The SEC's delay in decisions on crypto ETFs, highlighted by its recent response to Fidelity’s spot Solana ETF proposal, underscores ongoing uncertainties in the regulatory landscape. Following last month’s glimmers of hope for earlier rulings, the SEC has requested further details about product structure from asset managers, pushing timelines into October. Amidst speculation, SEC Commissioner Hester Peirce has indicated caution in the approval process. Notably, a decision regarding the Grayscale Digital Large Cap Fund remains pending as the SEC issued a stay on its listing. Although there are no updates on Bitwise and Hashdex proposals for ETF conversions, interest in creating new funds persists, as evidenced by Yorkville America Digital's recent push for a Truth Social Crypto Blue Chip ETF. Despite these developments, US bitcoin funds are experiencing significant inflows, with crypto investment products reaching a record $188 billion in assets under management. The potential demand for single-asset crypto ETFs remains an open question.

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