Surge in Solana’s Price
On Thursday morning, Solana’s SOL token hit an impressive $250, the highest it has been since November 2021.This surge in price is linked to ongoing talks between SEC personnel and issuers eager to establish Solana exchange-traded funds (ETFs). Currently, the difference between SOL and its all-time high of $260—recorded in November 2021—is just 4%, according to CoinGecko.
If optimism continues to build, Solana may very well surpass its previous peak before Ethereum does.
SEC Dialogue and Future Prospects
Eleanor Terrett from FOX Business reported that the SEC is in dialogue with the issuers of Solana ETFs concerning their S-1 registration forms, as confirmed by sources who wished to remain anonymous.Earlier this year, several companies, including VanEck, 21Shares, and Canary Capital, advanced their S-1 applications for Solana ETFs, with VanEck and 21Shares aiming to launch their offerings on the Cboe exchange as soon as they get the green light from regulators. Terrett noted that more filings could emerge soon under SEC Rule 19b-4, which would set off a 240-day review by the SEC.
Although VanEck and 21Shares’ previous 19b-4 filings were pulled from the Cboe site in August, these firms are now experiencing increased communication with SEC staff.
This positive shift, combined with expectations of a crypto-friendly administration, has fueled hope for a Solana ETF approval by 2025.
Political Influences and Broader Trends
The political landscape in the U.S. could also play a significant role in the potential approval of a Solana ETF.For instance, if Donald Trump were to secure re-election, it might bring a new SEC leadership that favors innovative financial products. Matthew Sigel, who heads crypto research at VanEck, is optimistic about the SEC approving a wider array of crypto-related products in the near future.
He believes there’s a strong possibility that a Solana ETF could be available for trading within the next year. Building on the efforts of VanEck and 21Shares, Bitwise has also submitted a filing for establishing a trust entity in Delaware for a proposed Solana ETF, with the request dated November 20. Meanwhile, the interest in Solana ETFs isn’t the only trend among asset managers; they are also pursuing similar funds aimed at directly investing in other cryptocurrencies such as XRP and Litecoin.
The recent launch of options trading for spot Bitcoin ETFs highlights a broader shift as fund managers seek to diversify their offerings, catering to different client interests and risk profiles. “`html
Source: CryptoBriefing.com
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