Cboe BZX Exchange has filed four 19b-4 filings for asset managers Bitwise, VanEck, 21Shares and Canary Capital to list Solana spot exchange-traded funds (ETFs) on the day the head of the U.S. Securities and Exchange Commission (SEC) confirmed he would step down in January.
If approved, the Solana (SOL) spot ETFs issued by Bitwise, VanEck, 21Shares, and Canary Capital will be listed on the Chicago Board Options Exchange (CBOE)'s BZX Exchange in the United States.
Excerpt from VanEck's 19b-4 filing with the SEC. Source: CBOE
A 19b-4 filing notifies the SEC of a proposed change in regulation by a self-regulatory organization such as a financial regulator or stock exchange.
It's different from the S-1 registration filings that VanEck and 21Shares filed for their Solana ETFs in late June and that Canary Capital filed four months later on October 30.
Meanwhile, Bitwise registered a regulatory trust in Delaware for its Solana spot ETF on October 20, indicating that it would be adding its name to the regulatory approval list. The crypto-focused asset manager filed its S-1 on October 21.
The filings were made — coincidentally or not — as crypto-phobic Gary Gensler announced he would step down as SEC chairman on the day Donald Trump's administration took office for the second time.
Gensler is expected to serve as SEC chairman until 2026.
His voluntary resignation means Trump will not need to fulfill his campaign promise to fire Gensler on “Day One” as he pledged to the crypto industry.
Many industry experts predict a much friendlier crypto regulatory environment, which could lead to more crypto ETF filings as seen on October 21.
The change in SEC leadership and regulatory clarity could see the possibility of Solana being deemed a security scuttled; a 21Shares spokesperson told TinTucBitcoin:
“We strongly believe that Solana’s native token, SOL, qualifies for inclusion in an ETF as a commodity. In fact, no court has ever held that the SOL token itself is a security – this is consistent with the numerous court decisions we have cited in our filing.”
Asset managers have also filed for other spot XRP ETFs (XRP) and Litecoin (LTC). Franklin Templeton has filed for a cryptocurrency index ETF, although the SEC has delayed a decision on the matter until early January 2025.
Many industry analysts predict that inflows into approved Solana spot ETFs will likely be small compared to what has been seen with Bitcoin (BTC) and Ether (ETH) ETFs.
Still, Solana has been one of the best performers in this bull run, rising more than 2,500% to $254.71, CoinGecko data shows.
It is now down just 1.2% from its all-time high of $259.96 set in November 2021.
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