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⌐◪-◪ → 3iQ Corp just submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada.

If approved, it would be the first Solana ETF in North America — massively legitimizing the (sometimes unpopular) cryptocurrency.

For context, Solana is the 5th largest crypto by market cap:

1. BTC → $1.26T

2. ETH → $427B

3. USDT → $113B

4. BNB → $86B

5. SOL → $61B

At a market cap of $61B, Solana is 7x smaller than Ethereum and over 20x smaller than Bitcoin.

While I’ve never personally used Solana, I suppose it makes sense they’d skip over $USD and $BNB considering $USDT is an indirect competitor to the dollar and $BNB is the token for China’s biggest crypto company.

What do you think, should Solana be the next ETF after ETH? Let me know in Specs Chat!

⌐◪-◪ → Grayscale, the world’s biggest digital asset manager, just updated its Ethereum Trust (ETHE) disclosures to make sure the SEC knows that the inability to participate in Ether staking puts their product at a massive disadvantage.

Their logic is perfectly sound too. Why would anyone want to invest in their Ethereum Trust when it’s quite literally leaving money on the table in the form of staking yields?

Grayscale is not alone in this either, other Ethereum ETF applicants such as Fidelity and Ark/21 Shares recently removed staking from their filings as a temporary concession to the SEC to get approval.

Perhaps the SEC’s recent decision to drop its investigation into Ethereum 2.0, will help the ETH ETF applicants get staking over the finish line — after all, much of the investigation was centered around the shift from POW to POS.

⌐◪-◪ → Consensys just sent a letter to the IRS asking them to delay the new digital asset reporting regulations in draft Form 1099-DA.

Their main concern is the draft form is overly broad and imposes costly compliance burdens on blockchain software providers.

If you run a blockchain software firm, you may be considered a broker under the current regime — in which case, I suggest you comment on the proposed rules before the end of business today.

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