Efforts to launch a spot Solana (SOL) ETF in the United States are moving ahead with positive momentum.
According to Fox Business journalist Eleanor Terrett, discussions between the Securities and Exchange Commission (SEC) and potential issuers are progressing well, hinting at the possibility of approval as early as 2025.
Recent developments indicate that the SEC has begun engaging with issuers regarding their S-1 registration statements, and sources suggest that exchanges may soon begin submitting 19b-4 filings on behalf of these issuers. These filings are a critical step in the approval process, with exchanges like Cboe playing a key role in pushing for SEC approval.
Once the SEC receives the 19b-4 filings, a 240-day period begins, during which the agency must decide whether to approve or reject the ETF proposals. Currently, companies such as VanEck, 21Shares, and Canary Capital are at the forefront of pushing for a Solana ETF, although earlier filings from VanEck and 21Shares were withdrawn in August, leaving some questions unanswered.
Despite past skepticism surrounding crypto-related ETFs, particularly before the 2024 U.S. presidential election, there has been a shift in market sentiment. The potential appointment of a pro-crypto SEC chairman under a new administration has sparked renewed optimism among asset managers and investors, though the timeline for a final decision remains unclear.
The crypto market is seeing increased support from various industries, with payment firms playing a key role in promoting digital assets.
Binance, the leading cryptocurrency exchange, made headlines today with an update concerning several altcoins on its platform.
VanEck has taken a bold step by filing for a Binance Coin (BNB) exchange-traded fund (ETF) in Delaware, aiming to introduce the first BNB ETF to the U.S. market.
A stablecoin lost its peg to the US dollar on Wednesday morning, following allegations that the company behind it, based in Hong Kong, was facing bankruptcy.