Last year, the Securities and Exchange Commission rejected numerous refilings for Solana ETFs submitted by fund issuers on behalf of the Cboe BZX Exchange.
On behalf of four asset managers seeking to list a spot Solana exchange-traded fund (ETF) in the United States this year, the Cboe BZX Exchange has resubmitted filings.
After the Securities and Exchange Commission allegedly rejected the applications late last year, the exchange revised 19b-4 filings for spot Solana ETFs from Bitwise, VanEck, 21Shares, and Canary Capital on Jan. 28.
Mark Uyeda, the SEC’s new interim chair, has initiated the review procedure with the refreshed filings. Additionally, they improved Solana’s position to become the third cryptocurrency accessible through a spot ETF listed on US stock exchanges, following the launch of products tracking Bitcoin last year.
According to analysts, asset managers have also submitted applications for spot XRP ETFs, who claim that issuers are conducting a test to determine which crypto products will be eligible for approval under a Trump-era SEC.
Eric Balchunas, an analyst at Bloomberg ETF, is of the opinion that a Litecoin product may be the next to receive SEC approval, as the regulator is purportedly currently reviewing those applications.
JPMorgan, a financial services firm, predicted that an approved spot Solana ETF could attract between $3 billion and $6 billion in net assets over the first year. Balchunas described this prediction as a “legitimate assumption.”
On June 27, VanEck was the first asset manager to submit a 19b-4 application for a Solana ETF to the SEC. 21Shares followed suit on June 28, and Canary Capital did so in late October.
Following Donald Trump’s election victory in November, Bitwise and Grayscale also submitted applications for a position in the Solana ETF.
Under Gary Gensler’s supervision, the SEC has already revoked previous crypto-related actions, such as the cancellation of a rule that required financial firms to document crypto as liabilities on their balance sheets.
It occurred subsequent to the SEC’s announcement of a crypto task force unit that is responsible for the creation of a digital asset framework. The task force is headed by SEC Commissioner Hester Peirce.
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