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The sec considers Invesco Galaxy Spot Solana Etf

Key points

  • The sec has taken the first step by recognizing it Invesco Galaxy Spot Solana etf Archive
  • Unlike ETF Bitcoin, this fund plans to participate in SOL for additional performance
  • Analysts predict that the Solana Etfs will be approved by 90%.

The US Securities and Exchange Commission (SEC) was moved closer to history. On August 13, the Agency formally acknowledged the deposition for the Invesco Galaxy Spot Solana Etf, causing euphoria to the Solana community.

While this does not mean that approval is guaranteed, it is a crucial first step. One can think of it as a college request to go through the original review. It still has a long way to go, but at least it’s in the system.

The sec will now dig into the details, checking whether the proposed ETF follows all the rules before giving the green light.

First Approval Solana Etf Soon?

If approved, this ETF would let daily investors buy in Solana (SOL), which is the sixth higher encryption, without keeping the digital asset itself.

Instead of worrying about wallets, private keys or betting settings, they will exchange shares with the Ticker “QSOL” in the CBOE BZX exchange, as well as stocks.

Unlike Bitcoin or Ethereum ETF, this has a unique twist. The fund plans to participate in a part of its sol holdings, which means it could earn extra performance by helping to secure Solana’s blockchain. This is as if you are interested in your savings, but in terms of encryption.

Betting and new attitude of the sec

Speaking of betting, the sec recently threw a bomb that could do this ETF path.

Earlier in August, the organization clarified in a detailed statement That some types of liquidity, where users lock encryption to win rewards, do not automatically count as titles.

The sec stated in the official press release: “The statement clarifies the view of the Department that depending on the facts and circumstances, the liquidity activities covered by the statement do not include the offer and sale of securities within the meaning of section 2 (a) (1) of the Security Act of 1933 (A).

The procedure must be fully automated, without making investment decisions. For the Invesco Galaxy ETF, this is huge. Since Coinbase would have mechanically handled the staking (without winners of human collection or promising profits), the regulatory authorities could see it as a kosher.

“Under my leadership, the Securities and Exchange Commission is committed to providing clear guidance on the implementation of federal mobile values laws to emerging technologies and economic activities,” said President Paul S. Atkins. “Today’s staff statement on Liquid Staking is an important step forward to clarify the view of staff on assets encryption activities that do not fall under the jurisdiction of the Securities and Exchange Commission. I am happy that the encryption initiative of the SEC project is already creating results for the US.”

Don’t celebrate too early

The statement by the Securities and Exchange Commission is not a general approval, just a hint of how they could see these cases. If the ETF begins to become much fancy with its strategy, such as chasing higher performance validers, the sec could still hit the brakes.

It’s not just Solana. It is part of a larger voltage where regulators are slowly heated to encryption investment products. Following the approval of ETFS Bitcoin earlier this year and Ethereum ETF soon after, the sec is now watching Altcoins.

At the time of writing, Solana (SOL) is negotiating about $ 200.94 with a 19% increase in one day. Holds an impressive $ 108.44 billion market capitalization Coinmarketcap.

Analysts such as Bloomberg’s James Seyffart give this Solana Etf a chance of approval 90% by October, partly because Solana already has future negotiations in the CME, seem to like SEC.

If that happens, wait for a flood of new money in Solana. Institutional investors sitting on the sidelines could eventually jump, leading demand. And with rewards in the mixture, the ETF could attract even more interest than Spot-Vanilla funds. The Securities and Exchange Commission could take weeks or even months to make a final call.

Other Altcoins such as Ethereum also appear upward.