Crypto Surge: Solana Tops $222 as SEC ETF Reviews Halt
Cryptocurrency markets have seen a recent surge, with Solana, the sixth-largest crypto, trading above $222, up over 6%. Meanwhile, the U.S. Securities and Exchange Commission (SEC) has paused reviewing new ETF applications due to a government shutdown.
The shutdown, which began on December 22, has halted the SEC's review of over 90 applications for ETFs tracking various altcoins, token combinations, and digital asset strategies. This includes potential Solana-focused ETFs, with the Depository Trust & Clearing Corporation (DTCC) listing applications for such products in the past 18 months.
Bitcoin and Ethereum ETFs have been thriving, managing about $172 billion in assets. BlackRock's iShares Bitcoin Trust has emerged as the fastest-growing ETF in history. The increasing demand for digital asset-focused products has led to a surge in ETF filings with the SEC over the past 18 months.
The shutdown's impact on crypto ETF approvals remains uncertain. While Vladimir Tenev, CEO of Robinhood, expressed optimism about minimal business impact, Nate Geraci, co-founder of the ETF Institute, tweeted that the launch of new spot crypto ETFs would be delayed. Bloomberg's earlier prediction of Solana-focused ETF approvals in early October is now uncertain. The SEC will only provide emergency support during the shutdown.
