The United States Securities and Exchange Commission (SEC) has delayed its decision about the Franklin XRP ETF and Franklin Solana ETF. The Regulatory Agency of Securities requested the members of the public to comment on the proposed rule changes to state both spot ETFs in the coming four weeks.
When does the SEC Spot Solana ETFs approve
According to James Seyffart, an ETF analyst from Bloomberg, the delay of the US SEC on Spot Solana and XRP ETFs was no surprise on Tuesday. Moreover, in the recent past, the agency has postponed other Altcoins Spot ETF applications.
However, as Coinpedia reported, the American SEC actively called in the fund managers who want to offer spot Solana ETFs in the past two weeks. Consequently, the chance of approval of Spot Solana ETF has risen considerably before the end of the year.
“I would not be completely shocked if we see approvals for Solana ETFs in the following month or so. But it would not surprise me if we had to wait until the last deadline in October. Timeline is unknown,” Seyffart noted.
Market effect
The constant delay on the final decision for the Altcoins Spot ETFs will further delay the long -awaited altiation season from 2025. Moreover, the traditional crypto -condant rotation from Bitcoin to the Altcoins was disrupted by the approval of Spot Bitcoin and Ethereum ETFs in the United States last year.
The American SEC, however, will eventually approve the spot Solana and XRP ETFs, especially after Canada has approved its first spot -Sol ETF. Moreover, the demand for Solana by institutional investors has increased considerably in the past year, led by SOL strategies.