The SEC is playing hard to get with Litecoin price and its crypto ETF dreams.

Following the SEC ETF approval seesaw, the crypto crowd is wondering if a pro-crypto SEC will ever give the green light.

The U.S. Securities and Exchange Commission (SEC) is known for its cautious approach, and in the world of crypto, that translates to playing hard to get.

Canary Capital’s latest filing for a Litecoin (LTC) ETF has been met with a “we’ll think about it” from the regulators, sending LTC’s price down by 6% before it recovered to trade at $91 on Friday morning.

After a whirlwind of SEC ETF approval rumors, crypto enthusiasts are wondering if the SEC will ever fully embrace crypto. With rumors circulating about no new crypto ETFs being approved, the odds are seemingly against it. However, as the saying goes, “It ain’t over till it’s over.”

SEC Is Pulling Litecoin Price Leg With Delays

The SEC’s delay isn’t a no, and it appears to be a classic bureaucratic stall. The SEC is now accepting public comments until May 26, with rebuttals due by June 9.

While this move might seem informal on some level, it’s part of the standard SEC playbook, especially with new chair Paul Atkins at the helm.

According to Bloomberg’s ETF experts, James Seyffart, the chances of a crypto ETF being approved by the end of the year are high, with Litecoin having a 90% chance.

The reason for optimism lies in Litecoin being recognized as a commodity, in contrast to some other altcoins, which are viewed as securities.

To put the SEC and crypto filings in perspective, the SEC has been deluged with over 70 ETF filings since former President Trump’s administration signaled an openness to crypto.

However, the SEC is sticking to its cautious approach, and in the case of the U.S. applying for Bitcoin (BTC) ETF, it took over 10 years for approval.

Price wise, Litecoin is testing a key $90 resistance level, with a potential breakout to $100. It also boasts healthy liquidity, which can help suppress price swings.

On a weekly basis, the LTC chart is showing signs of bullish momentum, but the ETF delay could keep price action choppy.

(LTCUSD)

Is Litecoin still the “silver to Bitcoin’s gold?”

The approval of a crypto ETF could unlock institutional cash and boost the credibility of cryptocurrencies.

If approved, it would open the door for another leg up in the biggest bull run of the year. So far, the recent Bitcoin ETFs have seen BTC rise to new highs for the year.

Moreover, the awaited Solana (SOL) ETF could arrive as early as June, which has the potential to send the sixth-largest coin back to the $250 range.

As Solana approaches another peak season, Solaxy, with its native token $SOLX, is aiming to help SOL escape congestion with a fast and scalable Layer-2.

Solaxy’s off-chain scaling mechanisms will kill bottlenecks, bump up throughput, and return Solana to its speedy and secure performance. The scaling solution processes transactions off the main chain and then batches them back to the base layer for final settlement. This will reduce the load on Solana’s validators and cut costs further.

SOLX can handle more activity without compromising the chain speed, easing the pressure on the already congested chain. Leveraging Solana’s speed, SOLX will support decentralized apps and/or institutional use cases. This will be crucial, especially with the SOL ETFs rapidly approaching.

A successful scaling upgrade will shift the focus back to the fundamentals: speed, cost, and utility. It will demonstrate to the market that Solana isn’s just a playground for degens but a serious contender ready to handle real-world needs.

SOLX is priced at $0.0017 each with a ‘WOW’ staking reward of 120% APY. More than $33.5 million has been raised, and the remaining tokens will be running out fast.

For the latest updates on the project, connect with the SOLX community on X and Telegram

Join the Solana revolution with SOLX here.