FameEX Hot Topics | Wave of Solana ETF Filings Emerges as Gensler Announces Departure Date

Cboe BZX Exchange has submitted four 19b-4 filings for asset managers Bitwise, VanEck, 21Shares, and Canary Capital to list spot Solana exchange-traded funds (ETFs). These filings coincided with SEC Chair Gary Gensler’s announcement that he will resign in January, the day of President-elect Donald Trump’s inauguration. If approved, the Solana ETFs will be listed on Cboe's BZX Exchange, marking a significant development for the U.S. crypto market.

A 19b-4 filing is a formal notification to the SEC of a proposed rule change by a self-regulatory organization, such as a financial regulatory body or stock exchange. This process is distinct from S-1 registration statements, which VanEck and 21Shares had already submitted for their Solana ETFs in June. Canary Capital followed suit with its S-1 on October 30. Bitwise, meanwhile, registered a statutory trust in Delaware on November 20 and submitted its S-1 filing a day later, signaling its intention to seek regulatory approval.

The timing of these filings has sparked industry speculation, given their alignment with Gensler’s resignation announcement. Gensler, a vocal critic of cryptocurrencies, had initially planned to serve as SEC Chair until 2026. His voluntary departure eliminates one of Trump’s key campaign promises to fire him immediately upon taking office. Many in the crypto industry are optimistic that a new regulatory approach under Trump’s administration could pave the way for more crypto-friendly policies and a surge in ETF applications.

Proponents of the Solana ETF filings argue that SOL, Solana’s native token, qualifies as a commodity and is thus suitable for inclusion in an ETF. Industry experts have pointed out that no court has ruled SOL to be a security, aligning with legal precedents cited in the filings. This clarity is expected to bolster the chances of regulatory approval for these groundbreaking ETFs.

Solana has been a standout performer in the current bull market, with its token price surging over 2,500% to $254.71. It is now just 1.2% below its all-time high of $259.96, set in November 2021, underscoring its strength and growing appeal among investors. If approved, the ETFs could further solidify Solana’s position in the market.

Disclaimer: The information provided in this section is for reference only and does not represent any investment advice or the official views of FameEX.