SEC Opens Public Comments On Four Solana ETFs

SEC Opens Public Comments, A New Step Forward to Potential Approval for Solana ETFs?

​The United States Securities and Exchange Commission has enabled a 21-day public comment time period for the put-forward Solana ETFs. This procedure stimulated a 21-day review period for the Securities and Exchange Commission to make a final decision regarding the filing. 

Chris Chung, founder of the Solana swap platform Titan, stated that the SEC had made a significant about-turn regarding the Solana ETF, going from refusing to entertain such an investment product to acknowledging Grayscale’s amended SOL ETF application. He noted that there was a good chance that this would end up being a historic day for Solana, in the same way that January 10, 2024, had been a historic day for Bitcoin.

Market observers from the crypto landscape have high expectations and believe Solana and other altcoins will get their own ETFs this year, the time required for this is unclear, but with the new initiative from the SEC, there will most likely be a final verdict (denial or approval) in 21 days. Donald Trump’s return to the white house and administrative changes in the USA incite Canary to push aggressively and attain their ultimate aim.

Solana ETF’s current updates

The latest updates of Solana Exchange-Traded Funds (ETFs) are the opening of public comment on the Canary Solana Trust. Franklin Templeton, a global investment management company showed an interest in the Solana ETF by filing a SOL Trust in Delaware. The latest information from the crypto landscape indicates the odds of approval for Solana ETF have spiked to 90% and the analysts believe that the new SEC leadership under Paul Atkins will show the green light to the Solana ETFs and other upcoming proposals for exchange-traded funds.

Market observers are optimistic and expect the Solana exchange-traded funds to become true this year itself. The anti-crypto approach from Gary Gensler, the former chair of the SEC was never a favorable atmosphere to accept new filing for the ETFs, but, currently, the SEC’s newfound willingness to acknowledge and favorable attitude to the crypto space will incite the process and the potential launch of Solana and other ETFs is not a distant dream.

Franklin Templeton registers Solana Trust in Delaware

Recently, Franklin Templeton, an investment management company showed interest in a Solana ETF by filing a SOL Trust in Delaware. This collaboration of Franklin Templeton and the Solana ETF indicates that the Solana exchange-traded fund might take to launch the fund in the United States soon. The crypto community believes that Franklin’s filing could hint at the spot ETF filing of Solana. According to the latest news, Franklin is likely to join Canary, Grayscale, VanEck, 21 Shares, and Bitwise in the combat to introduce SOL ETFs into the market.

​Franklin Templeton wrote in a post on X (formerly Twitter) that besides Bitcoin and Ethereum, there were other exciting and major developments that they believed would drive the crypto space forward. He mentioned that Solana had shown major adoption and continued to mature, overcoming technological growing pains and highlighting the potential of high-throughput, monolithic architectures.

Franklin Templeton’s Solana ETF can provide institutional investors with regulated exposure to SOL. The proposal needs to be approved by the Securities and Exchange Commission (SEC) to initiate the services of Solana ETFs.

SOL current market updates

Solana is trading at $195.37 with a market cap of $95.34 billion, the current market performance of Solana is not ideal, even with the buzzing news of opening public comments by the SEC and Franklin Templeton’s filing for the Solana ETF. Solana is on the decline this week, the price of Solana has reportedly decreased by 0.41% in the previous hour and decreased by 4.56% in the past 24 hours. The price of Solana has fallen by 4.99% in the past week, indicating a weak performance in the market.