While Bitcoin and Ethereum have opened the way of the ETF, it is now the Crypto Sol which is about to write a new chapter. The dry has just turned on an unexpected wick: the agency started the countdown for the approval of an ETF Solana. A decision that smells of barrel powder, as it contrasts with its hostile past. But behind this flip-flop are hidden much deeper issues than a simple regulatory green light.
Dry and crypto soil
The dry has not simply “received” an ETF request for the Crypto Solana. It has activated a binding process, with a deadline fixed for October 11. A gesture heavy with meaning.
By validating Form 19B-4 of Grayscale, the agency implicitly recognizes that Solana is no longer this marginalized token, described as not registered title. From rejection to serious examination, the change of course is brutal. As if Wall Street had forced the doors of a closed club.
Barely six weeks ago, the dry required the withdrawal of a similar demand. Today, the analyst Eric Balchunas underlines that we sail in “unknown territory”.
An understatement. Because behind this reversal is looming a broader legal battle: the qualification of the Crypto Sol as a model value. By agreeing to study ETF, the SEC admits that the debate deserves a forum – a rare, almost tactical concession.
For players in the sector, this development is not just a formality. It is a strong signal sent to institutional investors. “Solana has gone from a toxic active to a magnet for Wall Street,” summarizes Matthew Nay de Messari.
A renaissance which is based on explosive metrics: +318 % real economic value (Rev) in a quarter, a capitalization bordering on the $ 91 billion. Figures that slam like arguments.
Altcoin ETF race
Litecoin, fork of the Bitcoin flagship crypto, is on the starting line. But Solana has a key advantage: an overheating ecosystem. Between decentralized applications and record revenues generated by validators, blockchain is no longer a simple infrastructure.
It is an autonomous economic ecosystem. An ETF would not be just a financial product, but a catalyst for a machine already in motion.
The real battle is played on the legal ground. By qualifying Solana as not recorded, the dry had tried to stick a deadly label to it.
Today, the ETF exam suggests a possible requalification. James Seyffart sees it “a positive sign for scholarships in dispute with the dry”. Translation: If the Crypto Solana wins, the whole category of altcoins is breathing.
The path to approval remains strewn with pitfalls. The procedure in five phases – publication at the Federal Register, public consultations, repeated examinations – can stretch over 240 days. A regulatory marathon where every day counts.
But the stake exceeds deadlines: a rejection could trigger legal remedies, as for Grayscale vs dry in 2023. The game has only just started despite the saturation of the crypto market.
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