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VanEck and 21Shares Shockingly Dropped Solana ETF Filings
Reinout te Brake | 20 Aug 2024 07:11 UTC
The VanEck and 21Shares Solana ETF Filings Disappear from CBOE Website
VanEck and 21Shares 19b-4 filings for Solana ETF have been removed from the CBOE website, leading to speculation about whether the application for these products has been withdrawn. Despite the removal of the filings, Matthew Sigel, the head of digital assets research at VanEck, took to Twitter to reassure followers that the ETF application is still active, stating, "ours remains in play."
The US Securities and Exchange Commission (SEC) has set a deadline for either approving or rejecting the applications by March 2025. However, 21Shares did not comment on the status of its Solana ETF filing, leaving investors and experts in speculation.
Following the SEC's approval of spot bitcoin and ethereum ETFs this year, the industry has been hopeful about the potential approval of a Solana ETF. Despite mixed sentiments among experts, the anticipation around a Solana ETF approval remains high.
Solana is a blockchain platform uniquely designed for decentralized applications (dApps) and cryptocurrency transactions, known for its remarkable speed and scalability. With the ability to process over 65,000 transactions per second at minimal fees using its Proof of History (PoH) consensus mechanism coupled with Proof of Stake (PoS), Solana has emerged as a strong competitor to ethereum, swiftly attracting developers and projects to its ecosystem.
If approved, a spot Solana ETF in the US market could open the doors to broader acceptance of Solana among traditional financial institutions, potentially driving institutional interest and adoption in the cryptocurrency. This recent development underscores Solana's growing significance in the digital asset space.
The Challenge of Network Instability
One key challenge that regulators may consider before approving a spot Solana ETF is the network's history of downtime. Reports suggest that the Solana network faced a major outage in February, with several other interruptions since its inception. These network outages have often had a negative impact on the Solana price, raising concerns among investors and highlighting the relative immaturity of the network.
As of August 19, 2024, Solana is trading at $147.82, having achieved an all-time high of $259.52 on November 6, 2021. Analysts, including Ryan Lee from Bitget Research, believe that SOL could become the third major crypto asset after BTC and ETH if it secures its own ETF, showcasing the potential growth and significance of Solana in the evolving digital asset landscape.
In the rapidly evolving world of cryptocurrency, Tron has emerged as a prominent player with its recent ventures into the meme coin arena At the heart of this movement is the launch of Sundog (SUNDOG), a meme coin that has seen a meteoric rise in both popularity and market capitalization since its debut With the backing of Tron's innovative token generator platform, SunPump, Sundog stands as a testament to Tron's strategic positioning within the competitive market of meme cryptocurrencies
The Launch and Rise of Sundog
The introduction of Sundog on August 15 marked a significant milestone for Tron This new meme coin instantly caught the attention of the crypto community, skyrocketing to a market cap of $126 million shortly after its launch...
60 individuals have been detained in Russia and Belarus following police raids on a crypto exchange believed to be a front for a money-laundering operation The state-run news agency TASS reported that Russian and Belarusian security forces carried out the arrests in connection with an "international criminal group" that allegedly stole money from citizens through the guise of offering crypto trading services and selling commodities and foreign exchange currencies
‘Money-laundering crypto Exchange Stole Money from Russians, Belarusians’ – Ministry
According to Russian Ministry of Internal Affairs official Irina Volk, the criminal organization conducted its operations across the two countries, with police and investigators conducting approximately 80 raids in the Moscow region and Minsk, the capital of Belarus
The ministry released footage depicting law enforcement agents entering private residences during the raids, shedding light on the scale of the alleged illicit activities
Source: Russian Ministry of Internal Affairs/Irina Volk/telegram
Volk disclosed that the criminal group had established five call centers in Minsk, where authorities seized computer equipment, mobile devices, accounting records, and access to cloud storage facilities during the raids...
In the evolving landscape of digital assets, the sale of Non-Fungible tokens (NFTs) continues to capture attention, highlighting trends and shifts in market dynamics Recently, a notable event occurred where an nft was sold, but the exact sale amount remained undisclosed This has sparked widespread speculation among community members, with many suspecting that the transaction resulted in a loss for the seller Exploring this topic not only sheds light on the uncertainty clouding the valuation of digital art and collectibles but also raises questions about the long-term sustainability and financial viability of investing in NFTs
Unveiling the Mystery: The Undisclosed nft Sale
The nft market is known for its volatility and the often opaque nature of transactions...