What You Need to Know:
- Solana’s SOL increased by 5% following news that U.S. regulators are progressing with spot SOL ETF applications.
- The SEC issued requests for amendments to S-1 filings from potential issuers, with a feedback window of about 30 days ahead.
- Major asset managers like Fidelity, Grayscale, and VanEck are working on getting approvals to launch SOL-related funds, akin to the recently approved bitcoin and ether spot ETFs.
Solana’s SOL has experienced a notable jump, trading at around $164.88, spurred by a report from Blockworks indicating that U.S. regulators are advancing the regulatory framework to launch spot SOL ETFs. According to the report, the SEC has called on potential fund issuers to update their S-1 applications in the following week, and expects to provide comments within a month after submissions.
SOL’s price surged above $164 just minutes after the news broke, marking nearly a 5% increase in the last 24 hours. After the launch of bitcoin and ether spot ETFs last year, asset managers are eager to secure regulatory approval for similar products involving smaller cryptocurrencies, making digital asset investments more accessible to traditional investors. It has been noted that several asset managers, including Fidelity, Grayscale, Franklin Templeton, and VanEck, have filed applications with the SEC for SOL funds.
CoinDesk had sought confirmation from prospective issuers but had not received responses by the time of publication.
