The choices and derivatives trade CBOE has filed purposes looking for the launch of Solana exchange-traded funds (ETFs) for 4 main asset managers in the USA. This growth has as soon as once more restarted the race for the primary SOL exchange-traded fund within the nation.
Based on particulars on the CBOE rule filings web site, the trade has utilized to record and commerce the VanEck Solana Belief, the Canary Solana Belief, the Bitwise Solana ETF, and the 21Shares Core Solana ETF.
CBOE Submits Solana ETF Proposals
Asset managers within the U.S. haven’t begun their Solana ETF software journey at present. They tried a number of instances final 12 months however confronted rejections from the Securities and Trade Fee (SEC).
In July 2024, CBOE filed proposals to record Solana ETFs for VanEck and 21Shares, however by August of the identical 12 months, the filings had disappeared from the trade’s web site. These developments indicated that the SEC had seemingly rejected the purposes or, worse nonetheless, that the proposals had been withdrawn completely.
On the time, a VanEck govt clarified that whereas the 19b-4 filings had been faraway from CBOE’s web site, the S-1 prospectus for the merchandise was nonetheless energetic, signaling that the businesses nonetheless supposed to pursue the Solana ETF purposes.
By mid-November, CBOE had submitted new purposes for VanEck, Bitwise, Canary, and 21Shares Solana ETFs; nevertheless, they had been rejected once more in December. CBOE’s January 28 filings are the newest on this race for a U.S. Solana ETF. The following few weeks will decide in the event that they would be the final or simply one other step in the way in which.
The Safety vs. Commodity Debate
Analysts have all the time insisted that the chances of Solana ETF purposes getting accepted are low as a result of the SEC has been underneath the management of the crypto-skeptic Gary Gensler. Since he departed the company a couple of week in the past, and a extra crypto-friendly Paul Atkins is at present main it, the possibilities of the filings getting accepted could have risen considerably.
Notably, SOL, the native token of the Solana community, additionally faces the problem of being categorized as a safety or commodity, which is essential to greenlighting the ETFs. Asset managers looking for to launch Solana ETFs have touted the crypto asset as a commodity attributable to its decentralized nature and Proof-of-Stake consensus mechanism; nevertheless, ongoing authorized battles involving the SEC have named SOL as a safety.
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