As a seasoned crypto investor with a decade-long journey under my belt, I’ve learned to navigate the unpredictable seas of regulatory decisions and market fluctuations. The recent news about the SEC’s denial of Solana spot ETF applications comes as no surprise, considering the regulator’s hesitant stance on approving such products.
It seems that anticipation for SEC approval of Solana spot ETFs might have been dampened, as the regulatory body has reportedly informed two out of the five prospective issuers that their applications have not been accepted.
As a researcher, I’ve come across a piece of intriguing news: according to Eleanor Terret from Fox Business, the Securities and Exchange Commission (SEC) has indicated that it will reject applications from at least two parties who had submitted 19b-4 filings. Although the identities of these applicants remain undisclosed, this revelation has certainly sparked widespread curiosity. I can’t help but wonder what the implications might be for the remaining three applicants who also filed their 19b-4 applications, and how this decision could potentially impact the development as a whole.
No Approval for Solana Spot ETFs Anytime Soon
Significantly, Terret’s report underscores a persistent issue that cryptocurrency advocates have raised. Namely, the SEC’s reluctance in granting approval for traditional exchange-traded funds (ETFs) based on cryptocurrencies.
It’s been observed that experts within the industry generally agree that the existing government is not expected to approve any fresh crypto ETFs in the near future, despite the rising interest from both institutional and individual investors.
In response to a hopeful comment on social media about the possible approval of Solana ETFs by the SEC, Terret looked back at the regulator’s past actions. She pointed out that the SEC typically approves several ETFs at once, as demonstrated in January when 11 Bitcoin spot ETFs were approved all at once. Terret further explained that the SEC usually operates in a coordinated manner rather than granting isolated approvals, so users should not anticipate any exceptional treatment for Solana ETFs.
It’s worth noting that Terret isn’t the only one with this perspective. In fact, Nate Geraci, the president of ETF Store, shares a similar viewpoint. He put it this way:
It’s not unexpected; we can expect no progress on the filing of spot cryptocurrency ETFs until a new leadership takes over.
His remark indirectly alludes to the forthcoming shift in the SEC’s management, whereby Paul Atkins is set to assume control starting from January.
SOL Price Holds Steady amid Uncertainty
In my role as an analyst, I’m observing that despite the regulatory uncertainties, Solana’s price remains robust. At the time of writing, Solana (SOL) is being traded at approximately $238, representing a 1.81% increase over the past 24 hours.
Market observers are now focusing on the resistance level of $240 for SOL, with some suggesting a possible technical breakthrough that may drive its price up towards new record highs ranging from $290 to $300. Currently, SOL is trading at $235.2, and it has shown minimal volatility within the last 24 hours (volatility: 1.4%). Its market capitalization stands at $111.88 billion, and its trading volume in the last 24 hours was approximately $12.10 billion.
It could be useful to point out that the growth of Solana (SOL) has been overshadowed by other cryptocurrencies’ performance lately. Unlike SOL, which has remained relatively stable and is moving within a similar price range, XRP has experienced weekly price increases exceeding 50%. This development has left some investors questioning its trajectory, especially given the ongoing regulatory uncertainties.
From my perspective as an analyst, the overall enthusiasm towards Solana ETFs persists, though their approval might be delayed for now. Nevertheless, the recent designation of David Sachs as the White House’s AI and Crypto Czar has significantly boosted optimism about the future of cryptocurrency regulation. This appointment fuels hope that a favorable regulatory landscape may soon be established for digital assets like Solana.
Read More
- W PREDICTION. W cryptocurrency
- What Are Silo 18’s Tunnels Connected To? Juliette’s Silo 17?
- ZK PREDICTION. ZK cryptocurrency
- ARB PREDICTION. ARB cryptocurrency
- Is there preload for Path of Exile 2? Yes, but with a few caveats
- XVG PREDICTION. XVG cryptocurrency
- DEXE PREDICTION. DEXE cryptocurrency
- XRD PREDICTION. XRD cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- Over $500 Million Wiped Out From The Market As Bitcoin Price Fluctuates Heavily
2024-12-06 13:39