While it is still too early to conclude, spot Solana exchange-traded funds (ETFs) may not soon see the break of dawn in the United States. This speculation comes after the Chicago Board Options Exchange (CBOE) pulled down the 19b-4 filings for Solana ETF submitted by VanEck and 21Shares from its website.
VanEck and 21Shares file for Solana ETFs
In June, New York-based investment firm VanEck filed a proposal to launch a spot Solana ETF in the U.S., making it the first asset manager to do so in the region.
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The proposed offering aims to provide direct exposure to SOL. VanEck planned to value the shares daily using prices drawn from trading platforms selected by MarketVector.
Barely 24 hours later, 21Shares followed suit with a similar filing to the U.S. Securities and Exchange Commission (SEC). At the time, senior Bloomberg ETF analyst James Seyffart and other experts speculated that approval was not likely until 2025. Even with this lack of optimism from these key entities, the broader crypto community remained hopeful.
Solana ETFs not happening in Gary Gensler's time
The recent development brings a cloud of gloom to the future of the U.S. Solana ETF. With the filings no longer visible in BZX Pending Rule Changes, it is not clear if the regulator rejected them or the asset managers retracted them. It is worth noting that the SEC has not acknowledged the filings since VanEck and 21Shares submitted them.
ETFStore President Nate Geraci is eyeing the possibility of having the Solana ETF in this current administration. In response to an X post from Scott Johnson, he stated, "Gary says SOL ETF is DOA under his watch.”
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Meanwhile, the first Solana ETF is set to go live in Brazil. About two weeks ago, the Brazilian Securities and Exchange Commission (CVM) approved the offering, fueling excitement among the crypto community in the region.
