Quick overview

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Bloomberg analyst James Seyffart has increased the likelihood that altcoin exchange-traded funds (ETFs) will be approved by the US Securities and Exchange Commission (SEC), a development generating excitement in the cryptocurrency market.

His most recent prediction states there is a 90% chance that Solana (SOL) and Litecoin (LTC) spot ETFs will be approved. The SEC is reviewing proposals for spot Solana ETFs. XRP was second in line with 85% odds.

 The SEC acknowledged Grayscale’s proposal for a Solana ETF in February. However, citing unresolved issues, it later postponed its decision until May. The financial watchdog delayed making decisions regarding Bitwise and 21Shares’ proposals.

This was because more time was required to look at the legal, technical, and investor protection aspects.

Dogecoin (DOGE) comes in third with 80% odds. Digital assets with 75 percent odds include Cardano (ADA), Polkadot (DOT), Hedera (HBAR), and Avalanche (AVAX).

The financial watchdog requested that issuers submit revised S1 registration forms by next week, to review and comment on the submissions within 30 days. Additionally, they were asked for more clarification on their approach to sort staking and in-kind redemptions.

U.S.  SEC may now be more amenable to permitting staking as a component of a Solana ETF structure, according to these updates. According to one source, these modifications might expedite the procedure and move the investment vehicles closer to approval in three to five weeks.