Key details:
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VanEck filed an analogous request yesterday.
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The SEC has to date thought-about Solana to be an unregistered safety.
The U.S. Securities and Change Fee (SEC) has acquired a brand new software for approval for a Solana (SOL) spot ETF, this time from the corporate 21Shares.
Submitting Kind S-1 with the regulatory physique It got here simply at some point after VanEck submitted his proposal of an ETF additionally based mostly on that cryptocurrency.
Each functions face the identical preliminary hurdle: the SEC’s stance on the character of solana. For the regulator, SOL is an unregistered safety and, for that reason, should be regulated by america Securities Act, in contrast to what occurs with bitcoin (BTC) and ether (ETH), as CriptoNoticias has reported.
For now, the value of the cryptocurrency has remained at $142. Yesterday, after VanEck’s presentation, its value rose 9%, reaching $148, as proven within the following TradingView chart.
Bloomberg ETF specialist Eric Balchunas famous that the probabilities of solana-based funds being accepted within the subsequent 12 months depend upon a change of president in america.
“It is secure to say the probabilities are higher right this moment,” he mentioned. Balchunas didn’t dare to present his typical forecast of the chance of the ETFs being accepted, since it’s too early, he argued.
