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Solana ETF: 21Shares brings new application – SEC decision approaching!
21Shares has updated the S-1 for a Solana ETF as the SEC decides on 16 ETF applications this month.
Solana ETF: 21Shares brings new application – SEC decision approaching!
Solana ETFs are growing in popularity as providers update their applications. Loud Crypto News 21Shares recently filed its updated S-1 filing for a proposed Solana ETF. This document details the structure and operations of the fund. The regulatory landscape for such ETFs is dynamic as other companies such as Franklin, Fidelity, CoinShares, Bitwise, Grayscale, VanEck and Canary have also revised their applications.
The SEC plans to make final decisions in October on 16 crypto ETF applications, including those for Solana, XRP, Litecoin, Dogecoin and Cardano. This large number of applications indicates growing interest from both providers and investors, which could further stimulate the crypto derivatives market.
Regulatory developments and their effects
21Shares' updated filing includes provisions for staking and clarifies questions regarding in-kind redemptions, thereby addressing regulatory concerns. There are currently around nine applications for Solana ETFs in the SEC queue. These recent changes show that providers are refining their submissions in response to regulatory feedback.
October is seen as crucial for the crypto ETFs as this month sees important deadlines for various proposals. The SEC has lifted delay notices on these applications, increasing the chances of agency approval. Previously, the Commission approved updated listing standards for crypto ETFs, further increasing expectations for regulatory approval.
Market reactions and future outlook
The developments also have a direct impact on the market: the price of Solana (SOL) rose nearly 4% and was trading at $207 at the time of reporting. As the number of updated applications from 21Shares and other providers increases, anticipation for the proposed funds is growing.
Overall, October could be a turning point for crypto ETFs and have far-reaching significance for both investors and the industry. The SEC's upcoming decisions will be closely watched to better assess the direction the crypto derivatives market will take.