The U.S. Securities and Exchange Commission (SEC) has postponed its decision on the XRP ETF and Solana fund from Franklin. The agency is seeking community feedback on proposed regulatory changes to list both spot ETFs in the next four weeks.
When will the SEC approve the Solana spot ETF?
According to James Seyffart, an ETF analyst at Bloomberg, the U.S. SEC's delay regarding the spot XRP and Solana ETFs on Tuesday was not surprising. Furthermore, the agency has continually postponed applications for ETFs from other altcoins recently.
However, as TinTucBitcoin reported, the U.S. SEC has been actively engaging with fund managers over the past two weeks to promote the approval of the Solana spot ETF. This has increased the likelihood of approval before the end of the year.
"I wouldn't be entirely surprised if we see the SEC approve the Solana ETF next month. But the possibility of having to wait until the end of October cannot be ruled out. The timing is still uncertain," Seyffart noted.
Impact on the market
The delay in the final decision on altcoin spot ETFs will extend the anticipated "altcoin season" into 2025. Moreover, the flow of capital from Bitcoin to altcoins in the traditional crypto space has been affected by Canada approving Bitcoin and Ethereum spot ETFs last year.
However, the U.S. SEC will ultimately approve the Solana and XRP spot ETFs, especially after Canada licensed the first SOL spot ETF. Notably, institutional interest in Solana has surged over the past year, led by SOL strategies.
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Source: https://tintucbitcoin.com/sec-hoan-quyet-dinh-ve-etf-xrp-solana/
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