Punters on Polymarket are giving the Solana spot ETF an 84% probability of getting SEC approval in 2025, following the approval of Bitcoin and Ethereum ETFs earlier. The less than 48-hour poll began at 45% but has now grown to over 80%.
Despite crypto players’ confidence in the SEC’s approval in 2025, traders are not sure when it will happen. Most traders are uncertain if the approval will come before the end of Q1. A similar poll running on Polymarket from November 2024 shows 57% odd for Solana approval by July 31, a drop from 70%, as was the case earlier in the week.
Five asset managers filed for Solana ETFs
The push for Solana ETF did not begin recently as five asset managers, including Grayscale, VanEck, 21Shares, Bitwise, and Canary Capital, had earlier filed applications with the SEC and are awaiting decisions.
However, the outcome of these applications is pegged on the SEC’s position on SOL. The legality of SOL is unresolved as the regulator is scrutinizing it. Together with other crypto assets, SOL is security in the SEC’s lawsuit against Binance and Coinbase.
As early as December 6, Fox Business Journalist Eleanor Terrett reported that two of the five applicants for Solana ETFs had been notified of the impending rejection. It is alleged that the outgoing chair was unwilling to discuss any new crypto ETF. Three applications of the 19b-4 submitted by Bitwise, Canary Capital, and 21Shares have not received any official rejection.
With the incoming US administration and the suggested changes at the SEC, including the replacement of the chairperson of the commission, there is hope among experts for the future of Solana spot ETFs.
New SEC leadership inspires optimism for crypto policies and altcoin ETF approval
The leadership of the SEC is about to change with a former pro-crypto SEC commissioner, Paul Atkins, taking over from Gary Gensler. Atkins’ nomination to chair SEC has given crypto lovers a reason to maintain optimism as they believe more proactive crypto policies will be initiated.
Analysts believe that more altcoin ETFs will be launched in 2025 as asset managers are queuing up Litecoin, Hedera, and XRP. The president of the ETF store, Nate Geraci, is also confident that the Solana ETF will be approved this year.
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