Asset manager Canary Capital has submitted an application for a spot Solana ETF in the United States, joining the growing list of firms seeking to bring Solana-based ETFs to market. This filing follows a similar application made by investment firm VanEck four months prior. The news was shared moments ago by Bloomberg’s ETF expert James Seyffart on the social media platform X (formerly Twitter).
Although Canary Capital does not yet operate an active ETF in the U.S., unlike well-known issuers like BlackRock, Fidelity, and Grayscale, this application highlights its commitment to entering the competitive crypto ETF landscape. The recent popularity and success of crypto-related ETFs have fueled Canary Capital’s interest in expanding its offerings.
Founded in Sydney in 2017, Canary Capital has actively pursued several cryptocurrency ETFs. Just recently, the firm submitted similar S-1 forms for XRP and Litecoin ETFs, underscoring its ambitions in the rapidly evolving crypto sector, as reported by Bitcoinist.
The timing of this move follows the U.S. Securities and Exchange Commission’s (SEC) approval of a series of Bitcoin ETFs in January, marking a significant milestone for digital asset investments in the U.S. In July, the SEC approved Ethereum-based ETFs, further establishing the legitimacy of crypto-based financial products.
Cryptocurrency Regulations In Flux
Despite progress in the approval of Bitcoin and Ethereum ETFs, the regulatory path for assets like XRP, Solana, and Litecoin remains uncertain. These cryptocurrencies face ongoing classification debates that may impact their approval as securities or commodities, a key factor in the SEC’s evaluation process.
The future of spot Solana ETFs, and similar crypto investment products, remains uncertain as regulatory clarity continues to develop. The upcoming U.S. presidential election could play a significant role, with pro-Bitcoin candidate Donald Trump and current Vice President Kamala Harris holding differing views on cryptocurrency regulation. Their positions could ultimately shape the regulatory environment for these assets in the coming year.
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