Crypto Express

07/09 02:48

SOL : Altcoin ETF approval could extend to Q4

Per the report, the SEC asked issuers to refile their amended applications by the end of July. However, Seyffart said that approval in Q3 maybe likely, but the SEC plan could extend the timeline. 

“Q3 approval is definitely possible and maybe even likely. But that doesn’t mean it’s imminent.”

His projection was similar to Nate Geraci of ETFStore. Geraci cautioned that some issuers expected the SEC’s proposed crypto ETF approval guidelines to be functional by Q4. 

“Some issuers don’t believe this framework will be fully implemented until early fall. So *no* spot crypto ETF approvals until then.”

According to the agency’s statement on July 1st, the framework would also involve added disclosure requirements. 

Already, the recently approved conversion of the Grayscale multi-crypto index fund into an ETF has been paused until the said framework is in place. 

Not all ETFs are the same: Who’s next in line?Worth pointing out, however, that these spot applications are under a different structure (Securities Act of 1933). The approved and live REX-Osprey SOL ETF staking is under the Investment Company Act of 1940. 

That said, Seyffart expected most of the altcoin ETFs, including those with staking, to be greenlighted all at once.

Notably, Litecoin [LTC], SOL, Ripple [XRP], Dogecoin [DOGE], and Cardano [ADA] ETF filings all have a final SEC decision deadline in October. 

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