As a seasoned researcher with over two decades of experience in the financial markets, I have seen my fair share of regulatory roadblocks and policy shifts. The latest news about potential delays for Solana ETF applications comes as no surprise to me, given the transition in federal administration and agency leadership.
Approval for Solana Exchange-Traded Funds (ETFs) in the U.S. might encounter delays due to changes in the federal administration and shifts in the leadership of relevant agencies.
According to Eleanor Terrett from Fox Business, who cited internal sources, some Solana (SOL) exchange-traded fund issuers have been informed by the Securities and Exchange Commission staff about potential obstacles in the approval process for their applications.
It was reported that the SEC has decided not to review any new proposals for cryptocurrency ETFs until after Donald Trump leaves office in January 2025. This means that Solana funds currently on hold are uncertain about their future status. So far, five companies such as VanEck, 21Shares, Bitwise, Canary Capital, and Grayscale have submitted applications for these ETFs, but their fate remains undecided until the specified date.
🚨EXCLUSIVE: I’ve verified that the Securities and Exchange Commission (SEC) has informed at least two of the potential issuers that their 19b4 filings for Solana-based spot ETFs will be denied.
It appears, according to sources, that the SEC is not currently open to considering any new cryptocurrency ETFs under the current administration.
— Eleanor Terrett (@EleanorTerrett) December 6, 2024
19b-4 filing reports experienced delays, even as there was reported progress on Solana spot funds at the end of November. During that time, firms mentioned receiving feedback from the SEC and discussions with agency staff about expediting Form S-1 documents, a standard step in ETF securities registration.
Providers such as WisdomTree are looking to broaden the current range of cryptocurrency-based products they offer, buoyed by the recent success of Bitcoin (BTC) and Ethereum (ETH) spot Exchange Traded Funds (ETFs).
Spot Bitcoin ETFs have been a breakout story of the year, garnering $109 billion in assets since January and overtaking dormant holdings attributed to Bitcoin creator Satoshi Nakamoto. Issuers also filed paperwork to list spot (XRP) ETFs, as Ripple’s business looked ever stronger with stablecoin plans amid shifting policy climates and a new White House regime under pro-crypto President-elect Donald Trump.
Despite this, notable figures on Wall Street such as BlackRock and Fidelity have yet to enter the competition of listing ETFs for cryptocurrencies other than Bitcoin and Ethereum.
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2024-12-06 22:15