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SEC-bound Solana ETF applicants adjust submission documents

Crypto token Solana's exchange-traded funds prospective launchers revised their U.S. Securities and Exchange Commission filings on Friday, addressing the Securities Regulator's queries, yet without a detectable rush from the SEC.

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Crypto token Solana-tracking ETF hopefuls modify their submissions to the U.S. Securities and...
Crypto token Solana-tracking ETF hopefuls modify their submissions to the U.S. Securities and Exchange Commission, aiming to satisfy the SEC's inquiries, yet without apparent rush from the regulatory body.

SEC-bound Solana ETF applicants adjust submission documents

**"Hey there! Here's the skinny on the latest crypto scene – Solana ETFs wannabes modify their filings with the big-wig U.S. Secunity Exchange Commission, or SEC for short.

These changes are a response to the SEC's inquiries, but don't expect them to rush this thing through. A well-informed insider told us that the SEC ain't exactly breaking any land speed records here.

The folks behind Canary Marinade Solana ETF, 21Shares Core Solana ETF, and Bitwise Solana ETF, among the others, are the ones playing the filing game.

Now, here's the lowdown on why these crypto-related ETFs are running behind schedule:

  1. The SEC's anchored stance on cryptocurrency investment products is the primary culprit. They've been cautious as hell on approving ETFs based on anything other than Bitcoin and Ethereum, meaning they're taking extra time to analyze the risks and compliance of these newbies.
  2. The SEC's review timeline for these ETFs has stretched out, pushing some decision deadlines into the latter half of 2025. More comment periods and deliberation over proposed rule changes means more time spent for these ETFs.
  3. Issuers have had to make updates to their filings, focusing on clarifying investor withdrawal mechanisms and the potential inclusion of staking in the ETFs.
  4. Discussions about permitting some staking functionality within approved ETFs have added layers of complexity, as it could boost investor returns, but raises regulatory concerns too.
  5. The big question mark is investor demand for Solana ETFs – it ain't exactly clear cut yet. This uncertainty might be fueling the SEC's cautious approach to greenlighting these products.

In essence, the delays are driven by the SEC's cautious stance, the drawn-out review process, and the need for updates on filings from issuers. While there's optimism that these ETFs might get the thumbs-up by July 2025, the SEC's careful approach and procedural extensions continue to affect the timeline for these guys."**

  1. "In the world of finance and technology, investors are closely monitoring the developments regarding Solana ETFs, as the SEC's cautious approach to approving cryptocurrency-based investment products has led to delays in their launch."
  2. "Despite the adjustments in filings made by issuers like Canary Marinade Solana ETF, 21Shares Core Solana ETF, and Bitwise Solana ETF, the technology-driven ETFs are still facing regulatory hurdles, such as the SEC's focus on clarifying investor withdrawal mechanisms and potential inclusion of staking in the ETFs."

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