GSR Waves Away Solana\'s SEC Headwinds as Pop Researchers Shill Unregistered Security
GSR, Delphi, CoinStash, and RealVision breathlessly retweet and reblog GSR's presumptuous report hundreds of times and since June 27, the price of SOL is up about 5%.
Market-maker GSR has published a bullish report on Solana (SOL), predicting a 900% increase in its price if the SEC approves a Solana spot ETF.
While crypto influencers have widely shared the report, it's important to note that SOL is designated as an unregistered security by the SEC, which could hinder its ETF approval.
Despite this, pop researchers like RealVision, Delphi Digital, CoinStash, and Galaxy have expressed optimism about Solana, with RealVision co-founder claiming to have 90% of his liquid net worth in SOL.
According to the SEC, paragraph 370 of a public court filing states that investors viewed SOL as an investment in Solana Labs' efforts to grow the Solana protocol, which would increase demand and value for SOL.
Paragraph 362 also notes that the SEC believes SOL was offered and sold as an investment contract, making it a security, which is still applicable as of June 5, 2023, when the SEC filed its lawsuit.
This designation could complicate efforts to broker or deal SOL on US secondary markets for public investment, rendering GSR's claims moot.
21Shares and VanEck have also submitted bullish research on Solana to support their spot ETF filings.
VanEck asserts that SOL is a commodity, while another lawyer claims that nothing prevents the SEC from approving a spot crypto ETF.
21 Shares compares Ethereum's gross market value to Solana's potential long-term value capture.
GSR emphasizes its status as a money transmitter licensed in two US territories and five states, highlighting its distance from traditional brokerage or dealing roles.
Currently, only bitcoin and ether are permitted by the SEC to be wrapped in spot ETFs, with both assets having federally regulated futures markets.
However, SOL lacks this futures market, which could delay its ETF approval.
Moreover, Solana's SEC designation as an unregistered security could further complicate its ETF prospects, as neither bitcoin nor ether faced this obstacle.
After years of delays, the US Court of Appeals forced the SEC to approve spot ether ETFs or provide a non-arbitrary explanation for its rejection.
This ruling, combined with the 99.9% correlation between spot and CME futures market prices, ultimately led the SEC to approve the spot ether ETFs.
GSR dismisses these headwinds, claiming that the SEC couldn't use market manipulation or lack of information-sharing agreements to justify rejecting Solana spot ETFs.
According to GSR, such grounds would be considered arbitrary and capricious due to the absence of a federally regulated futures market for SOL.
If one wished to quickly bolster their $SOL position, this would likely serve as a good entry point... let's see! The bananas are slowly ripening...but should reach optimal ripeness in the autumn.
The above is the detailed content of GSR Waves Away Solana\'s SEC Headwinds as Pop Researchers Shill Unregistered Security. For more information, please follow other related articles on the PHP Chinese website!

Altcoins are showing fresh signs of life following Trump's 90-day tariff pause, and three names in particular—XRP, HYPE, and ONDO—are catching investor attention.

What sounds better: winning big and then waiting days for the money to arrive, or playing at crypto casinos with instant withdrawal?

This new financial instrument would track the token's market price, with a third-party custodian holding the underlying AVAX

This guide is for informational purposes only. The token(s) discussed as potential rewards may not have launched yet or may never launch.

n Humanitarian Alliance Launches With 12 Founding Members to Harness Bitcoin's Power for Good

CINCINNATI, OH — A 73-year-old Delhi Township woman has regained more than $35,000 lost in a cryptocurrency scam, thanks to the quick action of local police and a specialized unit within the Ohio Bureau of Criminal Investigation (BCI)

Remittix, a new DeFi token, can be one of the best cryptos to put your money in this year, according to most.

After a long-running streak of breaking down from support levels, Dogecoin (DOGE) is set to reverse the trend.

Hot AI Tools

Undresser.AI Undress
AI-powered app for creating realistic nude photos

AI Clothes Remover
Online AI tool for removing clothes from photos.

Undress AI Tool
Undress images for free

Clothoff.io
AI clothes remover

AI Hentai Generator
Generate AI Hentai for free.

Hot Article

Hot Tools

Zend Studio 13.0.1
Powerful PHP integrated development environment

MinGW - Minimalist GNU for Windows
This project is in the process of being migrated to osdn.net/projects/mingw, you can continue to follow us there. MinGW: A native Windows port of the GNU Compiler Collection (GCC), freely distributable import libraries and header files for building native Windows applications; includes extensions to the MSVC runtime to support C99 functionality. All MinGW software can run on 64-bit Windows platforms.

mPDF
mPDF is a PHP library that can generate PDF files from UTF-8 encoded HTML. The original author, Ian Back, wrote mPDF to output PDF files "on the fly" from his website and handle different languages. It is slower than original scripts like HTML2FPDF and produces larger files when using Unicode fonts, but supports CSS styles etc. and has a lot of enhancements. Supports almost all languages, including RTL (Arabic and Hebrew) and CJK (Chinese, Japanese and Korean). Supports nested block-level elements (such as P, DIV),

Dreamweaver CS6
Visual web development tools

SublimeText3 Mac version
God-level code editing software (SublimeText3)