Solana ETF Launch Delayed: SOL Classification Debate

Bittime – The launch of an ETF for Solana (SOL) faced a major setback after the US Securities and Exchange Commission (SEC) delayed recognition of the filing that had been made. This delay added to uncertainty in the crypto market and sparked debate regarding Solana's classification, whether it should be considered a security or a commodity.

SEC Delays Recognition of Solana ETF Filing: Impact

According to a recent report from Bloomberg, the Solana ETF filings submitted by VanEck and 21Shares had to be withdrawn because the SEC has not acknowledged the documents. 

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ETF analyst from Bloomberg, Eric Balchunas, emphasized that the SEC's inactivity caused the ETF approval process to stall at the second stage. Absent a change in SEC leadership, the chances of Solana's ETF approval seem slim.

SOL Classification Debate: Security or Commodity?

This delay has sparked intense debate regarding Solana's classification. There is an argument that categorizing SOL as a security is inconsistent, especially when compared to Ethereum which has been accepted as a commodity. 

Bloomberg's James Seyffart highlights that the SEC is making this argument both in court and in public forums, adding to the tension surrounding the launch of the Solana ETF.

The discussion regarding SOL classification reflects the broader challenges that crypto assets face in terms of regulation. Many people argue that existing regulations do not fully reflect the rapidly changing dynamics of the crypto market.

VanEck Still Optimistic about Solana ETF Launch Despite Headwinds

Despite facing regulatory hurdles, VanEck remains optimistic about the launch of the Solana ETF. Matthew Sigel, Head of Digital Asset Research at VanEck, expressed his belief that SOL should be categorized as a commodity. 

Sigel argued that legal views on crypto assets may vary depending on the context in which they are used, and this may influence future decisions by regulators.

Solana (SOL) Price and Future Predictions

Currently, Solana price is at $144.14, with trading volume increasing 5% to $2.16 billion. In the last 24 hours, the price of SOL had reached as high as $148.65 and as low as $141.36. 

Although there is uncertainty regarding the launch of the ETF, price analysis suggests that Solana may face some challenges before it can reach the $200 level. Monitoring regulatory developments and the crypto market situation remains important for understanding Solana's future prospects.

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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.