Will Solana etfs join Bitcoin and Ethereum? Experts say that sec only entered the “New Territory”

Securities and exchange commission on Thursday acknowledged app to place Solana ETF, signaling that the framework of the Crypto agency produced.

Under the former Chair of the SEC Garyler, the regulator had a high bar, only occupied applications for Bitcoin and Etherum Products. In recent months, property managers have expressed a desire to offer similar ETFs that cover coins, including XRP, Litecoin, Dogecoin and Solana.

Among the digital assets that institutions are joceceans for the production of products for production, saltworks are unique. SEC cited 2023. A lawsuit against Bintance and coinThe two leading industry exchanges, which the saltworks traded on their platforms as unregistered security.

While SEK since then fell He states the Solana Regulatory Status in his Binanian case, the alleged distinction is still important. Spot Bitcoin and Ethereum etfs opened the tsunami door to the wall street, but were approved as goods based on commodity layers.

On Thursday, SEC filed a notice of change rules, proposed by NYSE ARCA, which would enable the exchange to list the trust of gray saltworks as precisely to-a-commodity trust.

The submission of the DIP certificate includes determination that solana is not security, indicating the interpretation of the sector, securities law and the recent judgment of the court. It is a small but significant step, said Bloomberg ETF analyst Eric Balchunas on X.

“This is the first time that ETF is submitted to monitor a coin that (previously) called” security “, the SEC recognized”, he told. “So, we are now on the new territory, although just a children’s step, but seemingly direct the result of leadership changes.”

The SEC could pass to the approval of the proposed NYSE Arca rule changes faster, but the agency may defer its final decision to 240 days, ie about early October. Approval of the change in the rules implicit would recognize that the salt is the goods, but said GSR’s head of the Brian Rudick’s research Decipher That the agency process is “quite nuanced.”

At the end of the day “the outcome is mainly to what the SEC wants to do”, and its recognition of the Solana ETF application does not necessarily need to be approved.

If the SEC is approved for cryptoturcy etfs outside Bitcoin and Ethereum, then it would be a huge contract, the essence is largely Cio Matt Hougan Decipherpotentially Opening of the flood For other cryptographers to follow on Wall Street.

In the decade, the Remedy Remedy the Spot Bitcoin ETF application, stating concerns for fraud and market manipulation. At the end, after his Loss of court Grayscale, the Security decided that the presence of the regulated futures market for Bitcoin and Ethereum uses these concerns.

Although Koinbaza moved to offer the future solan to the regulated commission for trading the goods, applying the request that confirmed that there is no one to indicate anybody right now.

Instead, the submission of the application states “US trade platforms” regulated under New York Ministry of Financial Services. The state regulator requires firms with so-called Bitheikese To “implement measures intended for effective detection (I) prevent” the fraud and manipulation market, but it is still unclear whether it is enough.

Edited by Andrew Hayward