The U.S. Securities and Exchange Commission (SEC) has reportedly begun engaging with issuers of proposed spot Solana exchange-traded funds (ETFs), marking a potential step forward for these applications. Fox News reporter Eleanor Terrett revealed that the SEC is in talks with applicants, though she noted that the filing of 19b-4 forms does not guarantee approval.
“The filing of the 19b4’s does not guarantee an approval by the SEC,” Terrett shared on X (formerly Twitter). She pointed out that earlier filings by VanEck and 21Shares had been removed from the CBOE’s website in August, fueling speculation about SEC Chair Gary Gensler’s stance on such listings. However, recent engagement from the SEC suggests a shift in tone, particularly as the political climate appears more favorable toward crypto.
VanEck initiated the first filing for a Solana ETF on June 27, shortly after the SEC approved spot Ethereum ETFs. This was followed by applications from 21Shares and Canary Capital in October, with Bitwise filing for a Solana ETF registration in Delaware just this week, signaling its intent to submit a formal S-1 application.
Optimism among industry participants is partly driven by expectations of a pro-crypto administration under President-elect Donald Trump. Terrett noted that recent engagement from SEC staff reflects this sentiment, with issuers hopeful for potential approvals in 2025.
Solana’s native token, SOL, has also benefited from the news. Its price has risen 4.6% in the past 24 hours to $247.91, bringing its market cap to $116 billion, making it the fourth-largest cryptocurrency. This surge reflects confidence in Solana’s growing ecosystem, which boasts a robust DeFi infrastructure with high transaction volumes, an expanding user base, and consistently low fees.
The SEC has already approved 11 spot Bitcoin ETFs and eight spot Ethereum ETFs earlier this year, signaling a potential pathway for Solana ETFs to gain approval in the near future. As issuers like VanEck, 21Shares, Canary Capital, and Bitwise continue their efforts, the evolving regulatory landscape and institutional interest may pave the way for Solana ETFs to join the ranks of tradable crypto investment vehicles.
