Solana Price Forecast: SEC New Crypto Rules Set Stage for Key Resistance Breakout

The investment community will get the chance to comment on this new document called “Regulation Crypto Assets” for 60 days. Although this is not a substitute for the Clarity Act, it does provide some ground rules for crypto projects to legally offer digital assets in the United States without fearing regulatory action.

“As we continue the Commission’s efforts to provide clarity for crypto markets, and as Congress works to establish a lasting regulatory framework, Regulation Crypto Assets seeks to provide crypto asset entrepreneurs and market participants with clear pathways to raise capital under the federal securities laws,” commented the head of the SEC, Paul Atkins, regarding these new provisions.

Solana’s On-Chain Metrics Remain Heavily Depressed as Bear Market Takes a Toll

SOL has closed the last three sessions with decent gains ahead of the release of today’s FOMC minutes as well.

The market will be scrutinizing the discussions that were held during this meeting as they may provide some valuable guidance about the Federal Reserve’s plans for monetary policy.

As of today, the odds of a rate hike in September have gone down to 30% following the release of last month’s inflation report in the U.S. This gave the market some breathing room, as it prompted analysts to revisit their projections for future interest rate decisions.

Turning to on-chain data, Solana’s ecosystem has experienced a strong downturn during this bear market, as reflected by a significant decline in DEX volumes and app fees.