Solana ETF Might Not Be Hitting the Market Anytime Soon
- WBOYOriginal
- 2024-08-18 03:42:09677browse
It looks like the SEC is not ready to approve a third crypto ETF. Even though BTC and ETH ETFs are rocking the market, filing of Solana ETF has been removed from CBOE website.
The Securities and Exchange Commission (SEC) might not be approving a third crypto ETF anytime soon.
On July 8, VanEck and 21Shares filed the forms to launch and trade a Solana ETF on the CBOE. However, the SEC never published the filing notice for the Solana ETF, which was the first indication that the solana ETF might not be approved.
VanEck and 21Shares have previously attempted to launch an ETF for Solana, but it was rejected by the SEC. This was their second attempt, and despite Bitcoin and Ether ETFs performing well in the market, the SEC is not yet ready to approve an ETF for the fifth-largest cryptocurrency.
According to ETF store president Nate Geraci, Solana ETFs are not expected to be approved soon by the current administration.
One major reason for this could be the SEC's stance on Solana, which is among the large number of cryptos that the SEC has marked as securities.
The 19b-4 forms by VanEck and 21Shares for the Solana ETF have been removed from the CBOE website.
While crypto people are discussing this, there is no comment from VanEck and 21Shares on their X about it.
Another X user, Summers, provided the details about the documents that were removed from the cboe website in his post. He even shared screenshots of the website showing the missing filling documents.
In June 2018, SEC Director of Corporate Finance William Hinman stated that the commission will not treat Bitcoin and Ether as securities. The SEC has released a list of 19 cryptos which they count as securities and Solana is one of them. This might be the prominent reason why the SEC is not ready to let SOL ETF hit the market.
On the other hand, the first spot Solana ETF is awaiting approval by the Brazilian stock exchange.
According to experts, the SEC will not permit the launch of a SOL ETF until there is a change in the administration.
People have their eyes on the Presidential elections as Donald Trump promised during the Nashville conference that he will fire Gary, the chair of the SEC. The crypto community is awaiting the elections, which will determine whether the US will become a crypto-nurturing nation.
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