Solana

United

Gains

<ul class="wp-block-list">
 <li>Bitwise files for Solana ETF as SOL nears all-time highs, joining VanEck and 21Shares in the race.</li>  
 <li>Regulatory uncertainty around Solana’s security status may impact ETF approval and fund structure changes.</li>  
 <li>Solana’s fast, low-cost blockchain boosts investor interest, driving competition among ETF asset managers.</li> 
</ul>  
<p>Bitwise, a cryptocurrency asset management company, has applied for a Solana exchange-traded fund with the Securities and Exchange Commission in the United States. The company's move highlights Solana's increasing market appeal as it approaches record pricing levels.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/Crypto_TownHall/status/1859871942125519264
 </div>
</figure>  
<p>The filing, made in Delaware on November 21, took place after Bitwise established a trust entity for the fund in October. The trust will be administered by Bank of New York Mellon (BNY). If approved, the ETF would provide investors with direct exposure to Solana.</p>  
<h2 class="wp-block-heading" id="h-competing-proposals-from-other-asset-managers"><strong>Competing Proposals from Other Asset Managers</strong></h2>  
<p>Bitwise joins other companies, including <a href="https://cryptonewsland.com/vaneck-ceo-predicts-bitcoin-could-soar-to-300000/" rel="noopener noreferrer nofollow">VanEck </a>and 21Shares, in pursuing Solana ETFs. VanEck filed its application in June, intending to launch the first spot Solana ETF in the United States. 21Shares soon followed, submitting its own proposal to track Solana's performance on the Cboe exchange.</p>  
<p>The designation of <a href="https://cryptonewsland.com/solana-etf-filings-advance-talks-with-us-sec-as-key-submissions-loom/" rel="noopener noreferrer nofollow">Solana as a security</a> by the SEC is still a contentious matter. The SEC first classified Solana and other cryptocurrencies as securities in its lawsuits against Binance and Coinbase. A new filing in the case, however, suggests that it is pausing its pursuit of a final decision over Solana's status.</p>  
<h2 class="wp-block-heading" id="h-regulatory-uncertainty-looms-over-approval"><strong>Regulatory Uncertainty Looms Over Approval</strong></h2>  
<p>Legal experts stress that Solana is still not formally a <a href="https://www.nasdaq.com/articles/sec-still-eyes-solana-security" rel="noopener noreferrer nofollow">non-security</a>, even with the change. Bitwise highlighted this uncertainty in its filing, mentioning potential changes to its fund structure if Solana is declared a security. To comply with securities rules, these modifications may involve reorganization, better disclosures, or even liquidation.</p>  
<p>VanEck believes that Solana, like Bitcoin and Ethereum, should be classified as a commodity. Meanwhile, investors are awaiting clarification on Solana's regulatory status and the potential impact on new ETFs.</p>  
<p>The SEC's approval process for cryptocurrency ETFs has been very active in recent months. Bitwise’s Bitcoin and Ethereum ETFs are already trading, adding credibility to its latest filing. However, Solana ETFs face unique issues due to regulatory oversight and changing market conditions.</p> 
<p>The post <a href="https://cryptonewsland.com/bitwise-files-for-solana-etf-amid-market-gains/" rel="noopener noreferrer nofollow">Bitwise Files for Solana ETF Amid Market Gains and Regulatory Shifts</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Bitwise Files for Solana ETF Amid Market Gains and Regulatory Shifts

Table of Contents

Crypto News Land

Other articles published on Nov 22, 2024

Binance-Backed Altcoin Announces Partnership With Franklin Templeton, Price Reacts Positively!

France Sees Surge in Digital Wallet Usage for Online Shopping

Will Bitcoin ETF Investors Hold or Sell This Friday as BTC Nears $100K?

Ethereum (ETH) Becomes Censorship-Resistant With This Upgrade

Undervalued Gems: CATZILLA and 3 Altcoin’s Potential for 2500% Growth by 2025

Tokenized Real-World Assets Pose Systemic Challenges, Says Russian Central Bank

Join our free newsletter for daily crypto updates!