In a twist befitting a Dostoevskian plot, the Cboe BZX Exchange has once again taken up the quill, resubmitting filings for a spot Solana exchange-traded fund (ETF) on behalf of four brave asset managers. Yes, you heard it right! The circus of finance is back in town, and it seems the clowns are eager to juggle some crypto! 🤡
On the fateful day of January 28, the exchange refiled its 19b-4 filings for spot Solana (SOL) ETFs from the illustrious Bitwise, VanEck, 21Shares, and Canary Capital. This comes after the Securities and Exchange Commission, in a fit of bureaucratic whimsy, rejected their applications late last year. One can only imagine the SEC’s office, filled with the echoes of laughter and the rustle of rejection letters! 📜
These new filings, like a phoenix rising from the ashes, effectively restart the SEC’s review process under the watchful eye of the new, crypto-friendly acting chair, Mark Uyeda. Perhaps he’s been reading the tea leaves and has decided that the crypto tide is turning! 🌊
With this move, Solana is poised to become the third cryptocurrency to grace the hallowed halls of spot ETFs on US stock exchanges, following the illustrious Bitcoin (BTC) and Ether (ETH) that made their grand entrances last year. What a lineup! 🎉
But wait, there’s more! Asset managers are not just stopping at Solana; they’ve also filed for spot XRP (XRP), Litecoin (LTC), and even the beloved Dogecoin (DOGE) ETFs. Analysts suggest that these issuers are merely testing the waters, poking the bear of a Trump-era SEC to see what crypto products might just slip through the cracks. 🐻
Bloomberg ETF analyst Eric Balchunas, with the confidence of a seasoned gambler, believes that a Litecoin product may be next in line for SEC approval. Apparently, those applications are already under the watchful gaze of the regulator. One can only hope they’re not playing poker with our futures! 🃏
In a rather optimistic forecast, financial services giant JPMorgan estimates that an approved spot Solana ETF could attract between $3 billion and $6 billion in net assets within the first year. Balchunas, ever the realist, calls this a “reasonable guess.” Reasonable? In the world of crypto? Now that’s a laugh! 😂
VanEck, the trailblazer of this endeavor, was the first to submit a 19b-4 application for a Solana ETF with the SEC on June 27, followed closely by 21Shares and Canary Capital. Bitwise and Grayscale, not wanting to be left out of the fun, also joined the fray after Donald Trump’s election win in November. What a party! 🎊
The new SEC has already taken a chainsaw to past crypto-related actions made under Gary Gensler’s reign, including the revocation of a rule that required financial firms holding crypto to record them as liabilities on their balance sheets. It’s as if they’ve decided to sweep the old regime’s mess under the rug! 🧹
In a final flourish, the SEC announced a crypto task force unit dedicated to developing a framework for digital assets, led by none other than SEC Commissioner Hester Peirce. One can only hope they have a map, for the crypto wilderness is vast and treacherous! 🗺️
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2025-01-29 07:29