- Cboe BZX Exchange has resubmitted applications for four spot Solana ETF proposals.
- Asset managers include Bitwise, VanEck, 21Shares, and Canary Capital.
- The refilings come after previous SEC rejections in late 2023.
- New applications will be reviewed under acting SEC chair Mark Uyeda’s leadership.
- The move follows recent approvals of Bitcoin spot ETFs, suggesting potential shift in regulatory stance.
Multiple Asset Managers Pursue Solana ETF Approval
The Cboe BZX Exchange has initiated a fresh round of regulatory filings for spot Solana exchange-traded funds, submitting applications for four major asset managers on January 28, 2024. The move represents a renewed push for cryptocurrency investment products following the Securities and Exchange Commission’s (SEC) recent approval of Bitcoin spot ETFs.
Detailed Application Process
The exchange submitted Form 19b-4 applications for Bitwise (filing details), VanEck (filing details), 21Shares (filing details), and Canary Capital (filing details). A spot ETF, if approved, would allow investors to gain exposure to SOL’s price movements without directly holding the cryptocurrency.
Regulatory Environment Shift
The timing of these refilings coincides with Mark Uyeda’s position as acting SEC chair, potentially signaling a more receptive regulatory environment for cryptocurrency investment products. The SEC’s standard review process typically takes 240 days, during which the commission evaluates factors such as market manipulation risks, custody arrangements, and investor protection measures.
These applications follow the historical precedent set by the January 2024 approval of multiple Bitcoin spot ETFs, which marked the first time the SEC permitted such cryptocurrency investment vehicles in the United States. Solana, as a proof-of-stake blockchain platform, presents different technical considerations compared to Bitcoin, which regulators will need to evaluate in their review process.
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