SEC Punts Decision Deadlines for Solana ETFs by Two Months
Main Idea
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on Solana exchange-traded funds (ETFs) proposals, while Solana meme coins experience a market slump as investors shift focus to Ethereum and 'quality-focused' assets.
Key Points
1. The SEC has postponed its decision on Solana ETF proposals from Bitwise and 21Shares, invoking its maximum allowable delay until October 16.
2. Solana meme coins have seen an 8.5% decline as investors rotate funds into Ethereum and other 'quality-focused' assets.
3. Cboe BZX has submitted a proposal for the Invesco Galaxy Solana ETF, aiming to bring Solana into regulated U.S. markets.
4. Market experts suggest the SEC's delay may be due to concerns over Solana's security and market manipulation risks.
5. Other issuers like ProShares, Grayscale, and VanEck have also made technical filings for Solana ETFs, while BlackRock has no current plans for a Solana product.
Description
The commission has exercised its final procedural extension for Solana ETF applications, citing the need for additional time to review.
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