As a seasoned researcher and investor with over two decades of experience in the financial markets, I’ve witnessed numerous regulatory hurdles that have shaped the course of various asset classes. The latest development regarding the SEC’s decision to potentially reject Solana ETF applications is yet another example of these intricate dance between innovation and regulation.
It appears that the U.S. Securities and Exchange Commission (SEC) intends to deny requests for Solana-based Spot Exchange Traded Funds (ETFs), which could dampen investor enthusiasm regarding potential approval.
As per a post by Eleanor Terret, a reporter at Fox Business, it’s been indicated that at least two of the five applicants have been informed their applications will be rejected. While no particular applicants have been disclosed, this news has ignited curiosity. Onlookers are keeping a close eye on how this might affect the remaining three candidates, all of whom have also submitted 19b-4 applications.
Terret highlights that the government typically approves many Exchange-Traded Funds (ETFs), as demonstrated by the licensing of 11 Bitcoin spot ETFs in January. She notes that experts within the industry generally predict that the current administration will not approve any new crypto ETFs in the future, despite a growing interest from both institutional and retail investors.
As reported by experts within the field, significant advancements on the registration of crypto Exchange Traded Funds (ETFs) are unlikely until a new leadership team at the Securities and Exchange Commission (SEC) assumes office. It is anticipated that Paul Atkins will take charge of the agency next month.
Regardless of any lingering uncertainties regarding regulations, Solana’s value continues to hold its ground robustly. At the time of writing, SOL is being exchanged at $238, representing a 1.81% increase over the past 24 hours.
The stable behavior of SOL has caught the interest of financial analysts, who are closely watching its potential resistance point at $240. There’s a strong belief among many that the price of SOL could potentially hit record highs between $290 and $300, possibly due to a predicted technical breakthrough.
In recent weeks, the progress of Solana (SOL) has taken a back seat to that of other digital currencies like Ripple (XRP), as XRP surged by more than 50% weekly. This development has sparked doubts among investors regarding Solana’s continued growth trajectory amidst ongoing regulatory uncertainties.
Despite ongoing delays in approving Solana ETFs, the selection of David Sacks as the White House’s advisor on AI and cryptocurrency has rekindled optimism about the future of crypto legislation.
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2024-12-06 20:21