The SEC’s review process is not limited to market protection and compliance; it also includes an examination of Solana’s staking models, investor rights, and fraud risks. Franklin Templeton is required to resubmit their application addressing these issues. According to analysts, regulation of the staking mechanism could yield positive outcomes. 

XRP ETF: Spot ETF Excitement in Canada 

The delay in the XRP ETF application is influenced by the ongoing legal battle between Ripple and the SEC. A court ruling expected around August 15, 2025 (US time) will directly impact the ETF process. According to the market platform Polymarket, the approval probability for the XRP ETF is about 88%. If no issues arise on-chain, XRP ETF approval in the US could happen by the end of 2025. 

The legal dispute began in December 2020 when the SEC sued Ripple, alleging XRP was sold as an unregistered security. Ripple argues XRP is a digital asset, not a security. In a landmark interim ruling in July 2023, the court decided that XRP sold to individual investors on exchanges cannot be considered a security. This decision was a turning point favoring Ripple and led to a short-term price surge. However, the court sided with the SEC on institutional sales. The case is ongoing, with a final verdict expected on August 15, 2025. 

Meanwhile, developments in Canada have taken a different pace. Purpose Investments received approval from the Ontario Securities Commission on June 16, 2025. The first spot XRP ETF will begin trading on the Toronto Stock Exchange on June 18. Following this news, XRP price increased by about 7%. 

Solana ETF: Preparing for the “Altcoin Summer” with 90% Approval Expectation 

Bloomberg ETF analysts Eric Balchunas and James Seyffart estimate a 90% chance the Solana ETF will be approved before the end of 2025. This high likelihood is supported by the SEC’s request for staking-related information and the presence of Solana futures traded on CME. 

Analysts also point out that the “Altcoin ETF summer” is approaching. Following Solana, ETFs for other altcoins, especially Ethereum, may also reach approval stages. 

Summary 

• The SEC extended Franklin Templeton’s Solana and XRP ETF applications until the end of fall 2025. 
• The XRP ETF application progresses alongside the Ripple-SEC lawsuit; Polymarket estimates an 88% approval chance. 
• Canada will start trading the spot XRP ETF on June 18, causing XRP’s price to rise by 7%. 
• Solana ETF approval prospects are very strong, with analysts predicting a 90% chance. 

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