Matrixport： The impact on the adjustment of the cryptocurrency market is not Wall Street, but hedge funds

In response to the guidance issued by the US Securities and Exchange Commission (SEC) regarding Meme, which states that "Meme does not belong to securities," SEC commissioner and crypto skeptic Caroline Crenshaw posted on the SEC's official website that the purpose of SEC staff providing written guidance is to promote understanding and compliance with federal securities laws, and the guidance issued by the SEC completely overturns this concept, proposing an incomplete and unfounded legal viewpoint that the entire product category is not within the jurisdiction of the SEC; This guide does not provide a clear legal definition, nor even a basic dictionary. The lack of useful definitions alone makes the value of this guide questionable, unless it serves as a roadmap for cryptocurrency companies to evade supervision by labeling themselves as Meme coins. This guide is not a reasonable interpretation of existing laws. It raises more questions than it answers, namely what is Meme coin and whether Meme coin is a definable or useful classification under existing securities laws. It boils down to a broad statement of general principles with little clarity or predictability for any given currency.

BlockBeats News: On February 28th, Nate Geraci, President of The ETF Store, stated on social media that the SOL futures planned to be launched by CME on March 17th will be settled in cash, which is favorable for SOL ETF applications.

CME Group, the world's largest derivatives marketplace, plans to introduce Solana (SOL) futures on March 17, expanding its suite of cryptocurrency derivatives, it said in a press release on Friday. The new contracts, pending regulatory review, will allow traders to manage SOL price risk with two contract sizes: 25 SOL and 500 SOL.“With the launch of our new SOL futures contracts, we are responding to increasing client demand for a broader set of regulated products,” said Giovanni Vicioso, CME Group’s Global Head of Cryptocurrency Products.See all newslettersThe contracts will be cash-settled, using the CME CF Solana-Dollar Reference Rate, which tracks SOL’s price daily at 4:00 p.m. London time. CME already offers bitcoin and ether futures, which have seen significant growth in trading activity. The firm reported an average daily volume of 202,000 contracts this year, up 73% from 2024.Industry leaders view the move as a step toward greater institutional adoption of crypto. Teddy Fusaro, president of Bitwise Asset Management, noted that CME’s crypto derivatives have helped pave the way for regulated financial products, including ETFs. Kyle Samani of Multicoin Capital added that such products give sophisticated investors more tools to manage risk and exposure.With Solana gaining traction among developers and investors, the addition of SOL futures highlights the increasing demand for regulated crypto trading products. It could also pave the way for SOL exchange-traded funds (ETFs) to be approved by the Securities and Exchange Commission (SEC). "CME’s decision to list SOL contracts today significantly increases the possibility that corresponding spot ETF applications could be approved in the foreseeable future," said Sui Chung, CEO of CF Benchmarks. "While an exact timeline for approval is hard to discern, it’s probable the SEC will want to see several months’ worth of trading on the CME and be satisfied that the futures correlate with the spot market before it looks to approve ETF applications for SOL."

At the opening of the US stock market, the Dow Jones Industrial Average rose 86 points, the Nasdaq fell 61 points, and the S&P 500 index fell 0.01%.

Monitor large orders in the market in real time and automatically generate report pushes. Open PRO members to view the full main data report