In a significant development for the cryptocurrency market, the Solana exchange-traded fund (ETF) proposed by Canary Capital, 21Shares, VanEck, and Bitwise has reached the next stage of the U.S. Securities and Exchange Commission (SEC) review process.
However, it should be noted that the Solana Spot ETFs have not yet received approval and the recent developments are just part of the process. While the news is positive, the SEC’s regulatory filings have officially opened the 21-day comment period for the companies’ ETF applications. During this time, the commission will either approve or reject the proposal, or extend the decision period as it has done with previous crypto-related filings.
Market analysts are optimistic that both Solana and other altcoins will receive ETF approvals in 2024, but the exact timeline and regulatory approach are still uncertain. Nevertheless, recent developments indicate a more positive stance from the SEC compared to the era of former Chairman Gary Gensler, who was known for his strict approach to cryptocurrency regulation.
In related news, the changing political landscape, particularly Donald Trump’s return to the White House, has encouraged firms like Canary Capital to move forward with their altcoin ETF applications. It is worth noting that Grayscale’s proposed Solana ETF entered this review phase last week and is ahead of Canary in terms of the decision-making timeline. Analysts suggest that the SEC’s decision on Grayscale’s application could serve as an early indicator of how Canary’s ETF will proceed.
*This is not investment advice.
