As an analyst with over two decades of experience in the financial markets, I’ve seen my fair share of regulatory hurdles and market trends. The recent developments surrounding Solana ETF filings in the U.S. have piqued my interest, given my background in understanding how regulatory bodies operate.
It appears that the launch of Solana exchange-traded funds (ETFs) in the U.S. may not be happening anytime soon, as the Chicago Board Options Exchange (CBOE) has removed the 19b-4 filings for these ETFs submitted by VanEck and 21Shares from their website. This suggests that approval for these funds might face delays or possible rejection.
VanEck and 21Shares file for Solana ETFs
In June, an investment company based in New York named VanEck submitted a plan for creating a Solana Spot Exchange-Traded Fund (ETF) within the United States. This move makes VanEck the pioneer in this region as the first asset management firm to take such an action.
As a crypto investor, I’m excited about the prospect of this offering that directly connects me to Solana (SOL). VanEck has cleverly planned to determine the share values on a daily basis, pulling prices from various trading platforms carefully chosen by MarketVector.
In just under a day, 21Shares joined the initial move by submitting a similar application to the U.S. Securities and Exchange Commission (SEC). Despite the pessimistic outlook from experts like James Seyffart of Bloomberg ETF and others, who predicted approval wouldn’t happen until 2025, the broader crypto community remained hopeful.
Solana ETFs not happening in Gary Gensler’s time
The latest updates cast a shadow over the upcoming prospects of the Solana ETF in the U.S. Since BZX Pending Rule Changes no longer show the filings, it remains uncertain if they were rejected by the regulatory body or voluntarily withdrawn by the asset managers. It is important to mention that the SEC has yet to acknowledge these filings since their submission by VanEck and 21Shares.
Nate Geraci, president of ETFStore, is considering the prospect of introducing a Solana ETF during the current presidency. In reply to a post by Scott Johnson on X, he expressed that Gary considers the Solana ETF as dead in his term.
In about two weeks, Brazil will see its first Solana ETF become active. This move has sparked enthusiasm among the local cryptocurrency community, following the approval of the offering by the Brazilian Securities and Exchange Commission (CVM) recently.
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2024-08-17 13:12