In a significant development for the cryptocurrency market, the Solana exchange-traded fund (ETF) proposed by Canary Capital, 21Shares, VanEck, and Bitwise has entered the next stage of the U.S. Securities and Exchange Commission (SEC) review process.
However, it is important to note 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, it is important to remember that the SEC’s regulatory filings have officially opened the 21-day comment period for the companies’ ETF applications. During this period, the commission will either approve or reject the proposal, or they may choose to extend the decision period, as they have done with previous crypto-related filings.
Market analysts are optimistic that Solana and other altcoins will receive ETF approvals in 2024, but the exact timeline and regulatory approach are still uncertain. Nevertheless, the recent developments indicate a more positive stance from the SEC compared to the time when former Chairman Gary Gensler was in charge, as he was known for his strict approach to cryptocurrency regulation.
In related news, the CEO of an analysis company has named five altcoins that are currently experiencing a “dead cat bounce.” It is worth mentioning that the changing political landscape, especially with Donald Trump’s return to the White House, has encouraged firms like Canary Capital to proceed 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 application will progress.
Please note that this translation does not constitute investment advice.