- Ah, the SEC, that grand institution of delay, has once again decided to take its sweet time with altcoin ETF filings, pushing reviews until May. How delightful! 🎭
- Polymarket data, like a fortune teller with a crystal ball, reveals rising approval odds for Solana, Ripple, Cardano, and Dogecoin ETFs. Who knew? 🥳
In a twist that could only be scripted by the finest playwrights, the U.S. Securities and Exchange Commission (SEC) has once more delayed its decision on multiple filings, leaving investors in a state of breathless anticipation for altcoin ETF approvals in 2025. Will they, won’t they? The suspense is palpable! 😱
SEC Delays ETF Approval
On the 11th of March, in a series of notices that could rival the most dramatic of soap operas, the agency announced it would take additional time to review proposed rule changes for Ripple [XRP], Solana [SOL], Litecoin [LTC], and Dogecoin [DOGE] ETFs. Oh, the drama! 🎬
Grayscale’s XRP ETF and Cboe BZX Exchange’s spot Solana ETF are among the applications caught in this web of extended review deadlines, now pushed to May. It’s like waiting for a bus that never arrives! 🚌
This delay has only heightened investor anticipation for regulatory clarity, sparking wild speculation about the potential approval of altcoin ETFs in the coming months. Will they be the heroes of our story or mere figments of our imagination? 🤔
For context, the SEC previously acknowledged 19b-4 filings, a key requirement for listing ETFs on Wall Street platforms. Typically, the commission has 45 days to review filings but can extend this period by another 45 days. It’s like a never-ending game of hide and seek! 🙈
Further delays are possible, with additional 45- and 60-day extensions potentially lengthening the decision-making process further. Will we ever see the light of day? 🌅
Analysts Weigh In…
Despite this, Bloomberg analyst James Seyffart, with the wisdom of a seasoned oracle, noted that the delay was unsurprising, as the regulatory body often takes its full review period before making a final decision. Shocking, I know! 😏
Taking to X (formerly Twitter), Seyffart quipped,
“Yes, the SEC just punted on a bunch of altcoin ETF filings including Litecoin, Solana, XRP & DOGE. It’s expected as this is standard procedure & Atkins hasn’t even been confirmed yet.”
For context, in December, former SEC Commissioner Paul Atkins, known for his pro-crypto stance, was chosen by Trump to lead the agency. But alas, his appointment remains uncertain as congressional confirmation hearings have yet to be scheduled. The plot thickens! 📜
Seyffart added,
“This doesn’t change our (relatively high) odds of approval. Also note that the final deadlines aren’t until October for these.”
Confirming the delay in approval, fellow Bloomberg ETF analyst Eric Balchuna further noted,
“Eth staking and in-kind also delayed. Everything delayed. It’s like the NYC-bound Amtrak on Monday morning: ‘Mechanical issues in DC.’”
Will Mark Uyeda Be Different from Gensler?
Speculation surrounds acting SEC Chairman Mark Uyeda’s regulatory stance, with some expecting him to follow Gary Gensler’s approach. However, his proposal to drop a rule change extending oversight to crypto firms suggests a different direction. A plot twist, perhaps? 🎢
Optimism for altcoin ETFs is growing, with Polymarket data showing an 87% approval probability for a Solana ETF, 75% for XRP, 69% for Cardano [ADA], and 68% for Dogecoin. The numbers dance like a merry jig! 💃
While the U.S. remains cautious on altcoin ETF approvals, Asia is witnessing a regulatory shift. South Korea, a major financial hub, is gaining political momentum for crypto reforms. The winds of change are blowing! 🌬️
Han Dong-hoon, a leading presidential candidate, has advocated for deregulating the crypto market and approving Bitcoin ETFs. Will he be the hero we need? 🦸♂️
Thus, as nations ramp up crypto initiatives, 2025 is shaping up to be a pivotal year for the industry. Will it be a year of triumph or tragedy? Only time will tell! ⏳
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2025-03-12 20:12