The U.S. spot Solana ETF approval process shows progress, with potential approval by 2025, per Fox Business’ Eleanor Terrett.
The search for spot Solana ETF products in the United States is progressing positively. Eleanor Terrett, a journalist for Fox Business, stated that discussions between the Securities and Exchange Commission (SEC) and potential issuers are “progressing” in a positive direction.
The Current Solana ETF Headway
As previously projected, this new information increases the likelihood of the Solana ETF receiving approval as early as 2025. Terrett revealed that the market regulator has started corresponding with the issuers about the S-1 registration statements they submitted.
Two sources within the United States Securities and Exchange Commission (SEC) indicated that there is a high probability that exchanges will begin filing 19b-4 on behalf of issuers in the near future. Exchanges like Cboe insist on the 19b-4 filings as a crucial part of the ETF clearance process.
It is effectively a vote of confidence from the listing platforms, encouraging the United States Securities and Exchange Commission to provide its approval for the SOL ETF listings. In accordance with the procedure, the formal 240-day window will open for the market regulator to either approve or deny the offering if it receives this submission.
VanEck, 21Shares, and Canary Capital are currently playing a pioneering role in the application drive for the Solana exchange-traded fund. During the month of August, the collective of VanEck and 21Shares had their 19b-4 file withdrawn by the CBO. The decrease in the filings received no explanation.
There is a widespread belief, however, that the regulatory body might not provide its approval to such a product at the present moment. According to Eleanor Terrett’s research, the United States Securities and Exchange Commission is already shifting its position.
The upcoming administration of Donald Trump, who is a proponent of cryptocurrency, is the determining factor in this matter. Even after Donald Trump won the presidential election in the United States, the market continued to be cautious about the possibility of a Solana or cryptocurrency exchange-traded fund (ETF).
In spite of this criticism, many ambitious asset managers have submitted applications to the regulator for exchange-traded funds (ETF) products that include Litecoin and even XRP. The confidence is contingent upon the confirmation of the leadership transition at the SEC as well as the appointment of a chairman for the commission who is supportive of cryptocurrency.
Despite the lack of specifics regarding a potential approval, the expectation remains high. In addition, the price of Solana increased by 7.14 percent to $250 as a result of the news, with the intention of surpassing its previous all-time high (ATH) of $260.
