Within the past few months, about three asset managers based in the Unite States have filed for a spot Solana exchange-traded fund (ETF) without any green light from the U.S. Securities and Exchange Commission (SEC). However, as revealed by individuals familiar with the matter, the agency has started processing the submitted S-1 applications.
The recent engagement with these filings and the rising expectations of a crypto-friendly America under President-elect Donald Trump’s administration has built the momentum for a Solana ETF to be approved in 2025.
Spot Solana ETF Knocks
According to Fox Business senior reporter Eleanor Terrett, the talks between the SEC and prospective spot Solana ETF issuers are “progressing.” Since the financial watchdog is already engaging with the S-1 applications, there is a high chance that they will be dealt with in a few days.
Notably, VanEck, Ark 21shares, and Canary Funds have submitted their S-1 filings, while Bitwise has revealed plans to submit its application soon.
After evaluating the S-1 forms, exchanges like the Chicago Board Options Exchange (CBOE) will submit 19b4 filings on behalf of the applicant asset managers, asking the SEC to approve the applications. After that, the agency has about eight months to approve or deny the ETFs.
Could Approval Be Next?
While a 19b4 filing is a sign of positive progress, it does not mean full approval, as the SEC Chairman will still decide within the allotted period. A previous 19b4 filing was deleted from the CBOE website in August.
Notably, the current crypto-pessimistic SEC Chairman, Gary Gensler, has indicated plans to step down by January 20, 2025. The crypto community believes his resignation will pave the way for a more crypto-friendly America.
As the Solana community leaps in momentum about its ETF approval, investors have acquired more of the token on Thursday, pushing the price as high as $259 per SOL.
Moreover, Trump’s election success has boosted optimism about the approval of many crypto ETFs, as he plans to “make America the world’s capital of Bitcoin and crypto once he’s sworn in.”
Meanwhile, U.S.-approved spot Bitcoin and Ether ETFs have recorded bullish business days with massive inflows since approval earlier this year.
