Recent developments reveal that the U.S. Securities and Exchange Commission (SEC) has pressured the withdrawal of Solana ETF proposals, citing ongoing concerns that Solana (SOL) may still be classified as a security.
According to reports from The Block, the Cboe BZX Exchange, a prominent U.S. stock exchange, was compelled to retract proposals for Solana spot ETFs from VanEck and 21Shares. These proposals, which were initially introduced in early July 2023, faced swift resistance from the SEC.
The SEC's primary concern stems from its view that Solana still exhibits characteristics of a security. As a result, during a meeting between the SEC and Cboe, the regulatory body urged for the withdrawal of the proposals. VanEck, in response, quickly withdrew its Solana ETF registration before it could be officially published in the Federal Register, a crucial step that would have initiated the SEC’s review process. Despite this withdrawal, the original registration documents from both VanEck and 21Shares remain accessible on the SEC's information portal.
Solana was one of the cryptocurrencies flagged by the SEC in its June 2023 lawsuit against major exchanges Binance and Coinbase, categorizing it as a "security in question." Interestingly, by late July, the SEC indicated to Binance that it might reassess its classification of SOL as a security, though the details of this revised stance have yet to be fully clarified.
Anticipation has been high for Solana to follow in the footsteps of Bitcoin and Ethereum, potentially becoming the next cryptocurrency to secure ETF approval. However, Solana's path to an ETF is complicated not only by ongoing legal challenges but also by the absence of an ETF futures market—a crucial precursor to establishing a spot ETF, as seen with Bitcoin and Ethereum.
In other related news, the SEC recently concluded its case against Ripple and XRP, which resulted in Ripple agreeing to pay a $125 million fine for prior infractions related to its offerings. Notably, the SEC was unable to universally classify XRP as a security, a decision that has further implications for other cryptocurrencies like Solana.
Solana (SOL) Price Reaction:
Despite the regulatory uncertainty, Solana’s price has remained relatively stable, even showing signs of recovery alongside broader market trends. As of now, SOL is trading around $146, marking a 2% increase from the previous day.
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