ETF de Solana

Cboe has resubmitted 19-b4 filings with the U.S. Securities and Exchange Commission (SEC) to launch a spot Solana exchange-traded fund (ETF) in the U.S. The filings were submitted on Jan. 28 on behalf of four asset managers.

This marks a crucial step in the quest for approval from the SEC, which rejected similar applications in 2024.

Solana ETFs gain momentum with new filing

The exchange resubmitted 19b-4 filings for Solana ETFs on behalf of Bitwise, VanEck, 21Shares and Canary Capital. The SEC’s previous rejection of those applications prompted the resubmission.

“They were denied. So they have to try again by resubmitting to potentially get SEC approval,” Bloomberg ETF analyst James Seyffart wrote on X (formerly Twitter).

The next step is for the SEC to review the resubmissions of Solana’s ETF registrations to ensure compliance with securities laws. This process includes publishing the proposals in the Federal Register for public comment. The SEC generally has 45 days to review the filings, though that period can be extended.

After the public comment period ends, the SEC will decide whether to approve, disapprove, or modify the proposed rule changes. If approved, spot Solana ETFs could launch.

If the SEC rejects the proposal, the exchange can appeal the decision, attempt to resolve the SEC's concerns, or resubmit a revised proposal.

In fact, this time around, the filings are under the leadership of Mark Uyeda. The new acting SEC chairman is considered more crypto-friendly than the former chairman, Gary Gensler.

In a recent post on X, Fox Business reporter Eleanor Terret shared her thoughts on this change.

New administration, new rules. Is the third time the charm? the post said.

She clarified, however, that while the SEC's attitude has changed, the rules themselves have not.

The SEC has also formed a crypto task force led by Commissioner Hester Peirce to establish clearer regulations for digital assets. The task force could help determine which crypto assets are considered securities. This, in turn, could potentially ease the approval process for Solana ETFs.

Canada Ahead of US in Solana ETFs?

While the US is still working on its regulatory process, Canada has already made strides in the Solana ETF space. 3iQ Digital Asset Management and Purpose Investments have already filed for Solana ETFs.

Bloomberg senior ETF analyst Eric Balchunas predicts that Canada could launch these products before the US.

Canada will likely beat the US market again (there’s a 35-year trend of the US filing first and then Canada filing first because of more liberal regulators). On the other hand, this isn’t your grandpa’s SEC anymore, so…, Balchunas posted.

Despite the excitement surrounding the potential approval of ETFs, Solana appeared to be struggling in price.

solana etf sec filing approvalSolana Price Performance. Source: BeInCrypto

At the time of reporting, SOL was trading at $234.99, down 1.29% over the past 24 hours. The broader crypto market was also facing a downturn, contributing to the price drop.

The article Cboe Resubmits Solana ETF to SEC After Rejections appeared first on BeInCrypto.