In a tale as old as time, the SEC, like a weary Muscovite, delayed its judgment on the fate of several crypto-infused ETF applications. Among the beggars at the crypto-banquet were Solana, XRP, Litecoin, and the ever-so-lovable Dogecoin.
But lo! In a twist as predictable as the Russian winter, the Commission, with a nod and a wink, welcomed new suitors to the dance just before sending the current batch to the corner.
As the SEC stirs its pot of regulatory borscht, a motley crew of issuers has lined up, each hoping to be the next tsar of the crypto realm.
With deadlines as ephemeral as the morning mist over the Volga, the SEC has, for now, chosen the path of the dithering nobleman, delaying proposals for Solana, XRP, and others.
In a grand display of indecision, the SEC has postponed the coronation of six different ETFs, including those based on Solana, XRP, Litecoin, and Dogecoin. The Solana ETF applications, once promised a today’s audience, now must wait like serfs for the master’s return.
Meanwhile, the XRP ETF, like a patient bride, had its SEC deadline set for a distant season. Canary and Grayscale were sent to the outhouse, while Bitwise remains in the warmth of the dining hall. And just when you thought the feast was over, Franklin Templeton crashes the party with another XRP ETF prospectus.
In the grand tapestry of SEC decisions, this latest move is as perplexing as a Russian nesting doll. Delay some, invite others—such is the SEC’s grand strategy, or so it seems. 🤔
“Yes, the SEC just punted on a bunch of alt coin ETF filings including Litecoin, Solana, XRP & DOGE. It’s expected as this is standard procedure & Atkins hasn’t even been confirmed yet. This doesn’t change our (relatively high) odds of approval. Also note that the final deadlines aren’t until October for these,” wrote ETF analyst James Seyffart, with a shrug as broad as Siberia.
Amidst the confusion, Franklin Templeton’s XRP ETF and a Dogecoin ETF application received a nod, as did one based on the mysterious Hedera. The SEC, it seems, is playing a game of chess with the crypto-world as its board.
One might ponder: is the SEC’s hesitation due to the fragile state of the market, akin to a Fabergé egg ready to shatter? Or is it simply waiting for the confirmation of its new overlord before making any bold moves?
“Eth staking and in-kind also delayed. Everything delayed. It’s like the NYC-bound Amtrak on monday morning: Mechanical issues in DC,” wrote analyst Eric Balchunas, with a sigh that could move the Ural Mountains.
In a rare display of dissent, one of the SEC’s Commissioners has spoken out against the Commission’s crypto courtship, yet the Commission soldiers on, bold as ever.
If the SEC were to suddenly embrace these altcoin ETFs, it might as well invite the Bolsheviks to tea. Such a move could fracture the establishment like never before.
But alas, the SEC’s intentions are as clear as the waters of the Neva in winter. With today’s mass postponement, the wait for altcoin ETF approvals may be as long as a Russian novel.
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2025-03-12 00:16