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The recent refiling of Solana ETF applications by Cboe signals a renewed push for regulatory approval amidst shifting SEC dynamics.
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With a fresh SEC leadership and a focused crypto task force, the prospects for Solana ETFs in the US appear more favorable than in previous attempts.
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Bloomberg analyst Eric Balchunas notes, “Canada could approve Solana ETFs before the US due to more lenient regulations,” highlighting international market differences.
Cboe’s refiled applications for Solana ETFs indicate renewed optimism amid changing SEC leadership, while Canada may lead in regulatory approval ahead of the US.
Solana ETFs Regain Momentum with New Filing
Cboe has recently resubmitted 19b-4 filings for Solana ETFs aiming to capture market interest on behalf of major asset managers, including Bitwise, VanEck, 21Shares, and Canary Capital. The retake in this regulatory process comes after the SEC’s previous rejection of similar applications in 2024.
Bloomberg’s ETF analyst James Seyffart noted on X (formerly Twitter), “They were denied. So they have to try again by refiling in order to potentially win SEC approval.”
The next phase involves the SEC reviewing these filings to check adherence to securities laws, with a subsequent posting in the Federal Register for public feedback. Typically, the SEC has a 45-day window to evaluate these filings, although extensions can occur.
Upon concluding the public comment phase, the SEC must decide to approve, disapprove, or modify the proposed regulations. If the applications receive approval, the spot Solana ETFs may finally launch.
However, should the SEC decide against the proposal, the exchanges have options to appeal, revise the concerns, or resubmit the application entirely.
Significantly, this new wave of applications falls under the guidance of Mark Uyeda. This leadership change at the SEC, with Uyeda acting as the new chair, suggests a potentially more supportive environment for crypto initiatives compared to his predecessor, Gary Gensler.
Fox Business correspondent Eleanor Terret remarked in a recent post, “New admin, new rules. Third times the charm?” But she also clarified that though the regulatory sentiment might have shifted, the existing rules remain unchanged.
The SEC’s establishment of a dedicated crypto task force, led by Commissioner Hester Peirce, is aimed at clarifying the regulatory framework for digital assets. Such initiatives may pave the way for easing the approval pathway for Solana ETFs.
Canada Ahead of the US in Solana ETFs?
In contrast to the slow-moving regulatory process in the United States, Canada is making significant advancements in the Solana ETF domain. Both 3iQ Digital Asset Management and Purpose Investments have filed for Solana ETFs in the Canadian market.
Bloomberg’s senior ETF analyst, Eric Balchunas, predicts that Canada’s regulators may act more swiftly and could potentially launch these financial products ahead of the US. He stated, “Canada prob gonna beat the US market again (there’s a 35yr trend of US filing first and then Canada launches first bc more liberal regulators).”
Even as anticipation builds around probable ETF approvals, Solana’s pricing performance shows signs of struggle, reflecting broader market trends.
At the time of reporting, Solana (SOL) was valued at $234.99, experiencing a decline of 1.29% in the preceding 24 hours. This price adjustment reflects a wider downturn affecting the cryptocurrency market.
Conclusion
The recent developments surrounding the Solana ETF filings encapsulate a pivotal turn in the crypto regulatory landscape. With renewed optimism on the horizon, driven by changes in SEC leadership and collaborations supporting clearer guidelines, the outlook for Solana ETFs is more promising than before. As the regulatory atmosphere evolves, industry stakeholders keenly await the SEC’s response to these applications and the continuing international dynamics, especially in comparison to the proactive Canadian market.
