- CBOE submits proposals to the SEC on behalf of four Solana ETFs. VanEck 21Shares Canary Capital & Bitwise.
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Eric Balchunas discusses the regulatory uncertainty and ambiguity surrounding Solana ETFs.
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Cboe is confident that the SEC’s new leadership will be receptive to the filing.
CBOE Global Markets has re-submitted to the Securities and Exchange Commission four Solana ETF proposals. The ETF issuers are VanEck, 21Shares Canary Capital and Bitwise. Eric Balchunas, Senior ETF Analyst at Bloomberg, commented on the news in an X-post. He noted CBOE’s optimism despite regulatory uncertainty.
Bitwise joins the Solana ETF Race
Thursday, Bitwise, an asset manager, became the fourth company in the world to apply for Solana Exchange Traded Funds (ETF). Bitwise filed a statutory ETF trust with the SEC. More filings are expected. Investors expect Bitwise to file the S-1 and 19b-4 forms with the SEC soon, even though the Bitcoin ETF and Ethereum ETF are traded on Wall Street. The asset manager filed an XRP exchange-traded fund last month, demonstrating its optimistic view of exchange-traded products.
Bloomberg ETF analyst James Seyffart commented about CBOE’s proposals to list the Solana ETFs. He stated, “The ball now is in the SEC’s court.” The SEC had previously denied CBOE’s Solana ETF application, adding to current uncertainty.
Read Also: Bitwise Joins Spot-Solana ETF Race As SOL Price Nears $250
Balchunas asked if the SEC will approve the filings in the next two weeks, or if they will ask that they be withdrawn as it did before. He said the platform was “pushing the envelope” in hopes that the SEC would routinely acknowledge filings, before new leadership who may be more accommodating takes over.
The SEC must drop its lawsuit alleging that Solana is a financial instrument before the ETFs can be approved. The SEC’s decision will determine the fate of Cboe Solana ETF application. Balchunas said that despite these obstacles, CBOE is still hopeful about the SEC’s approval of its ETF. He said that Cboe’s actions are more indicative of hope than any explicit message from SEC staff. A positive decision by the SEC may set a precedent that could be followed for future cryptocurrency exchange-traded funds.
