The U.S. Securities and Exchange Commission (SEC) continues to be in the spotlight as it once again delays making a decision on a series of ETF filings from Bitwise (Dogecoin), Grayscale (Hedera Trust), and VanEck (Avalanche). The SEC cited the need for more time to review and invited public comments, a familiar move that has left the market uneasy and skeptical about transparency.
The ray of hope from the Solana ETF and the possibility of integrating staking
In the context of delays, a ray of hope opens up with #ETFSolana . Two days ago, the SEC requested ETF issuers like 21Shares, VanEck, Fidelity, and Grayscale to update their S-1 filings, focusing on the mechanism for redeeming real assets and the possibility of integrating staking. James Seyffart from Bloomberg Intelligence predicts that an official decision could come in the next 3-5 weeks, and has assessed the probability of approval for the Solana ETF this year to be as high as 90%.
The SEC allowing the integration of staking features into the Solana ETF would be an unprecedented move, especially since the SEC has recognized that staking activities do not violate securities laws. If approved, this would be a double victory, creating additional passive income for investors while acknowledging the practical applications of blockchain in traditional finance, paving the way for a series of other layer 1 ETFs.
The response and role of Chairman Paul Atkins
However, not everyone is optimistic. VanEck and 21Shares have sent a strong letter of opposition to the SEC for not adhering to the 'first-to-file' principle, accusing it of prioritizing certain 'chosen' filings that cause financial harm and skew the competitive balance.
All these developments are happening under the tenure of the new SEC Chairman – Paul Atkins. Although Atkins has committed to opening doors to digital assets, the reality seems to be merely a 'softer' version of the old policy, rather than a systemic reform. #anhbacong