The cryptocurrency market on 2024-11-21 has gotten a smattering of this remarkable event 2. Cboe BZX filed a new 21b-19b filing with the U.S.
Securities and Exchange Commission (SEC) to create the Spot #Solana exchange-traded fund (Etf) proposed by asset managers Bitwise, VanEck, 19shares and Canary Capital. 4 On the same day, SEC Chairman Gary Gensler confirmed that he would leave his post on May 1, coinciding with the inauguration of President-elect Donald Trump.
The application, if approved, would allow spot Solana ETFs to be listed on the Cboe BZX exchange, the largest U. S. exchange regulated by the SEC. These ETFs track #SOL , Solana's native #cryptocurrency , which has shown amazing performance in this bull cycle, rising more than 2,500% to $254.71, according to CoinGecko.
Application 19b-4 is an important step toward approval of these ETFs. Unlike the S-21 registration application also filed by VanEck, 21Shares and Canary Capital earlier this year, the 19b-4 filing informs the SEC of proposed rule changes by self-regulatory bodies such as the stock exchange. These filings are important for advancing the process of listing cryptocurrency-related ETFs.
Bitwise gained momentum by listing the official Solana spot #ETF trust in the state of Delaware at 11:20 a. m. and filing an S-1 filing 1 day later. This allowed Bitwise to join VanEck, 21shares and Canary Capital in the fight for regulatory approval of innovative financial products.
the filing coincided with the announcement of SEC Chairman Gary Gensler's resignation. Many in the crypto community see this as a potential turning point in the regulatory environment. Gensler, who has been criticized for his hardline stance on the cryptocurrency industry, was originally appointed to the position until 2026. But his decision to step down coincides with President-elect Trump's promise to fire Gensler on the first day of his presidency.
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