Solana ETF Regulatory Filings Surge As Gensler Confirms SEC Departure

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As a seasoned crypto investor with over a decade of experience navigating the volatile waters of digital assets, I find myself both excited and cautiously optimistic about the recent surge of Solana ETF filings. Having weathered numerous regulatory storms and market fluctuations, I’ve learned to read between the lines of SEC filings and industry chatter.

19b-4 applications for four Solana spot ETFs have been submitted by the Cboe BZX Exchange to the U.S. Securities and Exchange Commission. The proposed ETFs will be issued by 21Shares, VanEck, Canary Capital, and Bitwise.

On the exact same day, Gary Gensler, the Chairman of the Securities and Exchange Commission, announced his upcoming resignation in January, Cboe Exchange filed their documents with the commission.

Solana ETF Regulatory Filings Flood In 

Should they receive approval, the ETFs for Solana developed by Bitwise, VanEck, 21Shares, and Canary Capital will be available for trading on the Chicago Board Options Exchange’s BZX Exchange. According to Bloomberg ETF analyst James Seyffart, this news was announced on X.

Cboe has submitted four proposed Solana-based spot ETFs to the U.S. Securities and Exchange Commission (SEC). These proposed funds are from VanEck, 21Shares, Canary Capital, and Bitwise. If the SEC approves these applications, the final deadline for completion is around early August of next year.

19b-4 forms are used by stock exchanges or financial regulatory bodies to inform the Securities and Exchange Commission (SEC) about proposed rule changes, distinct from S-1 registration statements like those submitted by VanEck and 21Shares for their Solana ETFs. Canary Capital submitted its S-1 registration statement on October 30, while Bitwise registered a statutory trust in Delaware for a spot Solana ETF and filed its S-1 on November 21. These filings occurred as the current SEC Chair, Gary Gensler, announced his resignation, which would take effect when Donald Trump assumes office.

According to a recent study by CoinShares, approximately one fifth of investment fund managers anticipate substantial growth for Solana within the cryptocurrency sector. Eliezer Ndinga, Strategist at 21.co, added that this trend suggests a growing interest from savvy investors, implying they see potential in Solana’s future trajectory.

A Friendlier Regulatory Environment 

Experts in the field predict that the regulatory landscape may become less stringent under President Donald Trump, potentially resulting in an increase of crypto ETF applications. Additionally, the arrival of new leadership at the Securities and Exchange Commission (SEC) could put an end to the ongoing uncertainty about Solana’s classification as a security, according to a representative from 21Shares.

We firmly assert that Solana’s native cryptocurrency, SOL, could potentially be considered for incorporation into an Exchange-Traded Fund (ETF) as a commodity. Importantly, no court has ruled that the SOL token, on its own, qualifies as a security. This aligns with various court rulings we’ve referenced in our submissions.

Investment firms have made applications for Exchange-Traded Funds (ETFs) based on XRP and Litecoin (LTC), as well as a cryptocurrency index ETF led by Franklin Templeton. Yet, the Securities and Exchange Commission (SEC) has postponed their decision until January 2025.

SEC Chair Gary Gensler To Depart Agency 

During this time, Securities and Exchange Commission (SEC) Chair Gary Gensler, who is recognized for his firm approach towards crypto regulation, has announced his intention to step down on January 20, 2025. This day also marks the start of Donald Trump’s second term in office. In a statement, Gensler disclosed this development.

Serving alongside them has been a once-in-a-lifetime privilege, representing everyday citizens, and striving tirelessly to keep our financial markets at the top globally.

Under the leadership of Gensler, the Securities and Exchange Commission (SEC) has adopted a proactive approach regarding cryptocurrencies, initiating regulatory measures against well-known companies such as Kraken, Coinbase, and more.

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2024-11-22 17:06