An Evening of Important Developments on Solana Spot ETFs – But Are They Really Approved?

In a significant development for the cryptocurrency market, the Solana exchange-traded fund (ETF) proposed by Canary Capital, 21Shares, VanEck, and Bitwise has reached the next stage of the U.S. Securities and Exchange Commission (SEC) review process.

But Solana Spot ETFs have certainly not yet received approval, and recent developments are just part of the process. Although positive,

The SEC’s regulatory filings today officially opened the 21-day comment period for companies’ ETF applications, at which time the commission will approve or reject the proposal or, as it has done with previous crypto-related filings, extend the decision period.

Market analysts remain optimistic that Solana and other altcoins will receive ETF approvals in 2024, but the exact timeline and regulatory approach are not yet certain. However, recent developments point to a more positive SEC stance compared to the era of former Chairman Gary Gensler, who was known for his strict approach to cryptocurrency regulation.

The changing political landscape, particularly Donald Trump’s return to the White House, has encouraged firms like Canary Capital to move forward with their altcoin ETF applications.

Notably, Grayscale’s proposed Solana ETF entered this phase of review last week and is ahead of Canary on the decision-making timeline. Analysts suggest the SEC’s decision on Grayscale’s application could be an early indicator of how Canary’s ETF will proceed.

*This is not investment advice.