CFTC Classifies SOLUSD as Digital Commodity Amid Market Inflows
The Commodity Futures Trading Commission (CFTC) has issued guidance classifying the Solana vs. US Dollar Spot Contract for Difference (SOLUSD) as a digital commodity. This classification confirms the CFTC's oversight of the SOLUSD spot market, focusing on anti-fraud and anti-manipulation enforcement.
In related market activity, US spot Solana ETFs recorded a net weekly inflow of approximately $2.43 million on October 5, 2024. The following Friday, US-listed Solana spot products saw a $1 million net inflow.
DeFi Development reported preliminary Q3 data, indicating an addition of around 26,203 SOL between September 28 and 30. As of September 30, the total holdings amounted to approximately 2.56 million SOL, valued at around $302 million. This represents an 11% increase in value since August 12.
Additionally, SOLUSD cash and equivalents more than doubled, while SOL-denominated borrowings decreased. Preliminary figures suggest that related equity rose about 2% in early trading, although shares remain around 70% lower year-over-year.