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On Thursday, Fox reporter Eleanor Terret revealed that the US Securities and Change Fee (SEC) is actively partaking in discussions with a number of asset managers relating to the launch of the brand new spot Solana ETF market. The corporations concerned embrace VanEck, 21Shares, Canary Capital, and Bitwise, all searching for to introduce merchandise tied to the Solana value.
SEC Progresses On Solana ETF Talks
Based on sources aware of the matter cited by Terret, discussions between SEC employees and issuers are at the moment “progressing.” The SEC is reportedly reviewing S-1 filings, vital to the Solana ETF approval course of.
Terret additional disclosed that there’s rising optimism amongst stakeholders that the business could quickly see 19b4 filings from exchanges representing these issuers, a key step crucial to maneuver ahead with ETF listings.
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These 19b4 types will probably be submitted by exchanges, such because the Chicago Board Choices Change (CBOE), on behalf of the issuers, searching for SEC approval to record the proposed ETFs. Upon receiving these filings, the SEC has a 240-day window to both approve or deny the merchandise.
Thus far, VanEck and 21Shares, who’re additionally within the Ethereum and Bitcoin ETF markets accredited by the company earlier this yr, together with Canary Capital, have submitted their S-1 filings for a Solana ETF, whereas Bitwise lately introduced its intention to file earlier this week.
Nevertheless, Terret notes that the submission of 19b4 filings doesn’t assure approval. Earlier purposes from VanEck and 21Shares confronted setbacks, with their filings faraway from the CBOE’s web site in August.
The reporter claimed that business observers speculated that the regulatory company, underneath its chairman Gary Gensler, was reluctant to approve such listings due to a more durable regulatory stance.
Potential Shift In SEC Strategy For 2025
Regardless of these earlier setbacks, there may be renewed optimism amongst buyers following latest engagements with SEC employees and the anticipated pro-crypto insurance policies of the incoming administration led by President-elect Donald Trump.
This transformation in management is predicted to foster a extra favorable setting for cryptocurrency-related monetary merchandise, probably paving the best way for a Solana ETF approval in 2025.
The anticipation across the Solana ETF gained further traction after Gensler introduced his departure from the SEC, confirming that January 20, 2025, will probably be his final day in workplace.
This announcement follows months of hypothesis relating to his future, notably as Donald Trump had beforehand indicated intentions to exchange Gensler on his first day in workplace.
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Apart from the Solana ETF, different cryptocurrency ETFs, together with these for XRP and Hedera’s HBAR token, are additionally within the pipeline and will profit from the evolving regulatory panorama.
Because the state of affairs unfolds, the potential for a extra accommodating regulatory method may considerably reshape the cryptocurrency funding panorama in america, much more so with the plans Trump laid out throughout his presidential marketing campaign.
On the time of writing, SOL is buying and selling at $261, up 25% within the weekly time-frame, marking a brand new all-time excessive for what’s now the fourth largest cryptocurrency available on the market.
Featured picture from DALL-E, chart from TradingView.com