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- Solana ETF approval is almost certain, with Bloomberg’s Eric Balchunas forecasting a 100% chance after regulatory updates.
- The SEC’s new listing rules speed up Solana ETF approval, replacing the old 240-day review process with S-1 filings.
- Analysts predict Solana ETF approval will drive the SOL price to $260, marking a major milestone for altcoin ETFs.
Solana exchange-traded fund (ETF) approval is now almost certain, says Bloomberg analyst Eric Balchunas. Balchunas posted via tweet on September 30 that the chances of passing were 100%, due to recent regulatory changes. Such updates have also greatly accelerated the slow approval process in normal circumstances, thus eliminating major roadblocks that postpone the launch of an ETF.
The U.S. Securities and Exchange Commission (SEC) recently released new listing rules pertaining to crypto-linked commodity trusts. The implementation of these standards has rendered the 19b-4 filings, which once triggered a review period of up to 240 days, nearly inconsequential. Rather, all the approval is currently done through S-1 registration statements, which are approved by the SEC Division of Corporation finance.
Solana ETF Closer to Launch with SEC’s New Rules
These new rules were approved by the SEC earlier in September, eliminating the strict timeline under which approvals of ETFs took place. Some ETF issuers have already revised their filings by September 30, as required by the new standards. Balchunas said that an ETF with Solana could be launched at any time, since the final S-1 is still pending.
Approval of altcoin ETFs has been much anticipated in the cryptocurrency industry. These expectations were only intensified when the SEC allowed Ethereum spot ETFs last year. At the moment, at least nine companies have registered to have Solana ETFs, with others promoting products linked to XRP, Litecoin, and Cardano.
Also Read: SEC Orders Withdrawals of XRP, LTC, SOL, ADA, DOGE ETF Filings—What’s Next?
October Marks ETF Month as Solana ETF Approval Nears
The SEC had put these filings on holdbefore utilizing the outdated 19b-4 process. Nevertheless, on Sept. 29, the SEC recalled all further delay notices, which indicated that final approvals were forthcoming.
Market analysts are noting the month of October as ETF Month due to the number of altcoin ETFs that are expected to be passed. The possibility of an ETF of Solana being approved would be a huge price booster. Analysts say that institutional interest and potential approval may drive Solana (SOL) up to $260.
As of writing, Solana is trading at $206.40, down by 0.77% in the day. Nevertheless, the overall sentiment on the market is favorable, and most of the investors are hopeful that the approval of the Solana ETF is going to be the start of a new altcoin ETF era.
Also Read: Bitcoin Wallet Moves $44M After 12 Years of Silence—What Happened Next?
