Solana ETFs Face Uncertain Future in the US as CBOE Withdraws Filings

• The anticipation around the approval of spot Solana exchange-traded funds (ETFs) in the United States dims as recent developments cast uncertainty on their future.
• The Chicago Board Options Exchange (CBOE) has removed the 19b-4 filings for Solana ETFs submitted by VanEck and 21Shares from its website, raising questions about their likelihood of approval.
• Despite a lack of clarity from regulators, some industry analysts remain skeptical about the near-term prospects of Solana ETFs in the U.S.

Explore the latest developments surrounding the potential approval of Solana ETFs, how key players are responding, and the implications for the crypto market.

VanEck and 21Shares Attempt to Pioneer Solana ETFs in the U.S.

In June, VanEck, a well-known New York investment firm, made headlines by filing a proposal to launch a spot Solana ETF in the United States. The initiative aimed to provide direct exposure to SOL, Solana’s native cryptocurrency, with pricing sourced from selected trading platforms. Not long after, 21Shares, another prominent asset manager, submitted a similar application to the U.S. Securities and Exchange Commission (SEC). Despite these efforts, the overall sentiment from ETF analysts, including Bloomberg’s James Seyffart, suggested that approval was improbable before 2025. Nevertheless, a sense of optimism lingered within the broader crypto community.

Gary Gensler’s Regulatory Stance on Solana ETFs

The latest turn of events has cast a shadow over the future of the U.S. Solana ETF. With their filings now absent from the CBOE’s BZX Pending Rule Changes, it remains unclear whether the asset managers chose to withdraw their applications or if the SEC dismissed them. Notably, the SEC hasn’t acknowledged these submissions since receiving them. Amidst this ambiguity, ETFStore President Nate Geraci expressed skepticism about the approval prospects under the current administration. Responding to a post from Scott Johnson, Geraci remarked that SEC Chair Gary Gensler’s regulatory approach suggests the Solana ETF is “DOA under his watch.”

A Glimmer of Hope in Brazil

In contrast to the skepticism in the United States, Brazil has taken a more progressive stance. Recently, the Brazilian Securities and Exchange Commission (CVM) approved the nation’s first Solana ETF, igniting enthusiasm within the local crypto community. This development underscores the divergent regulatory approaches between different jurisdictions and highlights Brazil’s willingness to embrace cryptocurrency innovation.

Conclusion

In summary, the future of spot Solana ETFs in the United States remains clouded with uncertainty. With the removal of crucial filings and no official acknowledgment from the SEC, the likelihood of approval under the current regulatory framework appears slim. However, contrasting developments in Brazil illustrate that while the U.S. hesitates, other countries are forging ahead with crypto advancements. Investors and stakeholders should closely monitor regulatory trends and be prepared for varying outcomes across different markets.