The post Solana ETFs Move Forward: SEC Acknowledges Canary Trust’s Filing Amid Growing Anticipation appeared on BitcoinEthereumNews.com.

The US Securities and Exchange Commission (SEC) has made a noteworthy advancement in the potential introduction of new altcoin-based financial products by acknowledging several filings for Solana ETFs.  Solana ETFs Potential In a regulatory filing, the SEC opened up the floor for public comments on the proposed “Canary Solana Trust,” aimed at facilitating mainstream investment in SOL. This filing indicates that both the Exchange and the Sponsor believe the proposal, along with its accompanying analysis, is adequate to demonstrate compliance with the Act.  Specifically, they argue that there are sufficient measures in place to prevent fraud and manipulation, which would justify the omission of a surveillance-sharing agreement with a regulated market of significant size—similar to what has been done for both Bitcoin and Ethereum ETFs. As key for the approval of these Solana ETFs, the Commission further highlighted that over the past years, US investor exposure to Solana has surged, with billions of dollars flowing through over-the-counter (OTC) SOL funds and various digital asset trading platforms.  The Exchange asserts that the approval of these Solana ETFs, along with similar proposals, would provide US investors with access to SOL through a regulated and transparent vehicle.  This would help minimize risks associated with investing in cryptocurrencies by reducing premium and discount volatility, lowering management fees due to increased competition, and offering an alternative to directly holding SOL. Milestone For SOL’s Acceptance In Traditional Finance The Exchange’s rationale also addresses concerns over manipulation in the SOL market. They contend that the nature of the Solana ecosystem makes it particularly resistant to price manipulation.  Factors contributing to this resilience include the geographically diverse and continuous nature of SOL trading, which complicates efforts to manipulate prices.  Unlike traditional equity or commodity markets, Solana trading does not suffer from issues such as insider information about revenue…

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Filed under: News - @ February 14, 2025 5:26 pm