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Cboe has submitted an application for Solana ETF, and there is hope for more encryption ETFs to be opened up if Gensler steps down?
According to Bloomberg's ETF analyst James Seyffart, exchange Cboe has just submitted a 19b-4 application for 4 Solana ETFs, namely VanEck, Canary, Bitwise, and 21Shares. Fox News reporter Eleanor Terret also pointed out that the SEC is in contact with applicants and making progress. With the SEC chairman about to step down, it has sparked new optimism that Solana ETFs may be approved in 2025. SOL rose 7.8% yesterday.
Solana ETF has progress
Fox News reporter Eleanor Terret cited sources as saying that the U.S. Securities and Exchange Commission is now in 'contact' with the applicant of the Solana ETF and making progress. The SEC is currently processing the S-1 application. These sources indicate that in the coming days, we are 'very likely' to see some 19b-4 applications submitted by exchanges on behalf of potential issuers, which is the next step in the ETF approval process.
Cboe exchange requests the SEC to allow them to list a potential ETF on behalf of the issuer. Once the SEC acknowledges receipt of the filing, there will be a 240-day window for approval or rejection of the product. Submitting Form 19b-4 does not guarantee approval by the SEC. In fact, the 19b-4 filings previously submitted by VanEck and 21Shares have been removed from the Cboe website in August, leading industry insiders to speculate that SEC Chairman Gary Gensler is not inclined to approve such products for listing. Now, the issuers state that due to recent involvement of SEC staff and the upcoming government's tendency to support Cryptocurrency, it has sparked new optimism that a Solana ETF may be approved at some point in 2025.
Gary Gensler is stepping down, hoping to approve more encryption ETFs?
Bloomberg ETF analyst Eric Balchunas said the biggest question is whether the SEC will approve these ETFs within two weeks, or tell them to withdraw as they did last time? Their interpretation is that Cboe is just pushing the limits, optimistically believing that the lame duck SEC will routinely approve the filing until the new (more lenient) leadership takes over. Nevertheless, the lawsuit against treating Solana as a security must be dropped first.
All of this is possible, but it is more driven by hope than by some signals from the staff.
The US Securities and Exchange Commission approved 11 spot BTC ETFs in January and then approved 8 spot Ethereum ETFs in July. With SEC Chairman Gary Gensler confirming his stepping down, there may really be hope to see more encryption ETFs approved.
(Who are the popular candidates for SEC Chairman Gary Gensler's departure on Trump's inauguration day?)
SOL rose 7.8% in the past 24 hours and ranks as the third largest cryptocurrency by market capitalization.
Solana (SOL) has risen by 7.8% in the past 24 hours and has risen by 149% year-to-date, making it the third largest cryptocurrency (excluding stablecoins) by market capitalization.
Data source: Binance
This article Cboe submits application for Solana ETF, will more encryption ETFs be opened after Gensler steps down? First appeared on Chain News ABMedia.