As a seasoned researcher with a keen interest in the ever-evolving world of cryptocurrencies, I find the recent developments surrounding Solana ETFs particularly intriguing. The simultaneous 19b-4 filings by Bitwise, VanEck, 21Shares, and Canary Capital for spot Solana ETFs on the CBOE’s BZX Exchange is a significant step forward in the mainstream adoption of digital assets.
On the same day when the head of the Securities and Exchange Commission announced his resignation for next year, Cboe BZX Exchange made four submissions to the SEC under Rule 19b-4, proposing that asset managers such as Bitwise, VanEck, 21Shares, and Canary Capital could list Solana spot exchange-traded funds (ETFs).
In case they receive approval, Bitwise, VanEck, 21Shares, and Canary Capital’s Solana (SOL) ETFs are planned to be listed on the Chicago Board Options Exchange’s BZX Exchange, a platform based within the United States.
19b-4 statements convey information about a proposed rule alteration initiated by a self-governed regulatory entity, such as a financial institution or stock market platform, to the Securities and Exchange Commission (SEC).
Instead of the original statement, The approach we’re discussing is distinct from the S-1 registration statements that VanEck, 21Shares, and Canary Capital previously submitted for their Solana ETFs back in late June and October 30th, respectively.
In simpler terms, Bitwise established a legal trust in Delaware on November 20th for a potential Solana ETF. This move suggests they are seeking regulatory approval for this venture. On the following day, November 21st, they submitted their application for this purpose.
The submissions happened – either by chance or design – on the same day that Gary Gensler, known for his skepticism towards cryptocurrencies, declared his intention to step down as the head of the Securities and Exchange Commission (SEC), coinciding with Donald Trump’s inauguration.
Gensler was supposed to serve as SEC’s chair until 2026.
His voluntary departure implies there’s now one fewer commitment for Trump, as the President-elect had indicated he intended to dismiss Gensler on his first day in office, regarding the crypto industry.
Several experts in the field predict a more welcoming cryptocurrency regulatory landscape, potentially leading to an increase in applications for crypto Exchange Traded Funds (ETFs) similar to those submitted on November 21st.
With a fresh leadership at the Securities and Exchange Commission (SEC) and clearer regulations on the horizon, there’s a possibility that the perceived security of Solana could be called into question. A representative from 21Shares shared this perspective with CryptoMoon.
“We strongly believe that Solana’s native token, SOL, is eligible for inclusion in an ETF as a commodity. In fact, no court has found that SOL as a token itself is a security – which is consistent with numerous court decisions that we have cited in our filings.”
Asset managers have also submitted filings for spot XRP (XRP) and Litecoin (LTC) ETFs. Franklin Templeton filed for a crypto index ETF, though the SEC has delayed the decision on that until early January 2025.
Industry experts predict that investments into Solana ETFs might be less substantial compared to the inflows observed in Bitcoin (BTC) and Ether (ETH) ETFs.
Speaking of it, Solana has stood out as one of the top-performing cryptocurrencies during this bull market. Its value surged over 2,500%, reaching a price point of $254.71, according to data from CoinGecko.
It is now 1.2% off its all-time high price of $259.96 set in November 2021.
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2024-11-22 06:27