The wait for Solana exchange-traded funds (ETFs) in the US continues, with the Securities and Exchange Commission (SEC) holding the key to their approval. The Chicago Board Options Exchange (CBOE) filed form 19b-4s with the SEC for Solana ETFs on behalf of issuers VanEck and 21Shares. This format initiates a review process where the SEC invites public comment before making a final decision.
SEC Verdict Expected by Mid-March 2025
Similar to the process for Bitcoin and Ethereum ETFs, the SEC has until mid-March 2025 to decide on the fate of Solana ETFs. Industry analysts suggest that the outcome might be swayed by the upcoming US presidential election in November 2024.
Election Outcome Seen as Pivotal Factor
ETF analyst Eric Balchunas believes a Donald Trump victory could increase approval chances. “Solana ETFs might be dead on arrival if Biden wins,” Balchunas stated, highlighting the potential influence of the political landscape.
Solana Price Up Amidst ETF Developments
The news of the SEC filing has coincided with a positive price movement for Solana. The cryptocurrency experienced a 6.47% increase in the past 24 hours, currently trading at $141.07.
Also Read: Solana Price Swings: Can SOL Recover 19% To Hit $180 This Month?
Shifting Regulatory Landscape for Crypto
The possibility of a Solana ETF reflects a potential shift in US cryptocurrency regulations. Last month, VanEck’s Matthew Sigel expressed optimism about a Solana ETF following the successful launch of Ethereum spot ETFs. However, regulatory hurdles were previously emphasized by analyst James Seyffart in late May.
Uncertainties Remain for Solana ETF Launch
While the CBOE filing marks a step forward, the ultimate approval of (SOL) ETFs remains uncertain. The upcoming SEC decision and the results of the US presidential election will be crucial factors to watch in the coming months.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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