SEC Turns SOL ETF Into Waiting Game: Altcoin Fans Beware Delays & Bureaucrats! 🎭

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  • Behold! Fidelity’s grand Solana ETF finds itself lost, once more, in the labyrinthine whims of the SEC’s new crypto ETF approval ballet. 🎻
  • Wise seers and soothsayers (otherwise called analysts) warn the SEC’s stubborn resolve might banish altcoin ETF approvals to the distant and chilly lands of Q4. 🍂

Oh, what farce upon our financial stage: The ever-diligent, ever-pensive Securities and Exchange Commission, that most venerable of bureaucratic troupes, hath perfidiously postponed judgment on Fidelity’s spot Solana [SOL] ETF! Here we await—with bated breath and increasingly worn-out popcorn—for their next act.

Ah! The Solana ETF plays the waiting game (again, and again…)

On the 7th of July—yes, mark your calendars, mesdames et messieurs—the SEC graciously acknowledged receipt of the ETF’s application. What follows is not action, but rather the ever-popular comment-and-rebuttal fandango, performed with all the passion of a turtle with gout.

Woe unto the faithful, as the calendar’s pages flutter and the delay spreads like gossip at court: Other would-be altcoin ETFs, dreaming of summer approval, find their dreams slipping into the autumn like leaves scurrying away from a rake.

Upon the digital town square of X (née Twitter), Master James Seyffart—senior analyst, notable knower-of-things, and Bloombergian oracle—did proclaim that such delays were expected, for the agency now constructs a mighty ‘digital asset ETP framework’. Oh, the frameworks! The guidelines! The bureaucracy! Is there no greater drama?

“We’re still waiting for some sort of movement from the SEC on a generalized digital asset ETP framework.”

Altcoin ETF Approval: As swift as a sluggish snail? Q4, perhaps!

According to these seers and scribes, the SEC bade all would-be issuers to refile their scrolls (amended applications, for those playing at home) by July’s end. But lo, Master Seyffart, noting the tides and the winds, hazards that Q3 approvals merely tease us from afar, for the SEC’s master plan may yet keep us in suspense.

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

The words of Nate Geraci of the house ETFStore ring forth in solemn echo, suggesting the SEC’s cryptic new doctrines won’t see the light of day before autumn’s chill sets in. Spot crypto ETF approvals? “Not before the pumpkins,” sayeth the soothsayers.

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

The July 1st edict from the agency promised yet more layers, like onions or the disguises at a masquerade ball—more disclosure, more delays, more drama, and definitely less fun.

The celebrated conversion of the Grayscale multi-crypto index fund to an ETF has itself been cast into the limbo of ‘pause’ until these new rules bow upon the stage.

A parade of ETFs: Will the real approval please stand up?

For those keeping score, attend! Spot altcoin ETF applications dance now to another tune (the Securities Act of 1933), whilst the approved and strutting REX-Osprey SOL ETF staking number pirouettes under the Investment Company Act of 1940 (those old regulations never die, they just change their wigs).

Master Seyffart, in his infinite patience, expects these altcoin ETFs—staking and all—to be greenlighted in one fell bureaucratic swoop, should the gods (and commissioners) will it so.

Take heed: Litecoin [LTC], SOL, Ripple [XRP], Dogecoin [DOGE], and Cardano [ADA] all wait, trembling, with eyes fixed on the October deadline, as if the SEC were the king deciding who gets dessert after dinner.

SOL’s performance: The market faints (almost)

Upon hearing the latest missive from the ivory tower, Solana itself wilted, declining a princely 2% (from $154 to $147), as if swooning in a faint. Options data, ever the soothsayer, suggests that the summer shall remain a tale of sideways meanderings and mild yawns.

Gather round: In the last 24 hours, the largest festival of bullish call options gathered at $152, $154, and $160. Picture, if you will, green bars glittering merrily—much like the hopes of traders before the SEC’s next ‘maybe’.

Meanwhile, those hedging their feelings with puts—and setting price floors at $140 and $144—seem resigned. Thus, most Options traders believe SOL will dance in the narrow circle of $140 to $160 for the foreseeable future. Curtain falls, applause not required. 🎭

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2025-07-08 14:26