This week noticed a brand new — although maybe unsurprising — entrant within the race to supply up a brand new SOL car to would-be institutional buyers.
Canary Capital Group’s Wednesday submitting for a spot SOL ETF with the SEC comes a couple of months after VanEck kicked off the method with a submitting of its personal.
The contemporary submitting is a trigger for celebration, definitely — particularly should you’re of the opinion/hope that subsequent week’s election will usher in a far much less, let’s consider, Gensler-ish tackle US securities oversight. Sitting SEC commissioners on the Republican facet are of the view that buyers, not regulators, ought to decide the deserves of such merchandise, and within the occasion that Donald Trump prevails, Chair Gary Gensler might discover himself out of a job prior to later.
Barring a elementary sea change, the SEC’s ongoing rivalry that SOL is a safety might show a major roadblock. Any try to learn the spilled tea leaves is difficult in an election 12 months, however below Gensler, SOL form of appears to be a hill the company’s courtroom attorneys are prepared to die on. On the similar time, the truth that the SEC is making an attempt to unwind its language round so-called “crypto asset securities” means that issues are way more fluid than ominous authorized language may point out.
This editor is of the opinion that the march of time is the perfect teacher right here. Wind again the clock to 2014/2015 and the prospects for a bitcoin ETF appeared downright dire, nothing greater than a waste of Winklevoss money. Now we’ve received choices on spot bitcoin and ether ETFs. Does that assure a solana ETF’s success? No, however nor does it spell a dying sentence, neither.
Issues are all just a bit bit up within the air now, as they had been — checking my calendar right here — practically a decade in the past.
Earlier this 12 months, the crypto-friendly SEC Commissioner Hester Pearce acknowledged this actuality, telling crypto outlet Coinage:
“This environment with crypto is so difficult, of course, because there are questions around what my colleagues and I are going to think is a security and not — there are all these kinds of questions. But again, we really should just take the existing precedent and apply it to whatever the facts and circumstances are.”
As with a lot in crypto proper now, subsequent week’s election is prone to be the deciding issue right here. Keep tuned, as they are saying.
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