tl;dr
The U.S. Securities and Exchange Commission (SEC) is set to conduct an initial review of several Solana-based ETF applications by January 2025. Key institutional players, including VanEck, 21Shares, Canary, and Bitwise, have submitted applications. The SEC must make an initial decision within 45 day...
SEC to conduct initial review for Solana-based ETFs with a January 2025 deadline looming.
Institutional interest in Solana ETFs reflects confidence despite regulatory stringency.
Analysts predict long-term potential for Solana ETF approvals amid growing optimism.
The U.S. Securities and Exchange Commission (SEC) will review several Solana-based ETF applications as early as January 2025, sources have reported. According to data from Bloomberg Terminal, four institutions—VanEck, 21Shares, Canary, and Bitwise—applied for Solana ETFs on November 21, 2024. The SEC formally accepted them that same day. Under regulatory requirements, the SEC must make an initial decision within 45 days of acceptance, by January 25, 2025. Grayscale also wants to convert its Solana Trust Fund into an ETF. The deadline for that is January 23, 2025.
These ETF applications are 19b-4 proposals. This process lets issuers list and trade securities on national exchanges while they wait for SEC approval. The SEC could approve, reject, or take more time to review the applications. Historically, the SEC has been cautious with cryptocurrency ETF applications, often taking more time to review them. But the organized timing of the deadlines could mean the regulatory body will be decisive with Solana ETFs. Canary Capital Applies for Solana ETF, Challenging SEC Stance. XRP-focused ETFs are also in the news. Entities such as Bitwise, Canary, and Wisdomtree want ETF approval. Meanwhile, Solana’s inclusion in multiple ETF applications shows rising institutional interest. But the SEC is taking a long time to make a decision, which shows the strict requirements.
Bloomberg ETF analyst James Seyffart said hopes are growing for Solana ETF approvals. Seyffart said approvals look more likely now, although not necessarily right away. Leadership at the SEC in 2025 will likely be more friendly to crypto, making Solana ETF approvals likely in the next few years. His comments align with wider observations in financial fields that anticipate continued regulatory advancements in crypto ETF offerings.