especially for assets like Solana.