The crypto circus is back in town, and this time it’s serving Solana ETF realness. Cboe just dropped Franklin Templeton’s application to list a spot SOL ETF, and suddenly everyone’s acting like we haven’t seen this movie before. Spoiler alert: The SEC still hates sequels.
Franklin Templeton’s Bold Gambit
Franklin Templeton, the asset manager that brought you “probably not Bitcoin,” is now cosplaying as a crypto visionary. Their proposed SOL ETF would let normies bet on Solana without the hassle of, you know, owning Solana. SOL briefly moonwalked to $129.60 post-filing before reality—and the broader market’s existential dread—dragged it back to $123.71. Classic crypto: pump first, ask questions later.
SEC’s Playbook: Delay, Deny, Disappoint
Let’s not kid ourselves. The SEC’s response to this filing will be as predictable as a Kardashian breakup. They’ll stall, squint at SOL’s security status, and maybe even rewatch their ”How to Reject ETFs for Dummies” webinar. Remember when they spent years waffling on Bitcoin ETFs? Solana’s turn in the regulatory meat grinder is just getting started.
Why Bother? Because Crypto Never Learns
Crypto’s obsession with ETFs is like a toddler demanding candy for dinner—persistent, irrational, and destined for a meltdown. But hey, if BlackRock’s Bitcoin ETF taught us anything, it’s that Wall Street’s stamp of approval almost makes crypto feel legitimate. Almost. Final Take: Will a Solana ETF happen? Sure, right after the SEC develops a sense of humor. Until then, enjoy the hopium. 🌪️🔮 P.S. To the SEC: We see you sweating over SOL’s “security” label. Hydrate, maybe? 💦