Cboe has resubmitted 19-b4 filings with the Securities and Exchange Commission (SEC) to launch a spot Solana exchange-traded fund (ETF) in the US. The filings were submitted on January 28 on behalf of four asset managers.
It marks a crucial step in seeking approval from the SEC, which rejected similar applications in 2024.
Solana ETFs Regain Momentum with New Filing
The exchange has refiled 19b-4 filings for Solana ETFs on behalf of Bitwise, VanEck, 21Shares, and Canary Capital. The SEC’s previous rejection of these applications prompted the resubmission.
“They were denied. So they have to try again by refiling in order to potentially win SEC approval,” Bloomberg’s ETF analyst James Seyffart wrote on X (formerly Twitter).
The next step is for the SEC to review the Solana ETF filing resubmissions to ensure compliance with securities laws. This process includes publishing the proposals in the Federal Register for public comment. The SEC typically has 45 days to assess the filings, though this period can be extended.
Once the public comment period concludes, the SEC will decide whether to approve, disapprove, or modify the proposed rule changes. If approved, the spot Solana ETFs could be launched.
If the SEC rejects the proposal, the exchange can either appeal the decision, attempt to address the SEC’s concerns, or resubmit a revised proposal.
Notably, this time, the filings come under the leadership of Mark Uyeda. The SEC’s new acting chair is considered to be more crypto-friendly than the former chairman, Gary Gensler.
In a recent X post, Fox Business reporter Eleanor Terret shared her thoughts on this shift.
“New admin, new rules. Third times the charm?” the post read.
She clarified, however, that while the SEC’s attitude has changed, the rules themselves have not.
The SEC has also formed a crypto task force led by Commissioner Hester Peirce to establish clearer regulations for digital assets. The task force could help determine which crypto assets are considered securities. This would, in turn, possibly ease the approval process for Solana ETFs.
Canada Ahead of the US in Solana ETFs?
While the US is still working through its regulatory process, Canada has already made strides in the Solana ETF space. 3iQ Digital Asset Management and Purpose Investments have both filed for Solana ETFs.
Bloomberg’s senior ETF analyst Eric Balchunas predicts that Canada could launch these products before the US.
“Canada prob gonna beat the US market again (there’s a 35yr trend of US filing first and then Canada launches first bc more liberal regulators). On flip this isn’t your grandfathers SEC anymore so..,” Balchunas posted.
Despite the excitement around the potential approval of ETFs, Solana appeared to struggle on the price front.
At the time of writing, SOL exchanged hands at $234.99, down 1.29% over the last 24 hours. The broader crypto market was also facing a downturn, contributing to the price drop.
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