The prospect of the SEC approval point Solana ETF is an excitement by analysts planning a long trip.
Despite the favorable probability of the US Securities and Exchange Commission (SEC), which approves Solana -based exchange trading funds (ETFS), analysts believe that their debut is uncertain. ETF analysts consider potential delays in the public commentary on regulatory reviews, execution and submissions that are pending. Therefore, ETF experts believe that some problems with Solana hope can change before ETF starts trading.
Bloomberg’s ETF analyst ERIC BALCHUNAS reflects recent development because regulators have not completely rejected the application. Senior ETF analysts declared this week as the start of starting a report on Solana ETF. Securities Watchdog was able to extend the review deadline by mid -October, as it was seen when it was seen when it was seen when approving other encryption foundations by copying past events.
Solana ETFS debut will expand access to encryption asset -oriented products that will replicate the success of the Spot Bitcoin ETF after approval in January 2024. Market observers are attracting $ 1 billion in cash flows in traditional Tradfi. ) Organ. This has been translated into a wave that sent the digital asset market up.
Solana ETFS attracted the attention of several asset managers, including Vaneck, Canary Capital, 21Shares, GrayScale and Bitwise. BALCHUNAS Project 70% chance of approval of SOL ETFS this year.
Meanwhile, Crypto prediction platform polymarket considers the 84% chance of SEC Green Light by December 31, but the exact timing of approval is a mystery.
The SEC of the intermediate chair Mark Uyeda has a encryption -friendly posture, but BALCHUNAS recognizes the uncertainty of how the approval process develops. Previously, the SEC delayed the decision on the SPOT BITCOIN ETF until the court intervened in order to rule the court during the Gary Gensler term.
BALCHUNAS added that the decision that did not phant the decision three times would form a refreshing signal. Unlike Gensler’s tenure, he optizes a shorter approval time.
BALCHUNAS admits that for the next few weeks, it’s optimistic about Solana ETF approval, but some specific things are worth investigating.
Litigation and statement
BALCHUNAS indicates that if the SEC provides feedback on the proposed rules change captured in the 19B-4 report, it will create a momentum for the imminent Spot Solana ETF. Such a statement suggests that the SEC is actually involved with asset managers.
Bloomberg’s chief ETF analyst takes into account the signs of asset managers who meet strongly to solve questions about SOL ETFs with the SEC team. But he believes it is worth monitoring the execution of the SEC in the past. In particular, if Solana is mentioned as security, the level for Coinbase quotes a 2023 lawsuit.
The SEC lawsuit against Coinbase has been made to give an agreement to exchange encryption for aortic appeals in accordance with the New York judge’s ruling. Conflicting ruling on how to apply the securities law to digital assets has caused the premise for the court’s top intervention.
BALCHUNAS observed that in the legal fight with the Brian Armstrong -led Coinbase, the withdrawal of retreat and Solana’s claims would be a good signal for approval momentum.
Trump’s candidate Paul Atkins is probably probably a factor at the upcoming Senate’s hearing. A statement related to encryption -centered ETF approval creates a positive signal.
Is Solana ETF in your bag?
The Trump administration’s encryption -friendly approach is convinced that some analysts have already met Solana ETFS approval conditions. Bitwise Investment Strategist Juan Leon concluded that Solana ETF was in a bag, but SEC.
Previously, the SEC rejected the Bitcoin ETF spot, citing the potential of fraud and market manipulation. Nevertheless, the Grayscale legal victory in 2023 was approved by Spot Bitcoin ETF last year.
The Court of Appeals in Washington, DC, argued that the refusal to apply for a gray scale to convert the trust fund into a SPOT ETF is arbitrary and capricious. The judge has already granted green fire to Bitcoin Futures ETF and observed that the existence of the regulatory futures market has solved fraud and manipulation.
These conditions are reflected in this week’s development, when Coinbase derivatives announced the Solana Future Contract in accordance with CFTC. Leon believes that the SEC can ultimately reduce the consideration of the regulatory futures market as it is in place and Coinbase Move provides the same effect. SEC approval Solana ETF has increased.