The asset manager Rexushairs’ move is the first to launch Solana and Etharium Steaking ETFs, which has reached a road. The US Securities and Exchange Commission (SEC) sent a letter to explained why these funds could not be eligible as ETFs.
Sec replies to rexshares on Solana and Ethereum staking ETF
As A Bloomberg ReportThe SEC sent a letter to the ETF opportunity trust, the unit that issues several ETFs, which includes the management of Rex shares, stating that Stacked Solna and Atherium Funds may fail to meet the legal definition of an investment company, which require them to list on the stock market.
The Commission said that it was concerned that Rexashares improperly filed registration details for these funds and the revelations in these statements describe them as investment companies “may be potentially misleading.”
As Coingpe said, Asset manager chose an unconventional application model For these Solana and Etharium stacking ‘ETF’, who had questioned what will be the reaction of the SEC. Bloomberg’s analyst James Safart said that the filing 19 B -4 -4 was not an application but 40 -ACT funds with a unique structure.
However, Rexushairs believe that Solana and Etharium staking ETFs qualify as ETFs. Greet, a general lawyer of Rex Financial, said that he feels that he can satisfy the commission on the question of the investment company and he does not intend to launch funds until he does so.
Interestingly, this development comes like that The SEC decided that some proof-off-stacking activities are not securitiesBased on this, participants in specific protocol stacking activities do not need to register transactions with the Commission under the Securities Act.
Experts adopt this development
In X postBloomberg’s analyst Eric Balchunas commented on the situation with Rexesheres Solana and Ethereum Stacking ETF. He said that this development is similar to a private situation. He highlighted the fact that the asset manager was first pushing the envelope to “hard” in an attempt to launch on the market.
As the Coingup reported, SEC has so far delayed other traditional applications from asset managers to offer staking services for its respective ETFs, one with the latest delay 21Shares’ Ethereum etf staking proposal,
According to Bloomberg report, Safart is confident that more direct efforts to allow stacking in the US ETF will eventually be successful. He said that it is one thing when, no. However, the commission is not a fan as the way Rexushers tried to push through these listings. In X postThe analyst said that it would be an interesting saga to see in the coming days and weeks.
Boluvatif edemy
Boluvatif Ademi is a well -veteran crypto news writer and editor who has covered many subjects and Niches cuts in Niches. The most technical concepts in Boluvatiff are a habit to simplify and make Crypto neobis easier to understand. Away from writing, he is a fond Chawla basketball lover, a passenger and a part -time Digen.
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