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It seems we’ve entered an alternate reality because the SEC (Securities and Exchange Commission), previously firmly anti-crypto, has now acknowledged multiple altcoin ETF (exchange-traded fund) applications at once.
Namely, the regulator made an update on Grayscale’s Solana ($SOL) ETF, which it had rejected last year after calling the asset a security.
Bloomberg analyst Eric Balchunas points out this is the first time the SEC has made such a U-turn.
The regulator is taking baby steps toward accepting crypto as a legitimate asset class, but progress is progress. Now that the $SOL ETF is around the corner, the Solana token is targeting new heights, and another token, $SOLX, stands to ride on its coattails.
$SOL ETF Is Underway As the SEC Does a 180° on Crypto
Alongside the $SOL ETF, the commission acknowledged Grayscale’s Litecoin ($LTC) ETF and several $XRP ETFs, issued by 21Shares, Canary Capital, WisdomTree, and Bitwise.
Both $SOL and $XRP have a history of facing regulatory obstacles, including the SEC explicitly calling them securities. In the case of $XRP, this turned into a five-year-long legal battle.However, after former SEC chair Gary Gensler departed, the regulator took a more pro-crypto stance under Mark Uyeda’s leadership.
Acknowledgment doesn’t yet mean approval, but the SEC is now evidently more accepting of altcoin investment products.
And how could they not be, if even the US President is on board with crypto ETFs?
Trump Media and Technology Group (TMTG) filed several ETF and SMA (Separately Managed Account) applications on Tuesday, including Truth.Fi Made in America ETF and Truth.Fi Bitcoin Plus ETF.$SOL is not part of Trump’s World Liberty Financial (WLFI) portfolio, but many other altcoins are. TMTG might be testing the waters with its $BTC ETF applications and could file for more investment products in the future.
Could Solaxy ($SOLX) Help Solana Stay Ahead?
ETF approval would come in handy for $SOL now that its parent ecosystem faces competition from Berachain – a new Layer-1 network that uses Proof-of-Liquidity for greater scalability.
The $BERA token began trading on exchanges yesterday at $1 and hit $14.99 within mere hours but has since fallen to $7.42. Early adopters are hyped up as 15% of the $BERA supply is set aside for an airdrop.
The project raised over $100M in funding to develop its innovative consensus mechanism. While it’s still too early to judge how well Berachain handles ever-increasing workload, it currently appears to be a serious contender to both Ethereum and Solana.
Solaxy ($SOLX) could help Solana maintain its dominance by resolving its congestion issues. It’s the world’s first Layer-2 network for Solana that can speed up transaction processing and lower fees on the mainnet.
The $SOLX meme coin presale has already gained strong momentum, with $18.5M raised so far. One token now costs $0.001628, but the price will increase in 45 hours. Find out how to buy Solaxy now.
Think of it this way – you’d be investing in a platform that builds on an established network with an eye-watering $9B TVL (Total Value Locked)?
Solaxy amplifies Solana’s strengths while addressing its shortcomings, ultimately improving user experience and expanding development capabilities.
Solaxy’s launch, coupled with the potential of a $SOL ETF, might revive the Solana ecosystem and attract a significant influx of new capital and users.
Final Remarks
The SEC is doing a complete 180°. After years of giving crypto the cold shoulder, the regulator might soon approve $SOL, $XRP, and other altcoin ETFs.
This is good news for Solana, and while the mainnet has its fair share of scalability issues, Solaxy might be the ace up its sleeve. This Layer-2 solution could be just what Solana needs to stay ahead of rising competitors like Berachain.
While $SOL’s and $SOLX’s future looks bright, we remind you to DYOR and diversify your portfolio to offset potential losses, as the crypto market is notoriously volatile.
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