As the SEC gears up for a major leadership change, just 3 days before Gary Gensler steps down as SEC chair, all eyes are on the fate of crypto ETFs like Litecoin, XRP, and Solana. Recently, Fox Journalist Eleanor Terrett revealed that Solana ETFs faced a rejection, but Litecoin’s chances are soaring. It might just be the first altcoin to get approval in 2025! 

Solana ETFs Face Setback 

According to Fox’s Eleanor Terrett, Solana ETFs had been getting attention from the SEC staff, but they faced a setback when their 19b4s were rejected. This happened a few weeks ago when Gary Gensler was still heading the SEC.

Solana ETFs were also getting engagement from staff but the 19b4s were then rejected. Granted, that was a few weeks ago with the @SECGov still under @GaryGensler who’s out in 3 business days. Will be interesting to see the state of play/timeline for $LTC, $XRP and $SOL ETFs. https://t.co/GEqfElmcoI

— Eleanor Terrett (@EleanorTerrett) January 16, 2025

Perhaps with Gary Gensler stepping down on Jan 20, the next SEC chair could change the trajectory of these crucial decisions. It will be a waiting game to see how the new leadership handles the approval process for these highly anticipated assets.

Litecoin Poised for ETF Approval First!

Meanwhile, Bloomberg Senior ETF Analyst Eric Balchunas shared that the SEC had given comments back on the Litecoin S-1 filing. However, this is a greater sign of Litecoin’s approval sooner. 

Although, Balchunas previously predicted that Litecoin might be the next coin to get an ETF approval, and now it seems that prediction is becoming more likely. However, the start of the new SEC chair’s term is still a big factor that could influence the final decision.

Balchunas statement comes after Canary Capital filed an updated S-1 form on Wednesday, marking the initial step in registering its Litecoin ETF with the SEC.

What’s Next for XRP and Solana?

As for XRP and Solana, both have faced delays, but there’s hope for their ETFs. The shift in leadership at the SEC might lead to a fresh perspective on these applications. 

If these ETFs are approved, it could bring more institutional interest and boost the overall cryptocurrency market. The next few weeks will be crucial in determining the future of Solana, Litecoin, and XRP ETFs.