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SEC Acknowledges Fidelity’s Solana ETF, Approval Odds Jump to 89%
The United States Securities and Exchange Commission (SEC) has officially acknowledged the application submitted by Fidelity for a spot Solana ETF. This significant development has boosted the chances of approval to an impressive 89%, according to Polymarket data.
Fidelity joins a growing list of prominent asset managers vying for the opportunity to launch a Solana-based ETF, highlighting the burgeoning interest in decentralized platforms and their potential to revolutionize the traditional financial landscape.
The SEC’s acknowledgment marks the initiation of the official review process, giving stakeholders 21 days to submit comments on the proposed rule change. Following this window, the regulatory body has 45-90 days to render a decision on the ETF.
Fidelity’s push for approval is not without precedent, as it aligns with the asset manager’s stated commitment to exploring innovative investment opportunities. Moreover, the move underscores its confidence in the Solana ecosystem’s potential for growth and adoption.
The regulatory environment may be playing into Fidelity’s favor as well. The recent appointment of Paul Atkins as SEC Chairman has generated optimism within the crypto community, particularly regarding his stance on pro-market legislation. This new landscape could potentially lead to a more favorable disposition towards ETF applications like Fidelity’s.
Despite this encouraging sign, Solana’s price remains unresponsive, having declined by 0.5% in the last day alone. A downward trend is also apparent on weekly and monthly charts, with losses totaling 7% and 6.4%, respectively. As of now, Solana can be purchased at $118.95, placing it within the top seven cryptocurrencies globally.
While regulatory developments are crucial, investors should not overlook the fundamental aspects that drive market sentiment.
Source: https://www.crypto-news-flash.com/sec-acknowledges-fidelity-solana-etf/?utm_source=rss&utm_medium=rss&utm_campaign=sec-acknowledges-fidelity-solana-etf
