{"id":12703,"date":"2024-05-30T11:46:08","date_gmt":"2024-05-30T11:46:08","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/solana-etf-hopes-take-a-big-damper-cme-denies-any-plans\/"},"modified":"2024-05-30T11:47:44","modified_gmt":"2024-05-30T11:47:44","slug":"disappointment-as-cme-reveals-no-plans-for-solana-etf","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/disappointment-as-cme-reveals-no-plans-for-solana-etf\/","title":{"rendered":"Disappointment as CME Reveals No Plans for Solana ETF"},"content":{"rendered":"\n<p>A recent leak from a reliable source suggests that the Chicago Mercantile Exchange (CME) has no intentions to introduce Solana futures. This development deals a significant blow to the hopes of having a Solana Exchange Traded Fund (ETF) in the US markets.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">CME HAS NO PLANS TO OFFER SOLANA FUTURES: PERSON FAMILIAR<\/p>\n<p>Source: DB | Coins: SOL<\/p>\n<p>\u2014 db (@tier10k) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/tier10k\/status\/1795890300981821443?ref_src=twsrc%5Etfw\">May 29, 2024<\/a><\/p>\n<\/blockquote>\n<h2>Impact on Solana ETF Expectations<\/h2>\n<p>Scott Johnsson, a finance lawyer at Van Buren Capital, discussed the regulatory challenges facing Solana. He emphasized that while a Solana ETF does not hinge on CME&#8217;s involvement as the designated contract market (DCM), it would require a robust framework with a Custody and Security Services Agreement (CSSA) and adequate liquidity.<\/p>\n<p>Johnsson also highlighted the SEC&#8217;s actions against major crypto exchanges like Coinbase and Binance as a hurdle for potential ETFs involving Solana. He suggested that a change in the SEC&#8217;s administration or policies would be necessary for Solana to move forward with an ETF.<\/p>\n<p>Johnsson underscored the community&#8217;s focus on a futures ETF as a prerequisite to a spot ETF, given the current regulatory landscape. A Bloomberg ETF analyst, James Seyffart, echoed these sentiments, cautioning against registering Solana futures with the CFTC as &#8216;Commodities Futures&#8217; based on past mistakes with Bitcoin and Ethereum.<\/p>\n<p>The SEC&#8217;s classification of Solana as a security in lawsuits against Binance and Coinbase adds further regulatory complexity to the asset&#8217;s future. The recent news from the CME has dampened hopes for Solana&#8217;s presence in futures markets and cast a shadow over the prospects of a spot ETF in the foreseeable future.<\/p>\n<p>Despite this setback, the SOL price remained stable following the announcement. As of now, SOL is trading at $163.83, in line with the overall market trend.<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent leak from a reliable source suggests that the Chicago Mercantile Exchange (CME) has no intentions to introduce Solana futures. This development deals a significant blow to the hopes of having a Solana Exchange Traded Fund (ETF) in the US markets. CME HAS NO PLANS TO OFFER SOLANA FUTURES: PERSON FAMILIAR Source: DB | [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12704,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Disappointment as CME Reveals No Plans for Solana ETF - Bitrabo","description":"A recent leak from a reliable source suggests that the Chicago Mercantile Exchange (CME) has no intentions to introduce Solana futures. This development deals a"},"footnotes":""},"categories":[316],"tags":[989,4173,4474,1353,1923,4473,1241,1213],"class_list":["post-12703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-big","tag-cme","tag-damper","tag-denies","tag-etf","tag-hopes","tag-plans","tag-solana"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/12703","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=12703"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/12703\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/12704"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=12703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=12703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=12703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}