#GENIUSAct #BinanceAlphaAlert #MyEOSTrade $SOL
The commission postponed the deadline for proposals from companies 21Shares, Bitwise, VanEck, and Canary Capital.
In short
The U.S. Securities and Exchange Commission postponed a decision on Monday regarding whether to approve several spot investment funds linked to Solana in the United States.
The commission said it needs more time to consider the legal and political issues related to the fund applications.
The federal regulatory agency approved exchange-traded index funds for Bitcoin and Ethereum respectively last year.
The U.S. Securities and Exchange Commission has extended the deadline for making a decision on multiple proposals regarding exchange-traded funds that track the price of Solana, according to separate regulatory filings on Monday.
The U.S. Securities and Exchange Commission (SEC) reported that it needs more time to digest the legal and political issues surrounding the applications from 21Shares, Bitwise, VanEck, and Canary Capital. However, the delays do not reflect the likelihood of the regulatory agency approving or rejecting the funds.
The SEC stated on Monday: "The initiation of proceedings does not mean that the agency has reached any conclusions on any of the relevant issues." It added: "The agency seeks and encourages interested parties to provide their comments on the proposed rule amendment."
The extension comes as the commission reviews various proposals for exchange-traded funds based on a wide range of digital assets, including meme coins like Official Trump, Bonk, and Dogecoin, NFTs like Pudgy Penguins, and high-value cryptocurrencies like Solana.
Asset managers inundated regulatory offices with countless proposals for digital asset-based investment products following the election of U.S. President Donald Trump last November. The new administration indicated it would place pro-cryptocurrency regulators in key leadership positions and would conduct a comprehensive overhaul of its ETF regulations, boosting expectations for expedited approvals of cryptocurrency-based funds.
However, it would be wise for investment firms and their clients to manage their expectations, even as federal agencies indicate their willingness to embrace cryptocurrencies, said certified financial analyst Juan Leon from Bitwise Asset Management to Decrypt.
Leon said that people were expecting [the commission] to give the green light to everything as soon as the applications were submitted, but that is not how the process works.
He added, "People need to realize that these government organizations are bureaucratic, and these processes take longer than people realize."
He added, "There is undoubtedly room for disappointment in the market, but I believe we are witnessing a turning point in the regulatory race and we will see more products coming to market in the next year or two."
