SEC accepts Fidelity’s application for Solana ETF-crypto ETFs are on the expansion course
- The assumption of Fidelity’s application for a Solana ETF by the SEC brings him a good deal closer to the approval.
- Nevertheless, the SOL course fell 12%because a broad market sale overshadow the regulatory developments.
The US stock exchange supervision Sec has Fidelity’s application for a listed Solana Spot Fund (ETF) officially recognized . The application provides the product one step in the regulatory process. Despite progress, the Solana course is under the Pressure of the market fallen. Fidelity follows several large asset managers who strive for SEC approval for Solana-based ETFs.
The application race for Solana ETF approval
How CNF reports, Fidelity Investments, which managed a fortune of around $ 4.9 trillion, submitted his second Solana ETF application via the Chicagoer BZX Exchange on March 25. The application in the form of a 19B-4 amendment to change is aimed at noting and acting the Fidelity Solana Trust, a physically underlaid Solana ETF. The fund will hold Sol token and use third-party providers for additional return.
The confirmation of the Sec follows to previous Solana ETF applications in February by Grayscale, 21shares, Canary Capital and others. Seven prominent asset managers are now aiming to lay down a Solana ETF. The SEC recently received a similar application for a rule change for a Franklin Templeton Solana ETF from the same stock exchange.
After recognition, the next regulatory step will be the publication of the application in the Federal Register. This step will trigger a 21-day public statement. The SEC must then decide within 45 to 90 days after the application has been published whether it approved, rejected it or pushed it up.
Fidelity has already registered the fund under the name Fidelity Solana Trust with the CSC Delaware Trust Company. The company lifts the Commercial volume From Solana Of an average of $ 2 billion per day and a fully watered market capitalization of $ 90 billion in six months as the main reasons for itout that the token is suitable for an ETF.
Market reaction and SOL development
Despite the positive regulatory development, the market development of SOL continues to decline. According to Coingecko, Sol has fallen by more than 12% in the last 24 hours. The cryptom market is experiencing a sale, which is partly influenced by geopolitical and economic concerns, including the new Market drucks in connection with Donald Trump’s youngest comments.
The performance of SOL has also weakened over a longer period of time. The value dropped by 2%yesterday, 7%last week and 6.4%last month. When writing this article, Sol is traded at $ 116.61 and is the seventh largest cryptocurrency after market capitalization.
Despite the ETF recognition, the lack of a price movement indicates that external macroeconomic factors overshadow ETF-related optimism. Analysts mentioned the global effects of the increased trade voltages as an important factor for market -wide volatility.
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The confirmation of Fidelity’s application comes at a time when the SEC approach changes in the regulation of digital assets. Paul Atkins, der For the chair of the Sec nominated has expressed his support for regulatory clarity in the cryptos sector. Industry experts interpret this as a possible shift towards a benevolent person in the way in which crypto -related registrations are treated by the authority.
According to the polymarket data, the probability is 83%that a Solana ETF will be approved. Market observers see this level of confidence as an expression of a growing institutional interest in expanding crypto investments.
Fidelity’s application follows earlier successes with crypto products, including the Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (Feth). Since the SEC continues to require several companies, underneath Grayscale and 21shareschecks the market expects further signals on the developing regulatory attitude towards Spot crypto ETFs.
The next important milestone will be the publication of the Fidelity application in the Federal Register, which will initiate the public comment phase and the official countdown for a decision by the Sec begins.
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