Summary
-
SEC Defers Solana Trust Decision: The U.S. Securities and Exchange Commission has delayed its ruling on Grayscale’s proposed Solana Trust, opting to institute further proceedings to examine legal and policy issues without indicating a conclusion.
-
Call for Public and Rebuttal Submissions: The SEC has opened a 21-day period for interested parties to submit written views on the Solana Trust proposal, followed by a 35-day window for rebuttals to those submissions.
-
Strong Solana Network Activity & Whale Accumulation: Despite the regulatory delay, the Solana network shows robust activity with an increase in non-zero wallets and significant SOL purchases by large investors (“whales”), attributed to network upgrades and memecoin popularity.
-
SOL Price Resilient, Eyeing New All-Time High: Solana’s price (SOL) is demonstrating resilience and is technically positioned to potentially challenge its all-time high, especially if it surpasses the $180 resistance, supported by a broader bullish trend in altcoins.
The U.S. Securities and Exchange Commission (SEC) has deferred its judgment regarding the approval or rejection of a proposed rule modification that would permit the listing and trading of shares from the Grayscale Solana Trust, envisioned as a commodity-based trust.
Regulatory Scrutiny Extends for Proposed Solana Investment Product
Sherry Haywood, the agency’s Assistant Secretary, communicated that the commission has decided to initiate formal proceedings.
“The commencement of proceedings is deemed suitable at this juncture, considering the legal and policy questions presented by the suggested rule alteration,” the official announcement clarified.
“Initiating proceedings does not imply that the commission has formed any definitive opinions on the matters under consideration.”
Public Consultation Period Opened by Commission
Concurrently, the regulatory body has invited all pertinent stakeholders to submit their written perspectives on the proposal within the next 21 days.
Furthermore, the SEC has established a 35-day window for interested parties to offer counterarguments to any submissions made by others.
Increased Accumulation by Large-Scale Solana Investors
In a parallel development, the Solana network has witnessed a notable surge in both the number of wallets holding a non-zero balance and the activity of “whale” investors.
Enhancements to the network’s infrastructure, designed to manage increased transaction volumes, appear to have drawn greater interest from institutional entities.
Earlier in the month, SOL Strategies also bolstered its treasury portfolio by purchasing 122,524 SOL tokens, with an average acquisition cost of $148.
The Solana blockchain has experienced a considerable upswing in adoption over the past year, partly driven by the popularity of its memecoin ecosystem.
SOL Price Trajectory Points Towards Potential New Peaks
Despite the regulatory uncertainty and within the context of a broader bullish trend across alternative cryptocurrencies, the price of SOL appears well-positioned to challenge its previous all-time high.
Market analysts suggest it could soon enter a phase of heightened enthusiasm characteristic of the anticipated 2025 bull market cycle.
From a technical perspective, if the SOL price can decisively overcome the resistance level around $180 shortly, it is projected to rally towards the $221 mark and potentially higher.
Also Read: Ripple and SEC Finalize $50 Million Settlement, Drawing Criticism from Commissioner Crenshaw
Ripple and the US Securities and Exchange Commission (SEC) have reached a $50 million settlement to end their four-year legal battle. The settlement will dissolve a prior injunction and return $75 million of a previously held escrow to Ripple, pending court approval. This settlement is a significant reduction from the SEC’s initial $2 billion demand and follows a court ruling that distinguished between Ripple’s XRP sales to institutional and retail investors. SEC Commissioner Caroline Crenshaw has criticized the agreement, warning it undermines investor protection, the court’s previous findings, and the SEC’s credibility, potentially creating a “regulatory vacuum.” The ultimate ratification of the settlement rests with…[Read More]
*Disclaimer*: We at Bitcoinleef.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice and viewers should consult their financial advisors before investing.
Wallets