21Shares Follows VanEck, Files For Spot Solana ETF
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DISCLAIMER: This article is a SPONSORED Press Release and does not constitute Finbold’s editorial content. Crypto assets/products involve significant risks. Do not invest unless you are prepared to lose your entire investment. For a full disclaimer, please . The odds of a Solana summer are increasing by the day, with 21Shares becoming the second issuer to file for a spot Solana ETF. VanEck and 21Shares are typically the first firms to apply for crypto ETFs, as was also the case with Ethereum. The big question now remains whether BlackRock and Fidelity will join the race as well. Either way, Solana now appears poised to resume its bullish trajectory, especially if the SEC sees a major overhaul after November’s US presidential elections. Smart money traders are also watching out for the Solana meme coins that could show a significant bounce after the ETF news. Will The SEC Approve Solana ETFs? Bloomberg analyst James Seyffart believes that 21Shares’ decision to apply for spot Solana ETF appears smart after the US presidential debate yesterday. Experts called sitting president Joe Biden’s performance a “disaster” which significantly increased the odds of a Trump presidency. In such circumstances, the US Securities and Exchange Commission could be looking at a new Chairperson after November. It remains highly unlikely that the current SEC Chair Gary Gensler would approve the Solana ETFs. VanEck and 21Shares’ S-1 applications treat Solana as a commodity, despite the Commission calling it a security in several lawsuits. The current administration also requires crypto assets to have a regulated futures market before the approval of their spot ETFs. While Bitcoin and Ethereum did meet this requirement, Solana does not. However, this could change under a new SEC, perhaps led by the pro-crypto Commissioner Hester Peirce. Peirce has stated several times during her dissents that the…
Filed under: News - @ June 29, 2024 12:18 am