SEC’s Crypto Circus: Will XRP and SOL Join the Show? 🎪💰

by

Ah, the illustrious US Securities and Exchange Commission (SEC), that grand arbiter of financial propriety, has flung open the gates of public commentary for two tantalizingly proposed cryptocurrency exchange-traded funds (ETFs) from the illustrious Franklin Templeton. Yes, dear reader, these funds are poised to pirouette onto the Chicago Board Options BZX Exchange stage, where the drama of finance unfolds.

In a delightful twist of bureaucratic fate, the SEC, in its Tuesday filings, announced the initiation of proceedings that might just allow our dear US exchange to list and trade shares of the Franklin XRP ETF and the Franklin Solana ETF. The Cboe BZX Exchange, in a fit of optimism, filed for a proposed rule change back in March, only to have the regulator play coy and delay its decision until this very Tuesday. Ah, the suspense! 🎭

“The institution of proceedings does not indicate that the Commission has reached any conclusions,” the SEC solemnly intoned, as if reciting a Shakespearean soliloquy. “Rather, we seek and encourage interested persons to provide comments on the proposed rule change.” How generous of them! 🧐

Upon the publication of these notices in the federal register, the SEC will effectively extend the deadline for deciding whether to bless or banish the Franklin Templeton ETFs by a whopping 35 days, pushing it to July. While the US regulator has already given a nod to spot investment vehicles for Bitcoin (BTC) and Ether (ETH), a veritable stampede of companies is clamoring to be the first to secure approval for tokens like XRP, Solana (SOL), and their merry band of digital misfits.

A new dawn at the SEC under Chair Atkins? ☀️

US exchanges, with their proposed listings from a cavalcade of asset managers, have already filed with the SEC for the privilege of listing and trading investment vehicles that flirt with SOL or XRP, including the likes of Bitwise, ProShares, and 21Shares. The SEC, under the Trump administration’s whimsical influence and the chairmanship of Paul Atkins, has dramatically shifted its regulatory approach to digital assets, dropping several high-profile enforcement actions against cryptocurrency companies like a hot potato.

Yet, the question lingers in the air like a fine mist: will this leniency extend to ETFs tethered to XRP or Solana? One can only speculate, as Trump himself once proposed incorporating both assets into his grand vision for a US crypto stockpile. Oh, the irony! 🤔

Read More

2025-06-18 00:46