As a seasoned crypto investor with a knack for spotting trends and staying ahead of the curve, I must say the recent advancements in Solana ETF products have filled me with a sense of anticipation that I haven’t felt since the early days of Bitcoin. The positive dialogue between the SEC and prospective issuers, as reported by Eleanor Terrett, is nothing short of encouraging.
The pursuit of Solana ETFs in the U.S. is making steady progress. According to Fox Business Journalist Eleanor Terrett’s report, discussions between the SEC and potential issuers are showing promising signs. This development suggests that an approval for a Solana ETF could be on the horizon as early as 2025, as previously anticipated.
The Current Solana ETF Headway
According to Terrett’s report, the market regulator has begun communicating with the companies concerning their submitted S-1 registration statements. Two unnamed sources from the U.S. Securities and Exchange Commission (SEC) suggested that it is likely that exchanges may start submitting 19b-4 forms on behalf of these companies in the near future.
19b-4 filings play a crucial role in the process of approving Exchange Traded Funds (ETFs), with exchanges such as Cboe advocating for them. In essence, these filings serve as endorsements from the listing platforms, expressing their support for the U.S. Securities and Exchange Commission (SEC) to give its approval for Solana ETF listings.
According to the procedure, if the market regulator accepts this submission, a 240-day period will commence during which it can either approve or reject the offering. At present, VanEck, 21Shares, and Canary Capital are spearheading the application process for a Solana ETF. Previously, the joint filing by VanEck and 21Shares was withdrawn from Cboe in August.
The decrease in filings occurred without any clear reason given, but it’s widely believed that the regulatory body may not have been favorable towards this product at the moment. As Eleanor Terrett mentioned, the U.S. Securities and Exchange Commission (SEC) seems to be shifting its stance due to the incoming pro-crypto administration of President Donald Trump.
NEWS: Discussions between representatives of the Securities and Exchange Commission (SEC) and entities aiming to introduce an exchange-traded fund (ETF) based on $SOL are reportedly making headway. The SEC is now delving into S-1 applications, according to sources close to the situation. These sources indicate a significant possibility that we might soon witness some Form 19b-4 filings from…
— Eleanor Terrett (@EleanorTerrett) November 21, 2024
Is SOL and Crypto ETF Approval Imminent?
Before Donald Trump’s win in the U.S. Presidential election, there was uncertainty in the market regarding the possibility of a Solana or crypto ETF. However, despite this doubt, aggressive investment managers submitted applications to the regulatory body for both XRP ETF and Litecoin ETF products.
The confidence hinges on the confirmation of the SEC leadership change and the appointment of a pro-crypto Chairman for the commission. While details of a possible approval remain limited, the anticipation remains high.
The cost of Solana increased by 7.14% or approximately $18.28, aiming to surpass its old record peak price of $260.
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2024-11-21 20:10