Solana ETF got delayed

Good night, of us.

In as we speak’s high tales: two headline-worthy updates simply dropped on subjects we’ve been monitoring.

Our staff has been refreshing X each 12 seconds monitoring the scenario, and we’re right here to convey you the most recent developments – reside, unfiltered, and straight into your inbox.

1/ GENIUS Act

The GENIUS Act – aka the invoice that desires to make stablecoin rules clearer – handed the Senate with a 68-30 vote.

(Should you’re questioning what this invoice really does or why some folks do not f*ck with it – we defined all of it right here.)

So, what occurs now?

It heads over to the Home of Representatives. From right here, they will:

👉 Vote on the GENIUS Act as-is;

👉 Push their very own stablecoin invoice, the STABLE Act, which is stricter and treats stablecoin issuers like banks;

👉 Mix the 2 into a brand new draft.

Both manner, each chambers have to agree on one thing earlier than it lands on Trump’s desk, who, btw, needs it signed earlier than Congress goes on break in August.

2/ Altcoin ETFs

Final week, we talked about how we is perhaps heading into an altcoin ETF summer time.

Now there’s a brand new replace on that:

The SEC opened public feedback on two proposed crypto ETFs from Franklin Templeton – one for XRP, one for Solana.

This pushes the choice deadline by 35 days, so we’re taking a look at late July now.

Wait, the SEC delayed it?? Is that dangerous?

Don’t be concerned, it isn’t. Type of the alternative.

Bloomberg ETF analyst James Seyffart stated delays like this are regular.

What actually issues is that the SEC is definitely reviewing the filings, not ignoring them. That is a win.

And you realize what’s a fair greater win? The SEC can be reviewing a Solana staking ETF.

That issues as a result of proper now, if you wish to earn yield from staking one thing like Solana or Ethereum, you need to leap by way of a bunch of hoops: handle your personal pockets, lock up your belongings, select a validator, and many others.

A staking ETF would change that. It will let common buyers earn staking rewards simply by holding a standard ETF – no wallets, no staking setup, no technical data wanted.

That will open up a brand new stream of demand for these belongings.

But it surely’s not easy. There are some massive hurdles:

Custody: the fund has to stake person belongings securely with out violating SEC guidelines;

Legality: the SEC has beforehand instructed that providing staking providers may depend as promoting unregistered securities;

Technical dangers: validators can fail, slashing can occur, and protocols can replace in ways in which mess with staking mechanics.

So, the truth that the SEC is even speaking about this – as a substitute of rejecting it outright – is a powerful signal of progress.

Identical goes for the Franklin ETFs. Delays are annoying, certain, however the engagement is a inexperienced flag.

And that, pricey viewers, wraps tonight’s broadcast. Your inbox is formally on top of things.

This has been your favourite correspondent, reporting reside from the frontlines of crypto.

Keep knowledgeable and mildly skeptical.

Now you are within the know. However take into consideration your folks – they most likely do not know. I ponder who may repair that… 😃🫵

Unfold the phrase and be the hero you realize you might be!