Key Takeaways
- The SEC plans to reject spot Solana ETF functions and pause new crypto ETF approvals.
- The SEC’s resolution impacts a number of asset managers searching for to supply Solana-based funding merchandise.
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Based on FOX Enterprise reporter Eleanor Terret, the SEC has knowledgeable at the least two potential ETF issuers that it’s going to reject their functions for a spot Solana ETF. Sources additionally point out that the SEC is unlikely to approve any new crypto ETFs “underneath the present administration.”
The newest info comes as a number of asset managers search approval for Solana-based funding merchandise. Grayscale Investments lately filed to transform its Solana Belief, which manages $134.2 million in property, right into a spot ETF underneath the ticker GSOL. The agency submitted its utility on Tuesday.
A number of different asset managers, together with VanEck, 21Shares, Bitwise, and Canary Capital, have filed comparable functions for Solana ETFs, demonstrating industry-wide curiosity in bringing these funding automobiles to market.
The SEC’s place impacts a broad vary of anticipated crypto ETF functions past Bitcoin and Ethereum, together with these monitoring SOL and XRP.
The regulator has beforehand expressed issues about Solana’s potential classification as a safety, which might have an effect on the ETF approval course of.
In August, the SEC formally rejected Cboe BZX’s filings for 2 Solana spot ETFs attributable to issues about Solana’s classification as a safety.
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