The latest development around Solana spot ETF applications on the table of the American securities regulatory body hints that multiple Sol spot ETFs are ready to enter the stock market.
Solana Introduction
Solana is a top-ranked Proof-of-stake (PoS) Cryptocurrency known for its highly scalable blockchain network, which can process up to 70k transactions per second smoothly with the help of Proof-of-history (PoH) protocol. This crypto network is a third top-ranked Defi ecosystem, with a current net of $733 billion TVL.
The current trade price of Solana ($SOL) Cryptocurrency is $190 & this price level is 4.6% down over the last 24 hours trading period.
Following the latest developments around Solana Cryptocurrency, the Defi crypto trading activities surged rapidly in the last 24 hours, and this is a sign that big investors are now showing more inclination toward this Cryptocurrency.
Solana’s New Spot ETF Applications
On 12 Feb 2025, The United States Securities and Exchange Commission (SEC) acknowledged four Solana spot ETF applications officially. The applications are from Canary Solana ETF, VanEck US Solana ETF, Bitwise Invest Solana ETF, and 21Shares Solana ETF.
Five days ago, we reported that the SEC body acknowledged Grayscale’s Solana spot ETF application, which triggered a new level of speculation around Solana Cryptocurrency’s asset class nature.
Already Bloomberg ETF expert James Seyffart shared his opinion on this development and said that the SEC’s lawsuits against the crypto companies should be cleaned first, in which Sol coin was labelled as an unregistered security token.
Experts also believe that Litecoin and Dogecoin ETFs might have a higher approval chance before Solana or XRP because Litecoin & Dogecoin were never labelled as security tokens by the SEC body in any lawsuit action against any crypto firm.
It is worth it to know that yesterday, Grayscale Investments filed for a Cardano (ADA) spot ETF with the SEC through NYSE Arca.
SEC’s U-Turn for Crypto
Before Jan 2025, the SEC body was attacking the crypto industry with enforcement actions using the traditional securities act, but crypto hater stance of this regulatory body changed suddenly when Gary Gensler resigned from the chairman position & just after that, US President Donald Trump appointed Mark Uyeda as the acting chairman of this regulatory body.
The acting chairman of the SEC body is not only contributing to this innovative space with favourable rules but also taking crypto-dedicated decisions.
Coinbase vs SEC Dispute New Outcome
As we know, the top US-based crypto exchange, Coinbase, filed a suit against the SEC’s bad crypto regulatory approach and tried to bring clarity over the SEC’s actual crypto regulatory framework, which was never created or planned & and no crypto company got any guidance regarding any crypto regulatory framework.
Also, the dispute is linked to the Coinbase vs SEC lawsuit. Legal experts believe that currently, the Coinbase team is standing in a better position & it is expected that the SEC body may drop the lawsuit.
Read also: El Salvador & CAR Fail to Adopt Bitcoin—Is Bitcoin Failing as a Currency?
