Representation of cryptocurrency litecoin is seen in this illustration taken November 29, 2021. REUTERS/Dado Ruvic/Illustration
(Reuters) -Crypto firm Bitwise Asset Management's successful push to launch the first U.S. spot Solana ETF while the Securities and Exchange Commission was shut down has upended the regulatory playbook and forced competitors to rethink their product plans, said industry executives.
On October 28, Bitwise launched Solana Staking ETF which tracks the spot price of the sixth largest cryptocurrency, using an untested process that does not require a formal SEC sign-off. That gave Bitwise the first-mover advantage in what analysts see as the next biggest market for single crypto ETFs, angering competitors who took a more cautious approach and are now scrambling to catch up, said half a dozen industry sources.
