XRP News Today: Invesco Galaxy Registers Solana ETF Amid 90% Approval Odds

Invesco and Galaxy Digital have officially registered for a Solana ETF in Delaware. This move comes as the U.S. Securities and Exchange Commission (SEC) has requested updated Form S-1 filings from issuers, suggesting a high likelihood of approval by the end of the year. The registration indicates that Invesco Galaxy is now competing with other issuers such as Grayscale, Fidelity, VanEck, 21Shares, and Bitwise in the race to launch a spot Solana ETF. This development also implies that an S-1 filing with the SEC could be imminent.

The odds of the SEC approving a Solana ETF have surged to 90%, following the regulator's request for issuers to update their S-1 forms. Specifically, the SEC has asked for clarifications on in-kind redemptions and the approach to staking. To date, the SEC has not approved any spot ETFs tracking altcoin prices, despite the successful approval of Bitcoin and Ethereum ETFs. CoinShares has also swiftly registered for a Solana ETF Trust in Delaware, responding to the SEC’s latest comments on spot Solana ETF filings.

Analysts have predicted that Solana and XRP ETFs are likely to be the first altcoin ETFs approved by the SEC. This prediction is influenced by the filing of REX-Osprey ETH and SOL staking ETFs under the Investment Company Act of 1940. The issuers have been quick to file ETFs for various altcoins, including XRP, SOL, HBAR, and SUI, in the post-Gary Gensler era. The increased crypto adoption, driven by pro-crypto policies, marks a significant step toward institutional adoption of cryptocurrencies, including Solana. Many companies have expressed interest in adding SOL and XRP to their treasury as reserve assets.