The Cboe BZX Exchange has submitted 19b-4 filings to the United States Securities and Exchange Commission for four Solana spot ETFs, with 21Shares, VanEck, Canary Capital, and Bitwise the issuers.
Cboe Exchange submitted the filings on the same day Securities and Exchange Commission Chair Gary Gensler confirmed he would resign in January.
Solana ETF Regulatory Filings Flood In
If approved, the Bitwise, VanEck, 21Shares, and Canary Capital-issued spot Solana ETFs will be listed on the Chicago Board Options Exchange’s BZX Exchange. Bloomberg ETF analyst James Seyffart broke the news on X, stating,
“Cboe just filed for 4 Solana spot ETFs with the U.S. SEC, with issuers being VanEck, 21Shares, Canary Capital, and Bitwise. If the SEC does not reject these applications, the final deadline is around early August next year.”
The 19b-4s inform the Securities and Exchange Commission of a proposed rule change by a stock exchange or a financial regulatory body. They differ from S-1 registration statements, such as those filed by VanEck and 21Shares for their Solana ETFs. Canary Capital filed its S-1 registration statement on October 30. Bitwise registered a statutory trust in Delaware for a spot Solana ETF and filed its S-1 on November 21. The filings came as current SEC Chair Gary Gensler confirmed he would resign on the day Donald Trump takes office.
A recent CoinShares survey revealed that 20% of fund managers consider Solana to have a significant growth outlook in crypto, with Eliezer Ndinga, the Head of Strategy at 21.co, stating it is telling a story that smart money is coming this way.
A Friendlier Regulatory Environment
Industry experts anticipate a friendlier regulatory environment under Donald Trump, which could lead to more crypto ETF filings. Regulatory clarity and a new SEC leadership could also end speculation about Solana’s potential security status, with a 21Shares spokesperson stating,
“We strongly believe that Solana’s native token, SOL, is eligible for inclusion in an ETF as a commodity. In fact, no court has found that SOL as a token itself is a security - which is consistent with numerous court decisions that we have cited in our filings.”
Asset managers have also submitted filings for spot XRP and spot LTC ETFs. Franklin Templeton has also filed for a crypto index ETF. However, the SEC has delayed its decision until January 2025.
SEC Chair Gary Gensler To Depart Agency
Meanwhile, current SEC Chair Gary Gensler, known for his hardline stance on crypto regulation, confirmed he will step down on January 20, 2025, the same day Donald Trump begins his second term. Gensler released a statement announcing the news, adding,
“It has been an honor of a lifetime to serve with them on behalf of everyday Americans and ensure that our capital markets remain the best in the world.”
The SEC under Gensler took an aggressive stance towards crypto, bringing regulatory action against prominent firms including Kraken, Coinbase, and others.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
