Litecoin ETF Nears Approval, but Why is Solana ETF Delayed?

With a major leadership change coming at the SEC, the fate of crypto ETFs is now hanging in the balance. As Gary Gensler prepares to step down as SEC chair in just 3 days, the market is on edge, wondering how the new leadership will impact the approval process for key assets like Solana, Litecoin, and XRP.

Recent reports suggest that while Solana’s ETF has faced a setback, Litecoin is showing signs of a potential breakthrough. Could 2025 be the year Litecoin becomes the first altcoin to secure approval?

Keep reading to find out what’s next for these highly anticipated crypto ETFs.

Solana’s ETF Setback: What Happened?

Fox journalist Eleanor Terrett reported that Solana’s ETF had attracted attention from SEC staff, but its 19b4 filings were rejected a few weeks ago, while Gary Gensler was still in charge. This setback has left many wondering if the leadership change could alter the outcome for Solana’s ETF application.

With gary gensler gary gensler Gary Gensler is the chairman of the U.S. Securities and Exchange Commission (SEC). His studies in finance and blockchain at MIT have helped him develop U.S. cryptocurrency regulations and policies. Quick Facts Full name Gary Scott Gensler Birth 18-10-1957, Baltimore, Maryland, United States Nationality American Education MBA from the University of Pennsylvania Marital status Married to Francesca Danieli (1986-2006) Net worth Estimated $100 million   Gensler has advocated for enhanced supervision of digital assets, seeking to regulate cryptocurrencies similar to securities. His work at the SEC has focused on safeguarding investors, regulating crypto exchanges, and establishing stablecoin policies.   Gary Gensler - Career Highlights 1997 – Became Assistant Secretary of the Treasury. 2009 – Led CFTC, regulating financial derivatives post-2008 crisis. 2018 – Taught blockchain and crypto at MIT. 2021 – Appointed SEC Chairman, focusing on crypto regulations. 2022 – Proposed stricter rules for crypto exchanges. 2023 – Took legal action against major crypto firms. 2024 – Advocated for stronger stablecoin and DeFi regulations.   Gary has collaborated with multiple lawmakers in formulating crypto policies. Even with disagreements with crypto investors regarding crypto policies, he continues to be a key player in the changing dynamic between regulatory frameworks and blockchain advancement.   Awards & Recognitions of Gary Gensler Year Institution  Description 2009 U.S. Treasury Financial Regulation Leader 2018 MIT Blockchain & Crypto Educator 2021 SEC SEC Chairman Overseeing Crypto Policies 2023 Bloomberg Most Influential Regulator in Crypto 2024 Forbes Top Policy Maker in Digital Assets   Useful Links to Connect With Gary Gensler Platform Link X (formerly Twitter) twitter.com/GaryGensler CFTC website Chairman Gary Gensler   Chairman stepping down on January 20, the incoming SEC chair could have a big impact on the approval process for these crucial crypto ETFs. The next few weeks will be key to understanding how the new leadership handles these high-stakes decisions.

Litecoin’s ETF: Closer to Approval?

On the other hand, Bloomberg Senior ETF Analyst Eric Balchunas revealed that the SEC had provided feedback on Litecoin’s S-1 filing, which points to the likelihood of Litecoin’s ETF getting approved soon.

Balchunas had predicted that Litecoin would be the next coin to receive ETF approval, and it seems that prediction is becoming more likely. Still, the new SEC chair’s arrival could play a significant role in the final decision.

The positive momentum for Litecoin comes after Canary Capital filed an updated S-1 form on Wednesday, taking the first step in registering its Litecoin ETF with the SEC.

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What’s Next for XRP and Solana?

Both XRP and Solana have faced delays in the approval of their ETFs, but there is still hope. The upcoming leadership change at the SEC could bring a fresh perspective, which might help move these applications forward.

If these ETFs are approved, they could bring more institutional interest to the cryptocurrency market, potentially boosting overall growth. The coming weeks will be crucial in determining the future of Solana, Litecoin, and XRP ETFs.

The clock is ticking. We’ll have to wait and see what happens in the days ahead.