Key information:
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Yesterday, VanEck had filed the same request.
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The SEC, till now, has thought-about Solana to be an unregistered safety.
The U.S. Securities and Trade 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 only a day after VanEck submitted its proposal of ETF additionally primarily based 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, it should be regulated by the USA Securities Act, in contrast to what occurs with bitcoin (BTC) and ether (ETH), as reported CryptoNews.
For now, The value of the cryptocurrency has remained at $142Yesterday, following VanEck’s presentation, its share worth rose by 9%, reaching $148, as proven within the following TradingView chart.
Bloomberg ETF specialist Eric Balchunas famous that the chance of solana-based funds being authorized within the subsequent 12 months depend upon a change of president in the USA.
“It’s secure to say that the possibilities are larger at this time,” he stated. Balchunas didn’t dare to present his common forecast of the chance of ETFs being authorized, as it’s too early, he argued.