Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
SEC edges closer to Solana ETF approval amid political shifts

SEC edges closer to Solana ETF approval amid political shifts

CryptopolitanCryptopolitan2024/11/21 20:33
By:By Nellius Irene

Share link:In this post: Solana exchange-traded funds may arrive on Wall Street very soon. SEC is in talks with issuers about approving a Solana ETF. SEC Chair Gary Gensler’s announcement that he would resign on January 20, 2025, aligns with the possibility of a pro-crypto administration taking office.

Fox Business reporter Eleanor Terrett has claimed that the SEC is quietly engaging with several issuers about approving a Solana ETF. With a potential pro-crypto administration under Donald Trump on the horizon, the regulatory body appears more open to greenlighting such a product.

Now that SEC Chair Gary Gensler has announced that he is resigning soon, public progress on a Solana ETF may occur anytime.

Trump’s crypto agenda boosts hopes for Solana ETF as SEC faces pressure to act

Terrett pointed to Donald Trump’s re-election campaign as a catalyst for the recent developments. Trump has pledged to overhaul U.S. crypto policy, including replacing SEC Chair Gary Gensler, an outspoken critic of the industry. Apparently aware of his precarious position, Gensler could pave the way for a more supportive regulatory environment under a new SEC leader.

Historically, Solana ETF applications have struggled to advance past the early stages of regulatory scrutiny. Once acknowledged, the SEC has a 240-day window to approve or deny applications, but previous filings have stalled indefinitely.

Recent activity suggests increased interest: Canary Capital filed for a Solana ETF in October, and Bitwise followed suit earlier this month. These filings may signal mounting pressure on the SEC to take action.

Gensler’s departure sets the stage for crypto-friendly regulatory shifts in 2025

Gary Gensler’s announcement that he will step down as SEC Chair on January 20, 2025, solidifies the timeline for a potential shift in U.S. crypto regulation. In a tweet Gensler praised the SEC’s mission and its team.

See also MicroStrategy’s Bitcoin spending spree continues with $4.6 billion more

As he leaves office, a more favorable government administration for digital assets could be in place, so expectations for projects like a Solana ETF continue to rise. This move also emphasizes the scope of major regulatory changes in 2025, which might be a revolutionary year in the history of cryptocurrency and overall financial markets.

A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

AI models master capabilities long before exhibiting them, research shows

Share link:In this post: Research has shown that AI models master capabilities long before they exhibit them. Researchers claim the models can internalize concepts long before exhibiting them. Researchers reveal different methods to reveal hidden capabilities.

Cryptopolitan2024/11/24 22:00

AI can be used to promote jobs, not be a replacement, says AWS vice president

Share link:In this post: AI will take over boring tasks, giving people more time to focus on creative and innovative work. Workers need to learn new skills to adapt to the growing use of AI. AI will work with humans to improve industries like customer service, healthcare, and more.

Cryptopolitan2024/11/24 22:00