SEC Kicks Solana ETF Can Down the Road—Just as SOL Stages a Comeback
Regulators hit pause on the hotly anticipated Solana ETF—classic bureaucratic speedbump—while SOL defies gravity with a 20% rebound. Here’s the breakdown.
Why the delay? The SEC’s ’careful consideration’ looks more like ’paralyzed indecision’ as crypto markets outpace Washington’s glacial rulemaking. Meanwhile, SOL bulls shrug it off—proof that traders care more about network activity than regulatory theater.
Wall Street’s take? ’We’ll approve your crypto ETF right after we finish investigating this 2017 ICO.’ Stay nimble, folks—the only certainty here is more volatility.
Source: Bankrate
Solana ETF Decision Gets a Delay by SEC: What Does That Mean for SOL?
Last year, the cryptocurrency market saw both Bitcoin and Ethereum get spot ETF products approved. It was a shocking turn of events amid what was a clearly anti-crypto administration. What was all the more shocking was how well they performed, with the BTC ETF products playing a major part in its eventual surge to a $109,000 all-time high.
As the calendar turned, many expected a similar development this year. Moreover, they projected a host of assets to be up for consideration in such a development. Yet, one of the top options will have to wait, as the SEC has issued a delay for its Solana ETF decision.
The agency announced an extended deadline for the fund around the SOL crypto token. Specifically, it noted that more time was needed in regard to the applications from 21Shares, Bitwise, VanEck, and Canary Capital.
“Institution of proceedings does not indicate that the commission has reached any conclusions with respect to any of the issues involved,” the SEC said in a press release. “The Commission seeks and encourages interested persons to provide comments on the proposed rule change.”
Many experts have noted that the MOVE was expected. Speaking to Decrypt, Bitwise Asset Management CFA Juan Leon discussed the deadline change. “People were expecting [the Commission] to just green light everything as soon as the application got put in; that isn’t how the process works.”
