Solana SOL Rises 5% on News of Spot ETF Regulatory Progress
Solana (SOL) increased by 5% following a report indicating U.S. regulators are advancing in the process to approve spot SOL exchange-traded funds (ETFs).
- The U.S. Securities and Exchange Commission (SEC) has requested potential issuers to amend their S-1 filings within a week.
- The SEC will review the submissions within 30 days after receipt.
- SOL's price rose above $164, reflecting a nearly 5% gain over 24 hours.
- Following the introduction of bitcoin and ether spot ETFs last year, asset managers are seeking approval for similar products for smaller cryptocurrencies.
- Fidelity, Grayscale, Franklin Templeton, and VanEck are among those who have applied to launch SOL funds.