Solana

Biden

The Chicago Board Options Exchange (Cboe), known for trading Bitcoin exchange-traded funds (ETFs) approved earlier this year, has thrown its support behind the spot Solana ETF applications filed by asset managers VanEck and 21Shares.&nbsp; 
On Monday, the Cboe submitted a request to the US Securities and Exchange Commission (SEC) seeking to list ETFs tied to Solana, a move that has garnered attention from industry experts. 
<h2 id="solana-etf-market-moves-closer-to-approval">Solana ETF Market Moves Closer To Approval</h2> 
ETF expert Nate Geraci <a href="https://x.com/NateGeraci/status/1810410517522944415" target="_blank" rel="noopener nofollow">revealed </a>that the Cboe filed “19b-4” forms for both VanEck and 21Shares Solana ETFs. Geraci explained that once the SEC acknowledges these filings, the decision-making process begins, and formal application revisions follow suit.&nbsp; 
According to SEC rules, the agency has 240 days to approve or deny Cboe’s 19b-4 application to list the VanEck and 21Shares products. This would put the deadline for issuing an official statement on the applications exactly on March 5, 2025.&nbsp; 
VanEck and 21Shares <a href="https://bitcoinist.com/first-spot-solana-etf-filing-officially-submitted/" target="_blank" rel="noopener ">submitted</a> “S-1” filings to the SEC in June to launch the new products. However, the SEC must approve these investor disclosure filings before the products commence trading.&nbsp; 
If approved, the Solana ETFs would mark a significant development in the cryptocurrency industry, following the SEC’s approval of ETFs tied to the price of Bitcoin earlier this year, which would increase adoption of the <a href="https://bitcoinist.com/spot-solana-etfs-galaxy-digital-approval-odds-sec/" target="_blank" rel="noopener ">fifth-largest cryptocurrency </a>and further exposure for both retail and institutional investors.&nbsp; 
<h2 id="expert-predicts-potential-impact-of-us-november-election">Expert Predicts Potential Impact Of US November Election&nbsp;</h2> 
Rob Marrocco, the global head of ETP Listings at Cboe, <a href="https://www.reuters.com/technology/cboe-files-sec-approval-list-solana-etfs-starts-clock-required-decision-2024-07-08/" target="_blank" rel="noopener nofollow">told </a>Reuters that the exchange focuses on addressing the increasing investor interest in Solana, which has emerged as one of the most actively traded cryptocurrencies after Bitcoin and Ethereum. 
Bloomberg’s ETF expert Eric Balchunas also weighed in, <a href="https://x.com/EricBalchunas/status/1810425019853324721" target="_blank" rel="noopener nofollow">stating </a>that the Solana ETF applications will likely face a final deadline in mid-March 2025. However, the expert emphasized the significance of the upcoming November election.&nbsp; 
If President Biden wins, the approval process could face challenges due to the Biden administration’s ongoing crackdown and skepticism of the industry led by the SEC’s enforcement actions witnessed over the past years.&nbsp; 
On the other hand, if former President Trump wins with his pro-crypto stance, the mid-March deadline could result in a <a href="https://bitcoinist.com/solana-etf-launch-tied-2024-presidential-election/" target="_blank" rel="noopener ">positive outcome</a> for the asset managers, according to Balchuna’s analysis. 
In addition to Solana ETF applications, VanEck, 21Shares, and other issuers, including BlackRock, are awaiting final SEC approval to launch ETFs tied to the spot price of Ethereum, the second-largest cryptocurrency.&nbsp; 
Sources familiar with the process suggested to Reuters that the green light for these Ethereum ETFs will likely come within the next week, as regulators have already approved the Cboe application to list and trade these products. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/qOrvskqx/" alt="Solana ETF" width="1814" height="858"> 
At the time of writing, Solana’s native token SOL is trading at $141, up 4.5% in the last 24 hours, as the bullish sentiment surrounding the potential approval of these index funds begins to build for Solana investors.&nbsp; 
Featured image from DALL-E, chart from TradingView.com&nbsp;

Cboe Initiates Regulatory Process For Solana ETF, March 2025 Deadline Set By Filing

Table of Contents

Bitcoinist

Άλλα άρθρα που δημοσιεύτηκαν στις 9 Ιουλ 2024

Cryptocurrency Maker Rises More Than 4% In 24 hours

Is the ENS Boom Over? Ethereum Name Service (ENS) Sees Downturn in Q2 Registrations

Chainlink [LINK] turns bullish: Rally ahead, or simply a spike?

New Solana Memecoin Trump the Felon Jumps Over 12,000% and Will Surge 18,000% Ahead of KuCoin Lis...

Bitcoin price shrugs Germany’s $362m exchange deposit

Bitcoin: U.S influence may affect BTC’s July prices in THIS manner

Join our free newsletter for daily crypto updates!