Solana

Donald Trump

An unusual situation has arisen for the Solana crypto project. Warrants of an alleged investigation put him under pressure, while reports of VanEck’s intention to introduce a spot ETF on SOL boost the price of cryptocurrencies.
We update you on the latest developments with Solana, including any news about the project and predictions made by crypto experts.
Where is Solana at the moment? For Solana, the past two years have been anything but easy. After the FTX crypto exchange, the project’s biggest backer, went bankrupt in 2022 and 2023, many investors thought it was over. Even though everyone was pessimistic, Solana pulled through and shocked its detractors with a rapid increase in the SOL rate.
Additionally, coin investors will remember the summer of 2024 for all the right reasons. Online speculation about a potential regulatory investigation into Solana began around the month’s end in June. In spite of all the bad things that happened to the project, its team managed to release the groundbreaking tools Actions and Blinks. With their assistance, you can host a URL on any platform and use Solana to complete transactions.
Another encouraging development occurred on June 27, 2024: VanEck applied to start a spot Solana-ETF. In theory, demand for SOL could skyrocket if such a tool were to emerge and make investments in the coin easier for institutions. Recall that BeInCrypto has already interviewed experts who foretold the launch of spot ETFs on SOL. The strong community and effective technical solutions of the project were the reasons given by our interlocutors for choosing the coin.
The good news for SOL investors was not enough to prevent their losses, though. The price of Solana has dropped 30% since March 2024.
A watershed event in the cryptocurrency market At the exact moment that the cryptocurrency market was about to freeze in anticipation of the launch of a comparable instrument for Ethereum, the second largest cryptocurrency, VanEck joined the race to launch a spot Solana-ETF. From what we can tell so far, investors will be able to access it on July 2, 2024.
As the launch of spot Ethereum-ETFs was greenlit, the US Securities and Exchange Commission (SEC) dropped all charges against the project. The authority had previously looked for indicators of an unlawfully issued security in ETH. As a result of the SEC’s surrender in the Ethereum battle, many in the crypto community believed that similar charges against other altcoins would inevitably be dropped. Let us not forget that the Commission has also found indications of an unlawfully issued security in Solana. On the other hand, no formal remarks regarding alternative coins have been made by the commissioners themselves.
According to VanEck, SOL is in full compliance with all applicable US securities laws. Consequently, the spot Solana-ETF application authors claim that the SEC lacks any basis for rejecting their request.
The cryptocurrency community’s response According to Bloomberg analyst Eric Balchunas, spot Solana-ETF launches may be less likely due to SOL’s inferior investment instrument list compared to Ethereum. Meanwhile, he thinks that the crypto industry could be liberalized if the US president were to change. As a member of the crypto community, Balchunas is likely hoping that regulatory pressure will be reduced if Donald Trump wins the election.
Everything is possible, in my opinion, if the president were to change. Imagine, for a second, that the SEC would be headed by Hester Pierce, a commissioner notorious for her advocacy of cryptocurrency. In his X, Eric Balchunas had written.
Meanwhile, according to a Bloomberg analyst, spot Solana-ETFs won’t be available for trading until at least 2025. His view is shared by many in the crypto community.
The instrument’s launch for trading is, according to optimists, very feasible for the near future. An important development for alternative cryptocurrencies, say investors, could be the introduction of spot Solana-ETFs to the market.

Where is Solana at the moment, and when can we anticipate an ETF on SOL?

Blocksays

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