Bitwise Investments, a leading asset manager and ETF issuer, announced on Wednesday that it had issued an ETF. submitted The US Securities and Exchange Commission, Delaware (SEC), will receive an S-1 for a Solana Spot ETF.
This move puts Bitwise on the front line of the race for approval from regulators to launch an Index Fund that invests Solana. Solana currently ranks fourth in market capitalization among cryptocurrencies.
Bitwise Joins Race For Solana ETF
Other asset managers such as VanEck and Canary Capital have made similar requests in recent months to approve their own Solana ETF proposals.
The current leadership of the SEC is uncertain about the approval path for these new ETFs. Bitcoin remains the only crypto to date that is recognized as a commodity. This has caused frustration among investors because of the ambiguity regarding the regulatory status surrounding other tokens.
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But the landscape will change dramatically when Donald Trump assumes office on January 20, 2020. Trump has publicly committed to removing SEC Chairman Gary Gensler, whose leadership is characterized by harsh regulations that many in cryptocurrency industry view as obstacles.
Speculation Grows Over New SEC Chair
There are many names being floated for the potential appointment of a new SEC Chair who would take a pro-crypto position.
The likelihood that these Solana ETFs will be approved by 2025 may increase dramatically, and this could encourage other asset management companies to submit other applications for digital assets on the market.
Related Reading: Ethereum Holders Endure Unrealized Losses – Is ETH Undervalued?
The anticipated regulatory clarity which may come from the Trump administration can act as a catalyst to growth in the crypto-landscape, encouraging greater investor confidence, and pave the way for wider acceptance of digital currencies in traditional financial markets.
The daily chart shows SOL’s price trending upwards. Source: TradingView.com, SOLUSDT
SOL, at the time this article was written, is currently trading at $236. This represents a 13% weekly increase and is approaching the all-time high $259 that it reached during 2021’s bull run.
Featured image is from DALL-E. Chart by TradingView.com
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