Solana ETF got delayed

Good evening, folks.

In today’s top stories: two headline-worthy updates just dropped on topics we’ve been tracking.

Our team has been refreshing X every 12 seconds monitoring the situation, and we’re here to bring you the latest developments – live, unfiltered, and straight into your inbox.

1/ GENIUS Act

The GENIUS Act – aka the bill that wants to make stablecoin regulations clearer – passed the Senate with a 68-30 vote.

(If you’re wondering what this bill actually does or why some people don’t f*ck with it – we explained it all here.)

So, what happens now?

It heads over to the House of Representatives. From here, they can:

👉 Vote on the GENIUS Act as-is;

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

👉 Combine the two into a new draft.

Either way, both chambers need to agree on something before it lands on Trump’s desk, who, btw, wants it signed before Congress goes on break in August.

2/ Altcoin ETFs

Last week, we talked about how we might be heading into an altcoin ETF summer.

Now there’s a new update on that:

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

This pushes the decision deadline by 35 days, so we’re looking at late July now.

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

Don’t worry, it’s not. Kind of the opposite.

Bloomberg ETF analyst James Seyffart said delays like this are normal.

What really matters is that the SEC is actually reviewing the filings, not ignoring them. That’s a win.

And you know what’s an even bigger win? The SEC is also reviewing a Solana staking ETF.

That matters because right now, if you want to earn yield from staking something like Solana or Ethereum, you have to jump through a bunch of hoops: manage your own wallet, lock up your assets, choose a validator, etc.

A staking ETF would change that. It would let regular investors earn staking rewards just by holding a normal ETF – no wallets, no staking setup, no technical knowledge needed.

That would open up a new stream of demand for these assets.

But it’s not simple. There are some big hurdles:

• Custody: the fund has to stake user assets securely without violating SEC rules;

• Legality: the SEC has previously suggested that offering staking services might count as selling unregistered securities;

• Technical risks: validators can fail, slashing can happen, and protocols can update in ways that mess with staking mechanics.

So, the fact that the SEC is even talking about this – instead of rejecting it outright – is a strong sign of progress.

Same goes for the Franklin ETFs. Delays are annoying, sure, but the engagement is a green flag.

And that, dear viewers, wraps tonight’s broadcast. Your inbox is officially up to speed.

This has been your favorite correspondent, reporting live from the frontlines of crypto.

Stay informed and mildly skeptical.