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- Cboe BZX Exchange resubmitted applications for four Solana ETFs seeking SEC approval under the 19b-4 process.
- The SEC has up to 45 days to respond but can extend the review period to a maximum of 240 days.
- Solana ETFs face challenges due to regulatory uncertainty as the SEC has not classified SOL as a commodity or a security.
Cboe BZX Exchange has resubmitted applications for four firms seeking to launch spot Solana exchange-traded funds. The filings, submitted under the SEC’s 19b-4 process, include proposals for the VanEck Solana Trust, Canary Solana Trust, Bitwise Solana ETF, and 21Shares Core Solana ETF.
Cboe has refiled spot $SOL ETF 19b-4s for VanEck, Canary Capital, Bitwise and 21Shares!
— Hardy (@Degen_Hardy) January 29, 2025
Institutional interest is heating up again.
And with Trump in, it's going to happen.
This could send Solana to $1,000 🚀 pic.twitter.com/pnFWqPizuL
These applications restart the regulatory process after previous filings were rejected in 2024. The SEC had requested issuers to withdraw their applications. The new submissions aim to provide investors with direct exposure to Solana.
SEC Review Process and Key Challenges
The SEC has acknowledged the filings, which starts a strict review timeline. The agency has up to 45 days to respond. This period can extend to a maximum of 240 days. The review will determine whether Solana ETFs meet regulatory standards, including investor protections and market surveillance.
Solana ETFs face challenges due to regulatory uncertainty. The SEC has not confirmed whether SOL is a commodity or a security. Bitcoin and Ethereum were classified as commodities which led to their ETF approvals in 2024. Solana’s governance structure and use case may result in additional scrutiny.
Expanding Crypto ETF Market
Other firms are also advancing crypto ETF offerings. Tuttle Capital Management has submitted 10 applications for leveraged crypto ETFs, including one based on Solana. Bitwise Asset Management has also applied for a Dogecoin ETF to expand its product lineup.
While the U.S. regulatory process continues, Canada has moved forward. Purpose Investments, which launched the first Bitcoin and Ethereum ETFs, has submitted an early draft for the Purpose Solana ETF. This fund would allow investors direct exposure to Solana’s blockchain.
Market analysts believe Solana ETFs may have better approval chances in 2025. Changing regulations and growing blockchain adoption could influence the SEC’s decision. The next steps will depend on how the agency evaluates these filings in the coming months.