As a seasoned analyst with a background in both traditional finance and cryptocurrencies, I’ve seen my fair share of regulatory hurdles and market fluctuations. The latest news about the potential approval of a Solana ETF by the SEC has certainly piqued my interest.
According to Fox Business reporter Eleanor Terrett, the Securities and Exchange Commission (SEC) is privately consulting with various issuers regarding the potential approval of an Exchange Traded Fund (ETF) based on Solana. Given the impending pro-crypto administration under President Trump, it appears that the SEC may be more open to endorsing such a product.
Yet, despite the fact that Gary Gensler, who holds a negative stance towards cryptocurrency, remains in his position at the SEC, significant developments may not start unfolding until as late as 2025.
Solana ETF Approval Is Getting Closer
As an analyst, I’ve been following the developments closely, and here’s what I’ve gathered: The Securities and Exchange Commission (SEC) is reportedly in discussions with several Exchange Traded Fund (ETF) issuers regarding the potential approval of a Solana ETF. To date, Brazil stands as the only country to have given this product the go-ahead. Just last September, Polymarket odds placed the SEC’s likelihood of approving it at a mere 3%. However, recent indications suggest that this skepticism might be about to shift, implying a potential change in stance from the SEC.
The dialogues between SEC officials and entities planning to introduce a Solana spot ETF are “advancing.” Now, the SEC is actively reviewing S-1 applications. The recent interaction from staff, combined with the impending pro-cryptocurrency administration, is causing a resurgence of hope that a Solana ETF might receive approval by 2025, according to Terrett’s statement.
In simpler terms, Terrett emphasized that the momentum in these negotiations is primarily driven by Donald Trump’s intention to secure a second term. On his campaign, Trump made promises to overhaul US cryptocurrency regulations, with one key promise being the removal of SEC Chair Gary Gensler who has been critical of crypto. It seems that Gensler is now accepting his possible dismissal, and it’s clear that his successor will likely be favorable towards the industry.
Previous submissions have been stuck in a holding pattern during the confirmation or denial phase. The SEC has 240 days to make a decision once an application is accepted. However, more applications are being submitted: Canary Capital recently filed for a Solana ETF, and BitWise followed suit today.
Although these optimistic talks remain mere unconfirmed whispers, the Commission has yet to officially take steps towards initiating the process. For now, Gensler retains his position in name only. Terrett speculates that substantial progress on the Solana ETF might not occur until early 2025. However, this newfound optimism represents a drastic shift from earlier skepticism.
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2024-11-21 20:17