Spot Solana ETF Approval Poised To Come ‘Way Ahead’ Of Schedule
Main Idea
The US Securities and Exchange Commission (SEC) is accelerating the approval process for a Solana spot ETF, potentially making Solana the third cryptocurrency with a US spot ETF, following Bitcoin and Ether.
Key Points
1. The SEC has indicated that the approval for a Solana spot ETF may come ahead of the statutory deadline of 10 October.
2. The REX-Osprey SOL + Staking ETF (SSK) has already begun trading, gathering about $12 million, and is seen as a precursor to broader Solana ETF approvals.
3. Six issuers—VanEck, Fidelity, 21Shares, Ark/21Co, Bitwise, and Hashdex—have filed proposals for spot Solana ETFs.
4. The SEC is working on a universal template for digital-asset ETPs to replace the current bespoke Form 19b-4 waivers.
5. An early approval could set a precedent for other cryptocurrencies like XRP, Litecoin, and Dogecoin to also receive spot ETF approvals.
Description
The US Securities and Exchange Commission has told would-be Solana ETF sponsors to file fully amended registration statements by the end of this month, a demand that compresses a review timetable currently set to run until 10 October, the first statutory deadline for the applications. People involved in the dialogue say the Commission’s trading-and-markets division has signalled it has no intention of waiting that long. “I think that the SEC has some pressure to approve these quicker than waitin...
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