Following the very big news by CME Group, the trade price of the Solana ($SOL) coin surged rapidly.
Summary
- CME Group announced the date for Solana futures product launch.
- Regulatory approval is still pending for this product.
- CME Group executive planning Solana spot ETF, following the launch of Solana futures.
Solana is a popular Proof-of-Stake (PoS) Cryptocurrency. Because of the unique consensus design, Solana blockchain can process up to 70 thousand transactions per second (TPS), which is the highest in the crypto industry.
The current trade price of $SOL coin is $146 & this price level is 6.9% higher over the last 24 hours trading period. Notably, the trade price of this token saw a pump from $125 minimum to $148 maximum, meaning an 18% pump in the price level.
The main credit for this sudden pump in the trade price of Sol coin goes to the latest developments around Solana (SOL) Cryptocurrency.
Chicago-based derivatives trading giant CME Group has officially confirmed that the Solana (SOL) futures product, a type of contract allowing an investor to buy or sell the underlying asset at a given price, is set to be launched on March 17.
Giovanni Vicioso, global head of cryptocurrency products at CME Group, said Solana futures is a response product of the growing client demand. Here, people need to know that this crypto-linked futures product has yet to obtain the necessary regulatory approval.
It is worth it to know that CME Group is the world’s biggest derivative marketplace which is made up of four trading platforms.
However, the Solana futures product doesn’t have a direct impact on the actual crypto spot market directly but indirectly may impact at a big scale.
Experts believe that approval of Solana futures products may lead to increased institutional investors’ interest in Solana Cryptocurrency at a very high level, and it will further result in more demand & regulatory approval pressure on Solana spot ETF applications.
Sui Chung, CEO of CF Benchmarks, also shared his comments on this development and said that if the futures product for Solana is approved, a SOL ETF could be the next move.
Currently, top crypto fund managers Franklin Templeton, Grayscale, Bitwise, Canary, 21Shares, and VanEck are waiting to get a response from the American securities regulatory body for their corresponding Solana-based funds.
As we know, spot ETF products for Bitcoin & Ethereum grabbed significant success in terms of investor interest following the launch in a year, so expectations are huge for Solana Cryptocurrency.
SEC’s Changing Stance on Cryptocurrencies
Between 2023-24, the US SEC body dragged many crypto companies under a lawsuit by calling trading of cryptocurrencies subject to the violation of the Securities Act. But now, step by step, the SEC body is removing all those lawsuits.
However, the SEC body is still far from giving an announcement regarding a new set of rules & laws to categorise the cryptocurrencies, whether security or non-security, but a day ago, they called all the meme tokens non-security tokens.
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