Solana ETF Prospects Brighten Amid Productive SEC Talks With Issuers
On Thursday, Fox reporter Eleanor Terret revealed that the U.S. Securities and Exchange Commission (SEC) is actively discussing with a number of asset managers about launching a new spot Solana ETF market. Companies involved include VanEck, 21Shares, Canary Capital and Bitwise, all of which are trying to launch products tied to the price of Solana.
SEC makes progress on Solana ETF talks
According to people familiar with the matter Quote Terret said discussions between SEC staff and issuers are currently “making progress.” The SEC is reportedly reviewing the S-1 filing, which is critical to the Solana ETF approval process.
Terret further revealed that stakeholders are increasingly optimistic that the industry may soon see 19b4 applications submitted by exchanges representing these issuers, which is a necessary step to advance 19b4. ETF listing.
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These 19b4 forms will be filed by exchanges such as the Chicago Board Options Exchange (CBOE) on behalf of issuers seeking SEC approval to list a proposed ETF. After receiving these documents, the SEC has 240 days to approve or reject the products.
To date, VanEck and 21Shares, as well as Canary Capital, entered the agency-approved Ethereum and Bitcoin ETF market earlier this year and have submitted their reports. S-1 Application Solana ETF, while Bitwise recently announced its intention to file earlier this week.
However, Terret noted that filing a 19b4 application does not guarantee approval. VanEck and 21Shares’ previous applications suffered setbacks when their applications were removed from the CBOE website in August.
Reporters said industry observers speculated that regulators’ reluctance to approve such listings under Chairman Gary Gensler was due to tighter regulations. Regulatory stance.
Potential shifts in SEC approach in 2025
Despite these previous setbacks, investors are experiencing renewed optimism following recent contacts with SEC staff and expected pro-crypto policies from the incoming administration under President-elect Donald Trump.
Changes in leadership expected to create a more conducive environment for cryptocurrency-related sectors financial productscould pave the way for Solana ETF approval in 2025.
Anticipation surrounding the Solana ETF increased further after Gensler announced his departure from the SEC and confirmed that January 20, 2025 will be his last day in office.
The news follows months of speculation about his future, especially since Donald Trump has previously expressed interest in succeeding Gensler on his first day in office.
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In addition to the Solana ETF, other cryptocurrency ETFs, including one for XRP and Hedera’s HBAR token, are also in the pipeline and could benefit from the evolving technology regulatory environment.
As the situation develops, a more relaxed regulatory approach could significantly reshape the cryptocurrency investment landscape in the United States, especially the plans Trump laid out during his presidential campaign.
As of this writing, SOL is trading at $261, up 25% on a weekly basis and setting an all-time high for the fourth largest cryptocurrency currently on the market.
Featured images from DALL-E, charts from TradingView.com
