CME Group Denies XRP and Solana Futures Plans, Cites Error

The Chicago Mercantile Exchange (CME) Group has dismissed rumors of plans to launch futures contracts for XRP and Solana (SOL). The clarification comes after details about potential contracts were mistakenly displayed on a beta version of the exchange’s website.

CME Beta Website Error Sparks Speculation on Solana, XRP

On January 22, the CME Group’s website, which is still in its beta stage. They posted information on futures contracts for XRP and Solana. The page outlined contract terms and conditions and the tentative launch for 10 February. It was said to be contingent on the approval of the regulators.

The information was deleted shortly after, but not before screenshots were captured by users of the cryptocurrency community. Later, CME released an official statement saying that the details that were published were not supposed to be.

”An incorrect version of our website’s home page was posted briefly this morning, which was a beta version,” said the spokesperson in the statement given to reporters. Among those are the many mock-ups that are part of that test environment. None of the options have been implemented for XRP or SOL futures contracts.”

CME Group’s Crypto Offerings and Regulatory Oversight

CME is one of the biggest derivatives marketplaces worldwide, and has been instrumental in the futures of cryptocurrencies. It started trading in Bitcoin futures in December 2017 and followed with Ether futures in February this year. It has also introduced micro contracts for the two assets to help attract more investors especially the small ones.

Nonetheless, CME Group has provided clarification that it only offers cryptocurrency products limited to Bitcoin and Ether and its derivatives which are still allowed by the CFTC. Any new addition to its crypto futures products would be subject to approval from relevant authorities.

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Several ETF providers have also submitted their applications to the SEC to list XRP and Solana ETFs. However, all these applications are still pending before the regulatory body and the body has not made any decision concerning them.

Market Reaction and Speculation for Solana and XRP

The leak of the beta page created a response in the cryptocurrency market right away. This sparked rumors that both XRP and Solana were acquired and as expected, both the assets dipped slightly in value.

Solana was at $243.61 at the time of reporting, which was 4.40% down in the last 24 hours. XRP was trading at $3.06 at the end of the period which was 2.48% less than the price at the beginning of the period.

Nevertheless, CME dismissed the rumor, but some market players became more hopeful about introducing new futures products. Nate Geraci, President of the ETF Store, commented on the increased demand for cryptocurrency futures. “So CME confirms that the beta version of the website that has been circulating out there is real,” he stated on X.

Others observers also indicated that there could be more applications for a cryptocurrency ETF. As reported by Bloomberg’s Eric Balchunas, the number of applications for new ETFs has almost doubled since Gary Gensler left the SEC chair.

Growing Interest in Cryptocurrency Regulation

The crypto industry is experiencing increased focus from the regulatory bodies especially with the coming back of Donald Trump as the US president. His administration is considered as being more friendly towards the growth of cryptocurrencies.

CME Group’s error has therefore happened at a time when there is increasing confidence in the possibility of getting approval for new virtual commodity products. XRP is under focus by investors especially after the SEC recently signaled that it may withdraw the appeal it had filed against Ripple.

The price of Solana is also of interest to traders due to potential approval of an ETF which may lead to an increase in price. The asset  is currently changing hands at $240, after a downward correction from its all-time high of $294.