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Bitwise Invest Leads Charge for Solana Spot ETF Amid SEC Engagement and Trump's Crypto-Friendly Shift

Nov 22, 2024, 03:31 AM

Bitwise Invest, along with other firms like VanEck, 21Shares, and Canary Capital, have filed for a spot Solana ETF, signaling a potential shift in the SEC's stance towards cryptocurrency ETFs. The SEC, led by Gary Gensler, has begun engaging with these filings, with Bitwise Invest taking the lead by paying their fees at market close. The anticipation of a more crypto-friendly administration under Trump is believed to be influencing these moves. The SEC's engagement comes at a time when Solana's DeFi ecosystem is experiencing significant growth due to its low fees and high on-chain activity. The final deadline for these filings, if acknowledged by the SEC, is expected around early August, with the SEC currently processing S-1 applications and awaiting Form 19b-4 submissions.