Officially, the agency has until October to make a call, but signs point to an accelerated timeline to avoid handing any one product an unexpected head start.
Related: Ripple Labs Seeks U.S. Bank Charter to Cement Crypto-Finance Bridge
The push comes days after the REX-Osprey SOL and Staking ETF (SSK) cleared its final hurdle and went live, making it the first Solana staking fund to hit the US market, as Crypto News Australia reported. Because SSK was filed under the Investment Company Act of 1940, it got a procedural green light unless the SEC actively stopped it, a loophole that left the door open for a surprise launch.
SEC Under Pressure
Hence, with SSK already live, the Commission may feel it has little choice but to move faster to level the field before October’s official cutoff.
“I think that the SEC has some pressure to approve these quicker than waiting all the way to October, especially with that Rex Shares product that got approved last week,” one person familiar with the matter told CoinDesk.
Interestingly, the SEC recently hit the brakes on its approval of Grayscales’ basket crypto exchange-traded fund. It seems that one of the (potential) reasons for backtracking is the fact that two cryptocurrencies in the ETF (XRP and ADA) do not have their own ETFs. It seems the SEC might be going a little too fast.
Solana Increasingly Popular with Institutions
Solana is becoming more and more a darling for institutions, especially as the network grows in terms of developer count and activity.
Back in June, investment bank Cantor Fitzgerald claimed that more companies could start embracing SOL as a corporate treasury, mostly because businesses think that the asset could overtake Ethereum in the long-run, the firm said.
Read more on Crypto News Australia
