Recent changes in SEC leadership have sparked interest in the vigorous pursuit of applications for altcoin ETFs. Among these submissions is a proposal for a new ETF focused on Canary and SOL coins. As the year-end approaches, Bloomberg analysts project an impressive 90% chance for LTC ETF approvals, while SOL sees an estimated 60-75% likelihood.
SOL Coin ETF Approval
November holds significant promise for ETF decisions, and expectations for SOL Coin ETFs are on the rise. Bloomberg indicates over a 50% chance for these ETFs to gain approval this fall. LTC’s approval is deemed almost certain, and SOL Coin ETFs are likely to benefit from similarities to previously sanctioned ETH ETFs.
Risks Associated with SOL Coin ETF
Recently, the SEC has accepted the application for the Canary Trust, submitted by Cboe BZX Exchange, Inc. The fund issuer, Canary Capital Group LLC, highlighted three primary risks associated with SOL Coin, similar to concerns noted in BTC and ETH filings. Key risks include the underutilization of PoH technology, potential technical failures and security threats, and historical outages on the Solana network. The fund will not engage in staking SOL assets nor pursue additional returns through airdrops or forks. The SEC’s decision on the application could be announced within 45 days, potentially extending up to 90 days.
SEC's Role in the Approval Process
The SEC's role in approving altcoin ETF applications is becoming increasingly prominent. Changes in leadership and the broadening scope of reviewed applications underscore the potential for new digital asset products in the market.
As the year end approaches, the process surrounding SOL coin ETF applications is expected to intensify. The primary risks associated with this token remain a focal point, but experts continue to monitor developments in anticipation of possible approval.
