The U.S. Securities and Exchange Commission has officially launched a public comment period for two high-profile ETF proposals from Franklin Templeton—one for Solana (SOL) and another for XRP. Though still in early stages, this move signals a meaningful step toward potential approval of the first altcoin-focused spot ETFs in the U.S.
Submitted via the Chicago Board Options Exchange (Cboe BZX), the filings aim to list and trade shares of the proposed funds. Originally introduced in March, both applications faced initial delays in April, with the SEC now extending its deadline to late July. Still, the Commission has flexibility to delay further.
In its official announcement, the SEC made clear that initiating proceedings does not indicate approval or endorsement. Instead, the agency is seeking input from investors and stakeholders on issues like market manipulation risks, pricing methodology, and overall viability of Solana and XRP as underlying assets.
This comment phase continues a broader trend of increasing ETF interest from traditional finance. As the crypto market matures, investors are pushing for more regulated paths to gain diversified exposure—especially through ETFs that mirror the structure of traditional securities.
SEC Delays ETF Verdict as Regulatory Winds Shift
The SEC’s updated filing, set for publication in the Federal Register, pushes the decision deadline for both ETFs by another 35 days. This places the potential verdict in late July, though further delays remain possible.
While Bitcoin and Ether ETFs have already passed regulatory muster, proposals tied to altcoins still face heightened scrutiny. Yet, under the leadership of Chair Paul Atkins—appointed during the Trump administration—the SEC has eased its approach to digital assets, shelving several past enforcement actions.
Analysts speculate that this softer stance may pave the way for approval of non-blue-chip crypto funds. Both Solana and XRP have also gained attention from Trump himself, who reportedly floated them as potential assets in a future U.S. “crypto reserve.”
Altcoin ETF Race Expands Amid Shifting Market Dynamics
Even with this delay, industry insiders see momentum. A growing number of firms—Bitwise, 21Shares, ProShares, and others—are racing to secure approval for ETFs linked to tokens like Litecoin, Avalanche, and even meme coins. In total, over 30 altcoin proposals have been filed since Bitcoin ETFs launched.
Should Franklin Templeton’s products get the green light, the implications could be massive. Institutional capital may soon rotate into a broader range of crypto assets, fueling what some analysts call an incoming “altcoin summer.”
Approval could also help normalize altcoin investing for more conservative retail audiences—particularly those hesitant to use unregulated crypto exchanges. While approval isn’t guaranteed, the comment period is another sign that digital asset markets are entering a new era of regulatory engagement.
Quick Facts
- The SEC opened public comment on Solana and XRP ETFs.
- Decision on both filings delayed to late July at earliest.
- Paul Atkins-led SEC signals softer tone on digital assets.
- Over 30 altcoin ETF proposals now await regulatory review.
