Forecasted Probability of ETF Approval for LTC and SOL Increased to 90% by Bloomberg Analyst
💖💫 Let's dive into the crypto world: 💫💖
It's all buzzing in the crypto realm as we inch closer to finding out which altcoin Exchange-Traded Funds (ETFs) will win the green light from the U.S. Securities and Exchange Commission (SEC). And guess who's putting his money on it? None other than astute Bloomberg analyst, James Seyffart.
His newest forecast? Solana (SOL) and Litecoin (LTC) spot ETFs are neck-and-neck, with a whopping 90% chance of making the cut! XRP isn't far behind, boasting a solid 85%, while Dogecoin (DOGE) snags 80%. You might find Cardano (ADA), Polkadot (DOT), Hedera (HBAR), and Avalanche (AVAX) hanging out at 75%.
Rolling the Dice with the SEC
Seyffart shared his insights in a lively June 10 X post. So what's the skinny on this high-stakes game? The SEC has reportedly been steeped in Solana ETF proposals, and they've got some fresh moves up their sleeves. If a report from Blockworks is anything to go by, the agency's planning to scrutinize issuers' updated S1 registration forms next week, with a 30-day review window[1][2].
Sources also hinted that the SEC's become more amenable to including staking as part of the ETF structure. One source estimates these changes could speed up the process, possibly paving the way for approval within the next few weeks[2].
Some of the Big Kahunas gunning for a Solana ETF include Grayscale, VanEck, 21Shares, Canary Capital, Bitwise, and Franklin Templeton[2][5]. Seyffart's note suggests the financial watchdog might start cropping through their 19b4 filings sooner than expected, especially those with a focus on staking[3]. Looks like these players have been chatting with the SEC and its crypto task force, fine-tuning the nitty-gritty details.
Delays are Inevitable, Patience is a Virtue
Although the regulator acknowledged Grayscale's Solana ETF proposal in February, it subsequently delayed its decision in May due to unresolved issues[4]. The agency has also held off on decisions for proposals from Bitwise and 21Shares in recent times — all to give them time to examine technical, legal, and investor-protection aspects[4].
Seyffart thinks that delays like these are par for the course in the approval process. He reasons that we won't see any altcoin ETFs waltzing through before late June or early July[4]. Realistically, he guesses a more feasible timeline would be Q4 2025[4].
As the US market patiently waits on bated breath, other countries are already setting the pace. August 2024 saw Brazil steal the show with its first spot Solana ETF courtesy of QR Asset, quickly followed by a similar product from Hashdex.
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📜 Pro tip: Keep an eye out for those Solana and Litecoin ETFs — the future's looking bright for crypto enthusiasts! 💫💖
[1] Blockworks: Solana ETFs: SEC Reportedly Requests Updated S-1 Filings[2] The Block: SEC asks Solana ETF sponsors to clarify staking and in-kind redemptions[3] Bloomberg: Grayscale’s Solana, Bitcoin, Ethereum ETFs May Come Faster Than Expected: Seyffart[4] CoinDesk: SEC May Approve Crypto ETFs Before Q3, Says Grayscale Strategist[5] CoinTelegraph: Solana ETF Talk: What Investors Need to Know
- Technology is playing a significant role in the advanced crypto world with the potential integration of staking in the structure of Exchange-Traded Funds (ETFs).
- The crypto finance scene is buzzing with anticipation as Solana, Litecoin, XRP, Dogecoin, Cardano, Polkadot, Hedera, and Avalanche ETFs await the SEC's decision, with many believing these could gain approval in the upcoming weeks.
- As the race for Solana ETF approval unfolds, the debate around the inclusion of staking continues, with analysts speculating that changes in the SEC's approach could expedite the process and potentially lead to an approval in the near future.
