The SEC has requested potential Solana ETF issuers to submit revised S-1 forms within the next week, a move seen as a significant acceleration of the approval process.
Written by: Dong Jing, Wall Street Insights
On June 10, according to Blockworks, the SEC has requested potential Solana ETF issuers to submit revised S-1 forms within the next week, a move that industry insiders view as a significant acceleration of the approval process.
Three informed sources revealed that this action by the regulatory agency could shorten the approval timeline for the Solana ETF to within 3-5 weeks.
Following the news, the price of the SOL token immediately rose by 4%, approaching the $165 mark. This also highlights the market's appetite for institutional-grade cryptocurrency products. Solana is currently the sixth-largest cryptocurrency in the world.
More notably, some analysts pointed out that the SEC may start approving some cryptocurrency-related exchange-traded funds as early as next month, thus kicking off the "Token ETF Summer."
SEC's Sudden Shift
Reportedly, what is more striking is that the SEC has shown an open attitude towards staking functions in its request for document revisions.
Two sources indicated that the regulatory agency requested updates on the wording regarding physical redemption and staking methods, clearly expressing a willingness to include staking as part of the Solana ETF.
This shift in attitude is undoubtedly a significant positive for investors relying on staking yields. The SEC must make a decision by July 2, and Bloomberg analysts have given a 90% approval probability.
Currently, major asset management companies such as Grayscale, VanEck, 21Shares, Canary Capital, Bitwise, and Franklin Templeton have submitted Solana ETF applications to the SEC.
Among them, Grayscale is seeking to convert its SOL trust into a spot ETF, replicating the successful model of its Bitcoin and Ethereum ETFs.
A previous article by Wall Street Insights pointed out that Solana initially gained widespread attention due to the support of former cryptocurrency billionaire Sam Bankman-Fried. In 2022, after the collapse of his cryptocurrency exchange FTX and the associated Alameda Research fund, Solana's survival was called into question. However, due to its lower fees compared to competitors, Solana made a strong comeback thereafter.
The Token ETF Summer is Approaching
Analysts have stated that the U.S. Securities and Exchange Commission may begin approving some cryptocurrency-related exchange-traded funds (ETFs) as early as next month, thus heralding the start of the "Token ETF Summer."
Bloomberg senior ETF analyst Eric Balchunas posted a report from his colleague James Seyffart on social media X on Tuesday, stating that "ETFs tracking broad cryptocurrency indices may receive SEC approval next month."
The report noted that the SEC may also "act early" on Solana and staking ETF applications, with Balchunas suggesting to "prepare for a potential altcoin ETF summer, with Solana possibly leading the way."
Additionally, 21Shares President Duncan Moir stated at the Proof of Talk institutional capital inflow roadmap conference held in Paris that as more asset management companies enter the cryptocurrency ETF competition, "basket products will become more interesting."
He pointed out that when investors are uncertain about which cryptocurrency will be the winner, purchasing a basket of products becomes a "no-brainer choice."
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