VanEck, 21Shares Solana ETFs encounter an obstruction as CBOE withdraws filings

CBOE delayed approval by removing VanEck and 21Shares’ Solana ETF filings. The objective of VanEck’s June filing was to provide Solana (SOL) with direct exposure.

In the aftermath of the approval of BTC and ETH ETFs for trading in the United States, numerous fund providers became interested in Solana. Solana ETFs may be the next significant target, as filed proposals to provide comparable crypto ETFs are being considered.

The recent approval of a Solana ETF in Brazil served as an incentive for this optimism. This resulted in the prediction by specialists that a U.S. counterpart was imminent. Nevertheless, these expectations have been significantly undermined by recent events.

The Chicago Board Options Exchange (CBOE) has unexpectedly withdrawn the Solana ETF filings from asset managers VanEck and 21Shares.

Submitting the filings in June 2024, the objective was to provide Solana (SOL) with direct exposure through regulated financial products.

VanEck’s filing was notably noteworthy because it was the first attempt by a significant U.S. firm to introduce a spot Solana ETF. The ETF sought to monitor Solana’s value by utilizing pricing data from specific trading platforms through MarketVector.

The immediate status of Solana ETFs in the United States is dubious as a result of the withdrawal of these filings from the CBOE’s website.

The U.S. Securities and Exchange Commission (SEC) has yet to acknowledge or comment on the submissions, and the CBOE has not provided specific reasons for the withdrawal. This lack of clarity has intensified apprehensions regarding the regulatory pathway for these products.

The financial community has responded with a surge of skepticism and apprehension in response to the withdrawal. James Seyffart, a senior ETF analyst at Bloomberg, and other industry experts had previously suggested that the approval of these ETFs could be postponed until 2025.

These cautious predictions are consistent with the recent actions of the CBOE. It is casting doubt on the feasibility of establishing a Solana ETF in the immediate future. Nate Geraci, President of ETFStore, emphasized the regulatory obstacles one more time.

Brazil has made progress by authorizing its first Solana ETF, despite the ambiguity in the U.S. This development underscores the divergent approaches to cryptocurrency regulation that exist in the United States and international markets.

Brazil’s approval represents the increasing acceptability of digital assets and offers investors in the region a new investment opportunity.

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