What happened?
The Securities and Exchange Commission (SEC) has extended its decision-making deadline for Franklin Templeton’s Solana and XRP ETF proposals to November 14, using its maximum 60-day extension authority. The SEC also delayed BlackRock’s iShares Ethereum Trust staking amendment to October 30. These moves follow a call by SEC Chair Paul Atkins for the modernization of securities rules and unification of digital asset frameworks.
Who does this affect?
This affects Franklin Templeton, BlackRock, and other financial institutions awaiting approvals for their crypto ETF applications. The decision will impact investors who are interested in these particular ETFs. It will also affect the wider cryptocurrency market, as these ETFs could open up new investment avenues for individuals and institutions.
Why does this matter?
The postponement is significant because it contributes to a backlog of crypto ETF applications awaiting SEC review. This delay could slow the integration of cryptocurrency into mainstream finance. However, despite these delays, Bloomberg analysts project a high probability for the approval of Solana and XRP ETFs this year. The clearance of these ETFs could spark a wave of similar approvals, potentially leading to a significant expansion of the crypto market.