Canary Capital Group has filed for a spot SOL ETF with the SEC, joining VanEck's previous filing. This filing brings new hope for institutional investment in Solana, especially in light of potential shifts in U.S. regulatory oversight following the upcoming election. Republican SEC commissioners favor a market-driven approach to assess the merits of such products, indicating that if Donald Trump wins, Chair Gary Gensler's term might be shorter than expected. However, the SEC's stance that SOL is a security presents a significant hurdle. Historical context shows that prospects for Bitcoin ETFs looked bleak a decade ago; similarly, the fate of the Solana ETF remains uncertain. SEC Commissioner Hester Pearce highlighted the complexities of current crypto regulations, emphasizing the need for applying existing precedents to new circumstances. As the election approaches, the regulatory landscape for cryptocurrencies, including Solana, remains precarious and ever-changing.

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