Reports of the U.S. Securities and Exchange Commission (SEC) actively engaging with prospective Solana ETF issuers have sparked renewed optimism, suggesting a potential shift in the regulatory landscape for cryptocurrency investment products. According to Fox Business journalist Eleanor Terrett, SEC staff are reviewing S-1 applications for Solana spot ETFs, paving the way for exchanges to file 19b-4 forms — a critical step that triggers a formal 240-day review period.
Key Issuers and Filings
Asset management firms VanEck, 21Shares, and Canary Funds have already submitted S-1 filings for a Solana ETF, with Bitwise announcing plans to join. The Chicago Board Options Exchange (CBOE) is expected to file 19b-4 forms on behalf of these issuers. Previous 19b-4 filings from VanEck and 21Shares were withdrawn in August 2024, a move widely attributed to hesitation under SEC Chair Gary Gensler’s leadership.
Regulatory Shift Signals
The recent engagement from SEC staff and the anticipated arrival of a pro-crypto administration under President-elect Donald Trump have bolstered confidence. Many issuers now see a realistic path to approval by 2025, marking a potential departure from the SEC’s historically cautious stance on crypto ETFs. This optimism follows the SEC’s approvals of spot Bitcoin ETFs in January 2024 and spot Ethereum ETFs in July 2024, which integrated digital assets into mainstream finance.
Meanwhile, asset managers have also filed for spot XRP ETFs, though the SEC’s ongoing appeal of a 2023 court ruling — which deemed XRP not a security — casts uncertainty on their prospects. A change in SEC leadership could accelerate a more accommodating regulatory environment for all crypto assets.
Leadership Change Expectations
Speculation is mounting that SEC Chair Gensler may resign following Trump’s victory, as Trump has pledged to replace him. A new chair could usher in policies that ease regulatory pressures on the crypto industry, potentially clearing the way for a wave of spot ETFs beyond Bitcoin and Ethereum.