The Cboe BZX Change has refiled purposes for 4 asset managers looking for approval to checklist a spot Solana exchange-traded fund (ETF) in the USA.
The transfer follows the Securities and Change Fee’s (SEC) rejection of their earlier filings late final 12 months.
On January 28, Cboe resubmitted 19b-4 filings on behalf of Bitwise, VanEck, 21Shares, and Canary Capital, successfully restarting the regulatory evaluate course of.
SEC Adopts a Extra Crypto-Pleasant Stance
The revised purposes come because the SEC, now underneath appearing Chair Mark Uyeda, adopts a extra crypto-friendly stance.
If authorised, a Solana ETF would be part of Bitcoin and Ether as the one cryptocurrencies with spot ETF merchandise accessible on U.S. inventory exchanges.
Different digital property, together with XRP, Litecoin, and Dogecoin, have additionally been the topic of ETF purposes, with issuers testing the SEC’s willingness to increase crypto-based funding merchandise.
Bloomberg ETF analyst Eric Balchunas has recommended {that a} Litecoin ETF could possibly be the subsequent to obtain regulatory approval, as these purposes are reportedly underneath energetic evaluate.
In accordance with JPMorgan, a spot Solana ETF may appeal to between $3 billion and $6 billion in internet property inside its first 12 months.
VanEck was the primary to file for a Solana ETF in June 2023, adopted by 21Shares, Canary Capital, Bitwise, and Grayscale.
The SEC’s shifting strategy underneath the brand new administration, together with the reversal of previous crypto-related insurance policies, alerts a possible opening for broader institutional adoption of digital property.
Commissioner Hester Peirce now leads a newly shaped crypto activity drive geared toward growing a structured framework for digital asset regulation.
Tuttle Capital Seeks Approval for Ten Crypto Leveraged ETFs
Only recently, Tuttle Capital Administration filed purposes for ten cryptocurrency-based leveraged ETFs, together with funds tied to well-liked meme cash.
Analysts recommend the filings are a part of a broader technique to check the boundaries of an SEC underneath Trump-era crypto-friendly regulators.
The proposed ETFs embrace leveraged funds that purpose to ship twice the returns of their underlying property, such because the meme cash Official Trump (TRUMP) and Melania Meme (MELANIA).
The filings additionally suggest ETFs for main cryptocurrencies, together with XRP, Solana (SOL), Litecoin (LTC), Chainlink (LINK), Cardano (ADA), Polkadot (DOT), BNP, and Bonk (BONK).
“This can be a case of issuers testing the boundaries of what this SEC goes to permit,” Seyffart acknowledged in a publish on X (previously Twitter).
To be very clear right here. This can be a case of issuers testing the boundaries of what this SEC goes to permit. I'm anticipating the brand new crypto activity drive (led by @HesterPeirce) to seemingly be the lynchpin in figuring out what's gonna be allowed vs what isn't
— James Seyffart (@JSeyff) January 27, 2025
He added that the SEC’s response will seemingly be formed by its newly created crypto activity drive, led by Commissioner Hester Peirce.
Identified for her pro-crypto stance, Peirce is anticipated to play a pivotal function in figuring out which ETFs may achieve approval.
On Jan. 21, Osprey Funds and REX Shares filed regulatory plans to supply ETFs for meme cash, together with DOGE, TRUMP, and BONK.
Moreover, Osprey Funds not too long ago introduced plans to transform its Osprey Bitcoin Belief (OBTC) right into a spot Bitcoin ETF after a failed acquisition take care of Bitwise.
With 32 Bitcoin ETFs at the moment traded within the U.S.—11 of that are spot ETFs—the crypto ETF market continues to increase.
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