As a seasoned crypto investor with over a decade of experience navigating the tumultuous waters of digital assets, I can’t help but feel a mix of disappointment and resignation upon hearing about the SEC’s decision to reject Solana ETF applications. The crypto market has come a long way since its inception, and it’s disheartening to see regulatory barriers continue to hinder our progress.
It appears that the U.S. Securities and Exchange Commission (SEC) intends to decline requests for Solana exchange-traded funds (ETFs) at this time.
Two potential issuers have been informed by the agency that they are being considered for an ETF based on Solana (SOL), as reported by Eleanor Terrett from Fox News.
In my recent understanding, I’ve learned that it appears the Securities and Exchange Commission (SEC) is not currently open to considering any new cryptocurrency exchange-traded funds (ETFs) under the present administration. This was shared with me on December 6th.
A number of investment companies are currently applying for Solana Exchange Traded Funds (ETFs), with the goal of offering investors a chance to invest directly in Solana’s market.
On June 27th, VanEck was the pioneer to file a 19b-4 application with the agency. This was followed closely by 21Shares on June 28th, and Canary Capital in late October. After Donald Trump’s victory in the November 6th presidential elections, Bitwise and Grayscale also submitted applications for a SOL fund.
For companies aiming to introduce cryptocurrency ETFs, the process commences by submitting a 19b-4 application to the Securities and Exchange Commission (SEC). This submission outlines the proposed product’s details, such as its structure, trading methods, and adherence to securities regulations.
Despite potential delays with application rejections, businesses have the opportunity to secure approval under the Securities and Exchange Commission (SEC) as they transition to new leadership. On December 4th, Trump announced his nomination of Paul Atkins, a specialist in crypto policy, to head the SEC – an appointment that satisfies one of his campaign pledges to replace current Chair Gary Gensler.
Terrett expects that the approval process for SOL ETFs may follow a similar pattern as Bitcoin ETFs, where multiple issuers could potentially receive approval simultaneously.
“The SEC won’t approve just one or a couple and not the others. Remember the bitcoin ETFs? Eleven launched on the same day.”
Trump’s reentry into the White House has sparked a rush among Wall Street institutions to develop more cryptocurrency-related products. On November 28th, Bitwise filed an application for an Exchange Traded Fund (ETF) modeled after its current 10 Cryptocurrency Index Fund.
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2024-12-06 18:52