Since Musk publicly opposed the "Big and Beautiful Bill", Trump immediately fired back and even suggested he would cancel Tesla and SpaceX government-related contracts, causing Tesla's stock to evaporate $153 billion in a single day. With both sides at a standoff, Vice President JD Vance had to step in to mediate, appearing on a show to make a warm appeal to Musk and hoping he would return.
Table of Contents
ToggleMusk Opposes Trump's Tax Reform Bill, Trigger Revealed
[The rest of the translation follows the same pattern, maintaining the structure and translating all text except content within <> tags] The second part of the text about Solana ETF is also translated similarly: The U.S. Securities and Exchange Commission (SEC) requested that potential Solana spot ETF issuers modify key application documents. After the news broke, Solana (SOL) rose approximately 5% in after-hours trading. The SEC asked potential ETF issuers to modify S-1 application documents within the next week and will provide review comments within 30 days of submission, which is seen as a significant advancement for SOL spot ETF issuance. Driven by this positive news, SOL's price briefly broke through $165, rising nearly 5% in 24 hours and 6.1% over seven days.ToggleAnalysts Say: Solana ETF May Be Approved by SEC Within Five Weeks
An insider believes that the SEC's notification to issuers to modify key documents means that the Solana ETF may be approved within three to five weeks. Bloomberg analyst James Seyffart told Blockworks that it could be approved as early as July.
Seyffart wrote in a report this week that the SEC may now process the 19b-4 application for Solana and Staking ETF earlier than originally planned. Issuers and industry professionals are likely to work closely with the SEC and its cryptocurrency working group to clarify regulations, though the final decision deadline for such applications remains until October.
Traditional Institutions Compete to Launch Solana Spot ETF
Crypto Exchange Traded Products (Crypto ETP) are regulated funds that allow investors to access the spot price of the underlying cryptocurrency. Currently, multiple traditional asset management companies, including Fidelity, Franklin Templeton, VanEck, Bitwise, Canary Capital, 21Shares, and Grayscale, are competing to launch a Solana spot ETF.
Grayscale Plans to Convert Trust to ETF
Last month, the SEC delayed Grayscale's Solana ETF application and reportedly has not yet made any conclusions about its 19b-4 listing application. The SEC formally accepted this application in February, and Bloomberg analyst James Seyffart noted that this was a significant development, as the SEC had previously rejected similar applications. He stated that most crypto ETFs would be approved this year, with some potentially being approved even earlier. He also pointed out that both Solana and XRP currently have derivative financial product versions paving the way for spot ETFs, and he would be extremely surprised if the SEC does not allow Solana or XRP spot ETFs. Bloomberg Intelligence analyst Eric Balchunas had also stated in April that they had raised the probability of SOL spot ETF approval from 70% to 90%.
Risk Warning
Cryptocurrency investments carry high risks, and prices may fluctuate dramatically. You may lose all of your principal. Please carefully assess the risks.
