SEC Acknowledges Four More Solana ETF Applications in a Stretch 📈
The SEC has recently acknowledged several Solana ETF filings, enhancing the likelihood of eventual approval. Despite predictions that Litecoin or Dogecoin ETFs might receive approval first, the SEC's focus on Solana is apparent.
The primary factor for ETF approval is whether the SEC identifies a token as a security or commodity. The public comment period is now open for the Canary Solana Trust, revealed by Canary Capital.
Additionally, the SEC recognized similar applications from firms like VanEck and Bitwise. The SEC now has 21 days to make a decision on these filings. Industry pundits believe 2024 could witness the endorsement of Solana and other altcoin ETFs.
Bloomberg analysts hypothesized that Litecoin and Dogecoin ETFs might precede Solana's approval. Still, the SEC's interest in a Solana ETF appears heightened, strengthened by recent applications.
Eric Balchunas highlighted that Litecoin leads in approval odds, with Dogecoin, Solana, and XRP trailing. Meanwhile, other asset managers are earnestly focusing on Solana as well, with anticipations of future ETF applications.
Optimism on Polymarket suggests an 82% chance of a Solana fund receiving approval this year. Yet, numerous other altcoins, including Hedera, also await the SEC's nod.
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