Solana ETF Approval Imminent?
Solana ETF Approvals: A Looming Decision?
Recent reports indicate that the US Securities and Exchange Commission (SEC) is moving closer to approving several proposed Solana exchange-traded funds (ETFs). This follows the SEC's request for amended S-1 forms from prospective ETF issuers, a development interpreted by many as a positive signal.
Key Takeaways:
- The SEC has requested updated filings from Solana ETF issuers, potentially accelerating the approval process.
- Bloomberg Intelligence estimates a 90% probability of Solana ETF approval by October.
- The SEC's apparent openness to staking in Solana ETFs is a significant factor.
According to Blockworks, sources familiar with the matter suggest that the requested filing changes could lead to approval within three to five weeks. The SEC is expected to provide feedback on the amended S-1 forms within 30 days of submission, focusing on aspects like in-kind redemptions and staking mechanisms.
Multiple firms are vying for SEC approval, including notable players like Grayscale, VanEck, 21Shares, Canary Capital, Bitwise, and Franklin Templeton. Bloomberg analysts are optimistic, projecting a high likelihood of approval for both Solana and Litecoin ETFs in 2024.
This positive momentum follows a previous delay on Grayscale's Solana ETF application. The SEC's willingness to engage with issuers and consider staking, a core feature of the Solana blockchain, significantly boosts the chances of a favorable outcome.
The positive news has already impacted the market, with the price of SOL surging 4%, reaching near $165 (according to TradingView). This reflects investor confidence in the potential of Solana ETFs to increase market accessibility and liquidity for the SOL token.
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