Solana soars on CME futures announcement
Derivative marketplace CME Group, which already offers futures on bitcoin and ethereum, said that it will add Solana to its roster, spiking the cryptocurrency up 4% immediately after the announcement at 9 a.m. ET to $145.
Giovanni Vicioso, global head of cryptocurrency products at CME Group, said in the press release that the move is in response “to increasing client demand for a broader set of regulated products to manage cryptocurrency price risk.”
“The launch of SOL futures is a significant milestone in the ongoing maturation of the cryptocurrency market,” Teddy Fusaro, president of Bitwise Asset Management Inc., said in the press release.
Solana, which is also the blockchain underpinning many meme coins like $TRUMP and dogwifhat, also is likely benefiting from the SEC’s new guidance released yesterday that meme coins are not securities as they do not pass the Howey test. The long-awaited guidance clarifies the regulatory environment for traders, who will “not need to register their transactions” in meme coins per the guidance, which likens the coins to collectibles.
A smaller win for solana came from popular wallet MetaMask, which announced it will add support for solana in May, followed by bitcoin in the third quarter.
The one-two-three punch is a nice win for solana, which has seen huge growth in the past year largely due to the explosion of meme coins. Next, it hopes to join the list of crypto ETFs.
Giovanni Vicioso, global head of cryptocurrency products at CME Group, said in the press release that the move is in response “to increasing client demand for a broader set of regulated products to manage cryptocurrency price risk.”
“The launch of SOL futures is a significant milestone in the ongoing maturation of the cryptocurrency market,” Teddy Fusaro, president of Bitwise Asset Management Inc., said in the press release.
Solana, which is also the blockchain underpinning many meme coins like $TRUMP and dogwifhat, also is likely benefiting from the SEC’s new guidance released yesterday that meme coins are not securities as they do not pass the Howey test. The long-awaited guidance clarifies the regulatory environment for traders, who will “not need to register their transactions” in meme coins per the guidance, which likens the coins to collectibles.
A smaller win for solana came from popular wallet MetaMask, which announced it will add support for solana in May, followed by bitcoin in the third quarter.
The one-two-three punch is a nice win for solana, which has seen huge growth in the past year largely due to the explosion of meme coins. Next, it hopes to join the list of crypto ETFs.
