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On Thursday, Fox reporter Eleanor Terret revealed that the US Securities and Exchange Commission (SEC) is actively engaged in talks with several asset managers about the launch of the new Solana ETF spot market. Companies involved include VanEck, 21Shares, Canary Capital and Bitwise, all of which are looking to introduce products tied to the Solana price.
SEC moves forward with Solana ETF talks
According to sources familiar with the matter aforementioned According to Terret, discussions between SEC staff and issuers are currently “progressing.” The SEC is reportedly reviewing S-1 filings, critical to the Solana ETF approval process.
Terret further revealed that there is growing optimism among stakeholders that the industry may soon see 19b4 filings from exchanges representing these issuers, a key step needed to move forward with ETF Listings.
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These Form 19b4s will be filed by exchanges, such as the Chicago Board Options Exchange (CBOE), on behalf of issuers, seeking approval from the SEC to list the proposed ETFs. Upon receiving these submissions, the SEC has 240 days to approve or reject the products.
To date, VanEck and 21Shares, which are also in the Ethereum and Bitcoin ETF markets approved by the agency earlier this year, along with Canary Capital, have filed their S-1 Filings for a Solana ETF, while Bitwise recently announced its intention to file earlier this week.
However, Terret notes that filing 19b4 filings does not guarantee approval. Previous filings by VanEck and 21Shares faced setbacks, and their filings were removed from the CBOE website in August.
The journalist said industry observers speculated that the regulatory agency, under its chairman Gary Gensler, was reluctant to approve such listings due to stricter conditions. regulatory posture.
Possible change in SEC approach by 2025
Despite these previous setbacks, there is renewed optimism among investors following recent engagements with SEC staff and anticipated pro-cryptocurrency policies from the incoming administration led by President-elect Donald Trump.
This change in leadership is expected to foster a more favorable environment for cryptocurrency-related businesses. financial productspotentially paving the way for approval of the Solana ETF in 2025.
Anticipation around the Solana ETF gained additional strength after Gensler announced his departure from the SEC, confirming that January 20, 2025 will be his last day in office.
This announcement follows months of speculation about his future, particularly as Donald Trump had previously indicated his intentions to replace Gensler on his first day in office.
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In addition to the Solana ETF, other cryptocurrency ETFs, including those for XRP and Hedera’s HBAR token, are also in the works and may benefit from the development. regulatory landscape.
As the situation develops, the possibility of a more flexible regulatory approach could significantly reshape the cryptocurrency investment landscape in the United States, even more so with the plans that Trump presented during his presidential campaign.
At the time of writing, SOL is trading at $261, up 25% on the weekly period, marking a new all-time high for what is now the fourth-largest cryptocurrency on the market.
Featured image of DALL-E, chart from TradingView.com
