The path to a spot Solana exchange-traded fund (ETF) in the United States has encountered a significant obstacle. The Chicago Board Options Exchange (CBOE) has removed the 19b-4 filings submitted by VanEck and 21Shares for their proposed Solana ETFs from its website. This unexpected development has cast doubt on the timeline for the launch of such a product in the United States.
Investment firms VanEck and 21Shares propose Solana-based ETFs In June, investment firm VanEck filed a proposal with the Securities and Exchange Commission (SEC) to introduce a spot Solana ETF, marking the first such attempt in the country. The ETF aimed to provide investors with direct exposure to Solana (SOL) by valuing shares daily based on prices from selected trading platforms.
Shortly after, 21Shares followed with a similar filing. While industry experts such as senior Bloomberg ETF analyst James Seyffart anticipated a lengthy approval process, extending potentially into 2025, the broader crypto community remained optimistic about the eventual launch of a Solana ETF.
The recent removal of the filings from the CBOE’s website has sparked uncertainty about the fate of these proposals. It remains unclear whether the SEC has rejected the applications or if the asset managers withdrew them voluntarily. The regulator has yet to acknowledge either filing.
Solana ETFs unlikely to be approved In response to a post by X user Scott Johnson, who stated, “My guess on what is happening is Gary says SOL ETF is DOA under his watch (not surprising),” ETFStore President Nate Geraci expressed skepticism about the approval of a Solana ETF during the current administration.
He cited comments made by SEC Chairman Gary Gensler, noting that the regulatory landscape for cryptocurrencies, including spot ETFs, remains challenging. This viewpoint aligns with the prevailing sentiment in the industry.
In contrast to the setbacks in the United States, Brazil has emerged as a pioneer in the Solana ETF space. The Brazilian Securities and Exchange Commission (CVM) recently approved the launch of the first Solana ETF in the country, generating excitement among the local crypto community.
While the future of Solana ETFs in the United States is uncertain, the developments underscore the evolving regulatory environment for cryptocurrencies and the varying approaches taken by different jurisdictions.
