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US SEC Won’t Entertain Solana ETF, $300 SOL Price At Risk?
The approval of spot Solana ETFs won’t go through, with the U.S. Securities and Exchange Commission (SEC) notifying two of the five prospective issuers. Reports suggest that the regulator will reject their 19b-4 filings. The SOL price has been holding firm at its crucial resistance level of $240, as skepticism draws whether it could continue the rally to $300.
US SEC to Reject Spot Solana ETF Applications
Fox Business journalist Eleanor Terret has reported that the U.S. Securities and Exchange Commission (SEC) has informed at least two of the five applicants for Solana (SOL) spot ETFs that their 19b-4 filings will be denied.
According to Terret, industry insiders believe the SEC is unlikely to approve any new cryptocurrency ETFs under the current administration. Thus despite the growing demand for crypto ETFs, the regulatory resistance for such crypto investment products continues to persist.
One user on X responded to Terret stating that the odds are still in favour of the approval. Responding to this, the journalist wrote: “The SEC won’t approve just one or a couple and not the others. Remember the bitcoin ETFs? Eleven launched on the same day”.
However, the development hasn’t surprised crypto industry veterans who expect no major development until Paul Atkins takes charge of the US SEC Chair in January. Speaking on the development, ETF Store President Nate Geraci stated:
“No surprise, but won’t be any movement on spot crypto ETF filings until new leadership in place… Lame duck”.
Geraci further added that the interesting thing is that the SEC recently acknowledged Bitwise Crypto Index ETF, which has a 4% weightage to Solana.
On the other hand, crypto industry players are turning positive for Solana ETF approval following the latest approval of David Sachs for the AI and crypto czar role at the White House. President-elect Donald Trump made the announcement official on his social media platform Truth Social.
$SOL ETF has been secured tonight basically
Not investment advice pic.twitter.com/9g82QdOtcf
— Solana Legend
(@SolanaLegend) December 6, 2024
SOL Price Rally to $300 At Risk?
While other altcoins have made a strong move triggering the altcoin season, the SOL price has remained flattish flirting around its crucial resistance $240.Furthermore, XRP overtook Solana amid a strong undercurrent from the bulls with over 50% XRP price gains on the weekly chart.
At press time, the SOL price is trading 1.68% up at $241 with a market cap of $114.569 billion. The pessimism surrounding the Solana ETF approval has yet reflected in its price. Some market analysts believe that following the recent consolidation phase, SOL is poised for a technical breakout pushing it to a new all-time high of $290-$300.
$SOL seems to be breaking out to the upside! The target is $290
pic.twitter.com/XLi7w6vVfK
— The Moon Show (@TheMoonCarl) December 5, 2024
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Tron’s native cryptocurrency TRX is up by 7% today after founder Justin Sun announced plans to double down on building the meme ecosystem on the blockchain. this announcement was enough to push the Tron price higher with daily trading volumes surging 62% to more than $1.23 billion. Over the last two days. TRX has seen a sharp recovery of 15%, bouncing back from the support of $0.21.
Tron Price Rally to $1 Coming?
As Justin Sun prepares for the comeback of the meme coin ecosystem on the Tron blockchain network, analysts are predicting a Tron price rally to $1 and above. Popular crypto analyst Javon Marks has projected a bullish outlook for TRON (TRX) stating that the altcoin is preparing to hit its logarithmic-measured breakout target at $1.11.
Marks highlighted that TRON price trajectory suggests significant potential for gains, with an estimated 516% upside from current levels required to reach the predicted target. Last week Justin Sun also stated that TRX will hit new all-time highs very soon.
On the other hand, social analytics platform LunarCrush stated that the social and market activity on the Tron blockchain network has surged significantly following the TRX price surge. Tron now accounts for 1.05% of all crypto-related discussions, reflecting heightened community interest. TRON’s robust metrics highlight its growing prominence as both investors and the community focus on its upward momentum.
