Solana

Gary

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The Chicago Board Options Exchange (Cboe) submitted Form 19b-4 with the U.S. Securities and Exchange Commission (SEC) to list spot Solana ETFs for asset managers VanEck and 21Shares. The filings, made on July 8, will kick-start the process to accept or reject the listing and trading of Solana ETFs on Cboe.&nbsp;&nbsp;
Also read: <a href="https://www.cryptopolitan.com/metaplanet-authorize-btc-purchases/" rel="noopener noreferrer nofollow">Metaplanet Inc. directors authorize BTC purchases worth ¥1 billion using bond proceeds</a>&nbsp;
VanEck and 21Shares expressed their willingness to engage with the U.S. SEC during the review period. These filings are for the first applications for spot Solana ETFs. On June 27, VanEck and 21Shares filed Form S-1 with the U.S. SEC. 
SOL’s price looks to be in recovery since the June 27 announcement, with the July 8 filing leading to a price boost for the coin. SOL is trading at $141.05 at the time of writing, up about 0.8% in the past 24 hours. Despite the announcements, the coin is still down 11% in the past 1 month.&nbsp;
<h2 id="span-style-font-weight-400-upcoming-elections-may-determine-the-decision-on-solana-etfs-span">Upcoming elections may determine the decision on Solana ETFs</h2>
According to Matthew Sigel, the Head of Digital Asset Research at VanEck, the upcoming elections may significantly influence the SEC’s decision. During a Bloomberg interview on July 4, Sigel <a href="https://www.youtube.com/watch?v=hde-oXORl7w&amp;ab_channel=BloombergTelevision" rel="noopener noreferrer nofollow" target="_blank">expressed</a> his worry about Solana being an unregistered security. He mentioned that SOL’s lack of futures market regulation could lead to hurdles during this reviewing period.
Matthew divulged that other commodities with ETFs in the market, including traditional assets, do not have futures market regulation. Since Solana is not a security, he hopes the U.S. SEC will treat it as such and approve the ETF without futures market regulation.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 🚨 NEW: <a href="https://twitter.com/matthew_sigel?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">@matthew_sigel</a>, head of digital assets research at VanEck, suggests that the odds of a <a href="https://twitter.com/solana?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">@solana</a> ETF approval are higher without Gary Gensler at the SEC.<a href="https://t.co/A6k76iDGtG" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/A6k76iDGtG</a>
 — SolanaFloor (@SolanaFloor) <a href="https://twitter.com/SolanaFloor/status/1808508111826592248?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">July 3, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Sigel expects the upcoming November elections to play a significant role in the SEC’s decision. He mentioned that changes in the SEC’s administration could allow SOL ETFs to proceed to the next stage. Matthew agreed that if Gary Gensler remains SEC chair, he might not approve the ETF unless he receives instructions to treat Solana differently.
The VanEck Head of Digital Asset Research further expressed that crypto voters may make the difference during the November elections. Several others, including Bloomberg analyst Eric Balchunas, <a href="https://x.com/EricBalchunas/status/1810425019853324721" rel="noopener noreferrer nofollow" target="_blank">share</a> similar thoughts.&nbsp;
<blockquote>
 There is a good chance that crypto voters will make the difference in these elections. And we are already seeing a change in the regulatory environment at the elected official level.
 – <a href="https://www.youtube.com/watch?v=hde-oXORl7w&amp;ab_channel=BloombergTelevision" rel="noopener noreferrer nofollow" target="_blank">Matthew Sigel on Bloomberg</a>
</blockquote>
Billionaire Mark Cuban <a href="https://twitter.com/mcuban/status/1789037772050702824" rel="noopener noreferrer nofollow" target="_blank">expressed</a> similar thoughts in May, urging the CFTC to take over crypto regulation. Cuban said that the SEC chair didn’t do anything to protect crypto investor interests. A survey <a href="https://theblockchainassociation.org/wp-content/uploads/2024/05/DCG_HarrisPoll-Research-Report.pdf" rel="noopener noreferrer nofollow" target="_blank">showed</a> that young voters considered crypto suitable for everyone and provided more equitable financial opportunities than traditional assets.
<h2 id="span-style-font-weight-400-work-continues-with-eth-etf-exchange-listings-span">Work continues with ETH ETF exchange listings&nbsp;</h2>
On May 23, the U.S. SEC <a href="https://www.sec.gov/files/tm/lk87adfs99.pdf" rel="noopener noreferrer nofollow" target="_blank">approved </a>Cboe, NASDAQ, and NYSE applications to list and trade spot Ether ETFs. VanEck applauded the U.S. SEC for recognizing Ether as a decentralized commodity and not a security. The asset management firm believed this decision would open doors to more victories for the crypto community.
Also read: <a href="https://www.cryptopolitan.com/justin-sun-ridicule-germanys-sell-btc/" rel="noopener noreferrer nofollow">Justin Sun ridicules Germany’s Bitcoin sell-off after UEFA Euro knockout</a>&nbsp;
VanEck and 21Shares also <a href="https://www.sec.gov/Archives/edgar/data/1860788/000093041324002024/c109048_s1a.htm" rel="noopener noreferrer nofollow" target="_blank">submitted</a> amended Form S-1 for their proposed spot Ether ETFs on July 8. The filings do not state when the companies plan to list the ETFs on exchanges. VanEck and 21Shares are among the 8 asset management companies that the U.S. SEC approved Form 19b-4 for spot Ether ETFs.
The U.S. SEC approved several Bitcoin ETFs in January, a positive step for the crypto community. Reports <a href="https://x.com/SimplyBitcoinTV/status/1810539954705154270" rel="noopener noreferrer nofollow" target="_blank">show</a> that BTC ETFs are buying the dip, with many, including Grayscale, accumulating millions worth of BTC.
Cryptopolitan reporting by Collins J. Okoth

Cboe files for VanEck and 21Shares Solana ETFs with the U.S. SEC

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