📝 Solana ETF application encounters obstacles, the new SEC chairman may bring opportunities for Solana ETF
Recently, the listing application for the Solana ETF in the United States seems to have encountered some obstacles, with at least two of the five potential issuers' 19b-4 applications being rejected, disappointing many investors who were looking forward to easily investing in Solana through an ETF. After all, spot Bitcoin and Ethereum ETFs have already provided investors with a simple way to access these two major cryptocurrencies.
However, the situation may improve. Recently, according to FOX Business reporter Eleanor Terrett's social media post, the SEC may reject some companies' Solana ETF applications. This has led some asset management firms, such as Grayscale, to recently consider converting its $120 million Grayscale Solana Trust (GSOL) into a spot ETF, but it currently seems that this may not go as smoothly.
Nevertheless, things may change soon. Recently, cryptocurrency-friendly supporter Paul Atkins has been nominated as the new chairman of the SEC, rekindling hopes. Industry experts predict that with Atkins' appointment, the SEC's attitude towards cryptocurrency ETFs may become more open, which could be good news for the Solana ETF.
Currently, several large asset management firms, including VanEck, 21Shares, Bitwise, and Canary Capital, are actively applying for Solana ETFs. Although the SEC rejected two proposals for Solana spot ETFs in August this year, the regulatory environment may become more friendly with the new leadership.
Let’s wait and see if the new SEC chairman will bring about new regulatory changes, especially regarding the approval of new ETFs beyond Bitcoin and Ethereum. This will also have a significant impact on the entire cryptocurrency market, so stay tuned!
