Fox Business correspondent Eleanor Terrett reported that discussions with SEC officials regarding the spot Solana ETF are in advanced stages and that the SEC is interested in the S-1 filing.
Discussions between SEC staff and issuers seeking to launch the spot SOL ETF are progressing and the SEC is currently handling S-1 filings, two people familiar with the matter said.
Accordingly, sources added that in the coming days, we may see 19/b-4 applications from some exchanges on behalf of potential issuers, which is the next step of the ETF approval process.
If the 19/b-4 applications are received, the SEC will have 240 days to make a decision on the Spot Solana ETF applications.
“Currently, VanEck, 21Shares and Canary Funds have filed S-1s for the Solana ETF. Bitwise announced yesterday its intention to file an S-1.
Forms 19/b-4 will be filed on behalf of issuers by exchanges such as the CBOE, asking the SEC to allow them to list potential ETFs.
Once the SEC confirms receipt of the filing, it will have a 240-day window to approve or reject the products.
Filing a 19/b-4 does not guarantee SEC approval.
Indeed, previous 19b4 filings from VanEck and 21Shares were removed from the CBOE's website in August, and some industry participants suggested that was because the agency under Gary Gensler was not inclined to approve such listings.
Now, crypto issuers say recent employee turnout, along with incoming pro-crypto management, has renewed optimism that the Solana ETF could be approved as soon as 2025.
*This is not investment advice.