As a seasoned analyst with decades of experience navigating the complexities of financial markets and regulatory bodies, I find myself both intrigued and somewhat unsurprised by the latest developments surrounding Solana ETFs. The SEC’s apparent reluctance to entertain new crypto ETF applications under the current administration is reminiscent of a stubborn mule that refuses to budge, even when presented with a carrot as tempting as a Solana ETF.
The excitement for Solana ETFs is gradually decreasing due to the current oversight of the U.S. Securities and Exchange Commission (SEC). According to a report from Fox Business Journalist Eleanor Terrett, sources close to the matter suggest that the regulatory body has informed two out of five Solana ETF issuers that their 19b-4 filings will be denied.
Solana ETF prognosis not good in short term
As a researcher, I’ve been closely following the progress of Solana ETF applications. Although there’s an increasing number of these applications, there remains a persistent air of skepticism in the industry regarding their potential approval. Recently, Terrett’s update has temporarily halted the Solana ETF, but it seems the regulatory body is not yet prepared to consider any new crypto ETF proposals at this time.
🚨BREAKING: I’ve received confirmation that the Securities and Exchange Commission (SEC) has informed at least two potential issuers that their 19b4 filings for Solana ($SOL) spot ETFs will be rejected.
It appears that, according to my sources, the SEC is not currently open to considering any new cryptocurrency ETFs under the current administration.
— Eleanor Terrett (@EleanorTerrett) December 6, 2024
Significantly, no formal denials have been issued regarding the 19b-4 applications filed by Bitwise, Canary Capital, 21Shares, and others. With the current U.S. Securities and Exchange Commission (SEC) chairman’s tenure coming to an end, fresh opportunities are emerging for Solana and crypto exchange-traded funds (ETFs).
Discussion about the update is currently underway on X, as community members are perplexed by the reluctance of the regulator to cooperate.
Many people who support a cryptocurrency ETF argue that the market is rapidly evolving and would be enhanced by regulatory oversight from the Securities and Exchange Commission (SEC). They contend that the opposition to it doesn’t reflect the advancement of the current digital asset landscape.
Just matter of time
Paul Atkins, a previous SEC commissioner with a background in cryptocurrency, is expected to assume the role from Gary Gensler starting in January. This nomination has sparked increasing optimism that more dynamic and forward-thinking crypto regulations may be introduced.
In addition to Exchange-Traded Funds (ETFs) based on Solana, proposals have been made for ETFs tied to Litecoin, Ripple, and Hedera as well. Each of these digital currencies has unique market values, communities, and levels of acceptance.
The distinctiveness between these projects emphasizes the need for the incoming SEC to examine each filing individually. Over time, it is anticipated that a larger number of cryptocurrency Exchange Traded Funds (ETFs) will become available in the market.
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2024-12-06 14:31