The quest for spot Solana ETF products in the United States is advancing positively. As Fox Business Journalist Eleanor Terrett reported, talks between the Securities and Exchange Commission (SEC) and prospective issuers are “progressing” positively. This insight underscores the possibility of seeing a Solana ETF approval as early as 2025, as predicted.
The Current Solana ETF Headway
As Terrett revealed, the markets regulator has now started engaging with the issuers regarding the filed S-1 registration statements. She noted that two US SEC sources confirmed that there is a good chance exchanges might start filing 19b-4 on behalf of the issuers soon.
The 19b-4 filings remain an essential part of the ETF approval process, pushed by exchanges like Cboe. The document is essentially a vote of confidence from the listing platforms urging the US SEC to approve the SOL ETF listings.
Per the process, if the market regulator receives this filing, the official 240-day window will open for it to either approve or deny the offering. At the moment, VanEck, 21Shares, and Canary Capital are pioneering the Solana ETF application drive. The duo of VanEck and 21Shares had their 19b-4 filing pulled down by Cboe in August.
The drop in the filing came with no explanation. However, the general take is that the regulator might not approve such a product at the time. As Eleanor Terrett reported, the US SEC is changing its stance already. This is hinged on the pro-crypto Donald Trump administration getting set to take over.
🚨SCOOP: Talks between @SECGov staff and issuers looking to launch a $SOL spot ETF are “progressing” with the SEC now engaging on S-1 applications, according to two people familiar with the matter. These people say there’s a “good chance” we’ll see some 19b4 filings from…
— Eleanor Terrett (@EleanorTerrett) November 21, 2024
Is SOL and Crypto ETF Approval Imminent?
Prior to Donald Trump’s victory in the US Presidential election, the market remained skeptical about the prospect of a Solana or crypto ETF. Despite this skepticism, ambitious asset managers filed applications with the regulator for XRP ETF and even Litecoin ETF products.
The confidence hinges on the confirmation of the SEC leadership change and the appointment of a pro-crypto Chairman for the commission. While details of a possible approval remain limited, the anticipation remains high.
The price of Solana also jumped on the news by $7.14% to $250, looking to breach its previous all-time high (ATH) of $260.
Read More: Spot Solana ETF: Bitwise Submits Filing Joining VanEck, Canary Capital
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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