On Thursday, Fox reporter Eleanor Terret revealed that the US Securities and Change Fee (SEC) is actively participating in discussions with a number of asset managers concerning the launch of the brand new spot Solana ETF market. The companies concerned embody VanEck, 21Shares, Canary Capital, and Bitwise, all in search of to introduce merchandise tied to the Solana value.
SEC Progresses On Solana ETF Talks
Based on sources conversant in the matter cited by Terret, discussions between SEC workers and issuers are at present “progressing.” The SEC is reportedly reviewing S-1 filings, essential to the Solana ETF approval course of.
Terret additional disclosed that there’s rising optimism amongst stakeholders that the trade might quickly see 19b4 filings from exchanges representing these issuers, a key step vital to maneuver ahead with ETF listings.
Associated Studying
These 19b4 varieties can be submitted by exchanges, such because the Chicago Board Choices Change (CBOE), on behalf of the issuers, in search of SEC approval to listing the proposed ETFs. Upon receiving these filings, the SEC has a 240-day window to both approve or deny the merchandise.
So far, VanEck and 21Shares, who’re additionally within the Ethereum and Bitcoin ETF markets accepted by the company earlier this 12 months, together with Canary Capital, have submitted their S-1 filings for a Solana ETF, whereas Bitwise not too long ago 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 trade observers speculated that the regulatory company, below 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’s renewed optimism amongst buyers following latest engagements with SEC workers and the anticipated pro-crypto insurance policies of the incoming administration led by President-elect Donald Trump.
This alteration in management is anticipated to foster a extra favorable atmosphere for cryptocurrency-related monetary merchandise, doubtlessly paving the way in which 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, can be his final day in workplace.
This announcement follows months of hypothesis concerning his future, notably as Donald Trump had beforehand indicated intentions to switch Gensler on his first day in workplace.
Associated Studying
Moreover the Solana ETF, different cryptocurrency ETFs, together with these for XRP and Hedera’s HBAR token, are additionally within the pipeline and should profit from the evolving regulatory panorama.
Because the state of affairs unfolds, the potential for a extra accommodating regulatory method might considerably reshape the cryptocurrency funding panorama in the US, 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 timeframe, marking a brand new all-time excessive for what’s now the fourth largest cryptocurrency in the marketplace.
Featured picture from DALL-E, chart from TradingView.com