Source: Cointelegraph
Original: “SEC Delays Decision on Solana (SOL) Spot ETF, Approvals for Polkadot (DOT) and XRP Coming Soon”
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the spot Solana exchange-traded fund (ETF) proposal, shifting the cryptocurrency industry's focus to the upcoming approval deadlines for Polkadot and XRP base ETFs in June.
According to documents released by the U.S. securities regulator on May 13, the SEC has postponed its decision on Grayscale's spot Solana (SOL) Trust ETF listing application on the New York Stock Exchange (NYSE) until October 2025.
The SEC's delay on the Grayscale Solana (SOL) exchange-traded fund (ETF) decision comes a week after the SEC postponed its review of the Canary Capital Litecoin (LTC) exchange-traded fund (ETF), as noted by Bloomberg Intelligence analyst James Seyffart in a post on the X platform on May 5.
Spot exchange-traded funds (ETFs) are seen as key drivers for enhancing digital asset liquidity and institutional adoption. For Bitcoin (BTC), the U.S. spot Bitcoin ETF is estimated to have accounted for 75% of new investments after its launch, significantly propelling BTC to break the critical $50,000 level again in February 2024 (one month after the ETF began trading).
According to Ryan Lee, Chief Analyst at Bitget Research, who spoke to Cointelegraph, although the Solana ETF may only attract a small portion of the inflows seen by the Bitcoin ETF, it is expected to enhance Solana's institutional adoption in the long run by providing "regulated investment channels," and such investment tools could still attract billions of dollars in capital.
Despite the SEC's recent announcement of the approval delay, most investors remain optimistic that the SOL ETF will receive approval by the end of 2025.
Investors are predicting an 82% chance for a SOL ETF approval and an 80% chance for a Litecoin ETF approval before the end of the year, according to data from Polymarket, the largest decentralized betting platform.
Several other crypto ETF applications are approaching SEC deadlines in June.
The SEC will decide on Grayscale’s Polkadot (DOT) ETF by June 11, and 21Shares’ Polkadot ETF on June 24, according to a court filing from the SEC.
On June 17, the SEC is set to make a decision on Franklin Templeton’s spot XRP (XRP) ETF and Bitwise’s spot Dogecoin (DOGE) ETF, official filings show.
However, those decisions may also be delayed. The SEC typically takes full advantage of its 240-day review period when evaluating crypto-related financial products, as seen in its handling of the Bitcoin and Ether (ETH) ETF applications in 2023 and 2024.
According to data from Polymarket, the largest decentralized betting platform, investors predict an 82% chance for a SOL ETF approval and an 80% chance for a Litecoin ETF approval before the end of the year.
Several other cryptocurrency ETF applications are approaching the SEC's deadline in June.
According to court documents from the SEC, the regulator will make a ruling on Grayscale's Polkadot (DOT) ETF on June 11 and will decide on 21Shares' Polkadot ETF application on June 24.
Official documents indicate that the SEC plans to make a final ruling on Franklin Templeton's spot XRP (XRP) ETF and Bitwise's spot Dogecoin (DOGE) ETF applications on June 17.
However, these decisions may still face delays. The SEC typically fully utilizes its 240-day statutory review period when evaluating cryptocurrency-related financial products, as has been clearly demonstrated in its handling of Bitcoin and Ethereum (ETH) ETF applications in 2023 and 2024.
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