Solana ETF Prospects Brighten Amid Productive SEC Talks With Issuers

Name	Symbol	Market	Market Cap ($)	Algorithm
Solana	SOLUSD	Crypto	121,973,257,332	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Solana

SOLUSD

Crypto

121,973,257,332

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	4.50	1.75%	261.33	261.33	261.34

Price Change

Price Change %

Current Price

Bid Price

Offer

4.50

1.75%

261.33

261.34

High Price	Low Price	Open Price	Prev. Close	52 Week Range
264.32	253.65	256.86	256.83	53.47 - 264.63

High Price

Low Price

Open Price

Prev. Close

52 Week Range

264.32

253.65

256.86

256.83

53.47 - 264.63

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	14:29:43	0.114837	261.33	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

14:29:43

0.114837

261.33

USD

Price x Volume	Volume	Base Symbol	Related Pairs
141,962,433.65	548,606.64	SOL	SOLEUR	SOLGBP	SOLBTC

Price x Volume

Volume

Base Symbol

Related Pairs

141,962,433.65

548,606.64

Solana ETF Prospects Brighten Amid Productive SEC Talks With Issuers

22/11/2024 8:30am

NEWSBTC

On Thursday, Fox reporter Eleanor Terret revealed that the US Securities and Exchange Commission (SEC) is actively engaging in discussions with several asset managers regarding the launch of the new spot Solana ETF market. The firms involved include VanEck, 21Shares, Canary Capital, and Bitwise, all seeking to introduce products tied to the Solana price. SEC Progresses On Solana ETF Talks According to sources familiar with the matter cited by Terret, discussions between SEC staff and issuers are currently “progressing.” The SEC is reportedly reviewing S-1 filings, critical to the Solana ETF approval process. Terret further disclosed that there is growing optimism among stakeholders that the industry may soon see 19b4 filings from exchanges representing these issuers, a key step necessary to move forward with ETF listings. Related Reading: FTX Provides Details On $16 Billion Distribution Timeline For Customers And Creditors These 19b4 forms will be submitted by exchanges, such as the Chicago Board Options Exchange (CBOE), on behalf of the issuers, seeking SEC approval to list the proposed ETFs. Upon receiving these filings, the SEC has a 240-day window to either approve or deny the products. To date, VanEck and 21Shares, who are also in the Ethereum and Bitcoin ETF markets approved by the agency earlier this year, along with Canary Capital, have submitted their S-1 filings for a Solana ETF, while Bitwise recently announced its intention to file earlier this week. However, Terret notes that the submission of 19b4 filings does not guarantee approval. Previous applications from VanEck and 21Shares faced setbacks, with their filings removed from the CBOE’s website in August. The reporter claimed that industry observers speculated that the regulatory agency, under its chairman Gary Gensler, was reluctant to approve such listings because of a tougher regulatory stance. Potential Shift In SEC Approach For 2025 Despite these previous setbacks, there is renewed optimism among investors following recent engagements with SEC staff and the anticipated pro-crypto policies of the incoming administration led by President-elect Donald Trump. This change in leadership is expected to foster a more favorable environment for cryptocurrency-related financial products, potentially paving the way for a Solana ETF approval in 2025. The anticipation around the Solana ETF gained additional traction after Gensler announced his departure from the SEC, confirming that January 20, 2025, will be his last day in office. This announcement follows months of speculation regarding his future, particularly as Donald Trump had previously indicated intentions to replace Gensler on his first day in office. Related Reading: Ethereum Sees Neutral Netflow On Binance: What Does This Signal? Besides the Solana ETF, other cryptocurrency ETFs, including those for XRP and Hedera’s HBAR token, are also in the pipeline and may benefit from the evolving regulatory landscape. As the situation unfolds, the potential for a more accommodating regulatory approach could significantly reshape the cryptocurrency investment landscape in the United States, even more so with the plans Trump laid out during his presidential campaign. At the time of writing, SOL is trading at $261, up 25% in the weekly time frame, marking a new all-time high for what is now the fourth largest cryptocurrency on the market. Featured image from DALL-E, chart from TradingView.com

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