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

In this post:

  • Exchange operator Chicago Board Options Exchange filed Form 19b-4 for VanEck and 21Shares, asking the U.S. SEC to approve the spot Solana ETF listings. 
  • If the SEC accepts these filings, it can decide whether the exchange can list and trade the Solana ETFs.
  • Analysts expect the SEC’s decision by the deadline in March 2025, with November’s elections playing a significant role in the result.

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.  

Also read: Metaplanet Inc. directors authorize BTC purchases worth ¥1 billion using bond proceeds 

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. 

Upcoming elections may determine the decision on Solana ETFs

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 expressed 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.

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, share similar thoughts. 

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.

Matthew Sigel on Bloomberg

Billionaire Mark Cuban expressed 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 showed that young voters considered crypto suitable for everyone and provided more equitable financial opportunities than traditional assets.

Work continues with ETH ETF exchange listings 

On May 23, the U.S. SEC approved 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: Justin Sun ridicules Germany’s Bitcoin sell-off after UEFA Euro knockout 

VanEck and 21Shares also submitted 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 show that BTC ETFs are buying the dip, with many, including Grayscale, accumulating millions worth of BTC.

Cryptopolitan reporting by Collins J. Okoth

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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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