Tron DAO Meme Coin Frenzy Heating Up
Tron’s meme token ecosystem is experiencing a resurgence, fueled by confidence from Justin Sun, founder of the Tron blockchain. Yesterday alone, 122 new tokens were launched on the SunPump.meme platform, marking the first time in four months that daily launches exceeded 100.
To date, 95,573 tokens have been created, generating 36,374,191 $TRX in fees, equivalent to $5.74 million. Furthermore, the activity on the TRON DAO continues to soar, signaling a strong and growing interest in Tron’s meme token ecosystem.
Commenting on this development, Justin Sun wrote: The first rule of making memes on Tron: I will not personally profit a single cent from memes. Any losses will be fully covered by myself, and all proceeds will be donated.
Getting TRX to Solana
In another announcement, Justin Sun revealed plans to bring TRX, Tron’s native cryptocurrency, to Solana’s blockchain in the coming weeks. Although the announcement lacked specific details or a definitive timeline, it has sparked excitement among both TRX and Solana communities.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Executive Director of the Presidential Working Group on Digital Assets Bo Hines has issued a timeline for stablecoin regulation in the US. Hines is predicting a two-month window for legislators to wrap up existing bills for final assent by the President.
Bo Hines Eyes Stablecoin Legislation In The Coming Weeks
American journalist Eleanor Terrett disclosed that Bo Hines has his eyes on May as a tentative date for stablecoin legislation in the US. Hines stated in a panel discussion that stablecoin legislation can be on President Trump’s desk within two months.
The Executive Director shared his predictions at the Digital Asset Summit 2025 in New York. Hines reiterated the government’s stance on digital currencies, particularly stablecoins while reeling out his projection for a possible rollout.
Barring any eventualities, Hines expects President Trump to sign a stablecoin regulation into law in two months. The most plausible bill is Senator Bill Hagerty’s Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act).
At the moment, the US Senate Banking Committee has approved the GENIUS Act, setting it up for a full vote on the floor of the House. Experts are tipping the bill to scale through the legislative process citing bipartisan support and the scope of its provision.
The bill will also have to pass through the House of Representatives before final assent by the US President.
Stablecoin Issuers Are Angling For Top Spot In The US
Currently, stablecoin issuers are jostling for places as the US turns its sights toward the industry. US Treasury Secretary Scott Bessent noted that the US is keen on exploring stablecoins to maintain the dollar’s position as the global reserve currency.
“We will keep the US the dominant reserve currency and use stablecoins to do that,” remarked Bessent.
Given the changing stance, experts are tapping XRP’s RLUSD to lead America’s stablecoin charge. On the other hand, Circle is positioning USDC to become the stablecoin of choice by the government. Tether CEO Paulo Ardoino has also indicated a keen interest in playing an increased role in America’s stablecoin ambition.
The OCC has since announced that US banks can dabble in stablecoin transactions as global banks launch stablecoins to get skin in the game.
Aliyu Pokima
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Nasdaq has filed Form 19b-4 with the U.S. Securities and Exchange Commission (SEC), seeking approval to list 21Shares’ spot Polkadot ETF. This move would allow investors to gain exposure to Polkadot’s native cryptocurrency, DOT, without directly holding the asset.
Nasdaq Files 19b-4 For 21Shares Polkadot ETF
According to a recent filing, Nasdaq has filed Form 19b-4 for a spot Polkadot ETF on behalf of 21Shares. The proposed ETF will track the spot price of Polkadot’s DOT token, the 27th largest cryptocurrency by market capitalization.
The filing follows 21Shares’ earlier submission of an S-1 amendment, in which the company detailed its plan to provide a regulated investment vehicle for digital asset exposure.
As the sponsor of the fund, 21Shares aims to provide a secure and accessible means for investors to participate in the growth of Polkadot without the need for direct ownership of DOT. In addition to the Polkadot ETF, the company is seeking approval for other ETFs related to digital assets such as Solana and XRP.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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