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The U.S. Securities and Exchange Commission (SEC) took a step forward in the potential introduction of new altcoin-based financial products by acknowledging several filings for Solana-based exchange-traded products (ETPs).
Cboe BZX Exchange has submitted proposed rule change forms to list and trade shares of spot Solana ETFs from 21Shares, Bitwise, Canary Capital, and VanEck. This move mirrors the earlier procedural steps seen with the attempted launch of spot bitcoin ETFs.
The recent filings follow Cboe BZX Exchange’s efforts last month to file forms for these firms, which aim to issue spot Solana ETFs. Their initial applications had been met with rejection, but the current U.S. administration’s favorable stance towards cryptocurrencies since President Donald Trump’s tenure seems to be improving the outlook for altcoin ETFs.
Bloomberg ETF analysts James Seyffart and Eric Balchunas rated the likelihood of Solana ETFs receiving SEC approval at 70% on Monday.
In related developments, Franklin Templeton has taken steps to enter the Solana ETF market by filing documents in Delaware on Tuesday to establish the Franklin Solana Trust.
Moreover, last week, the SEC initiated a public comment period on a proposal to list and trade the Grayscale Solana Trust, which is anticipated to be converted into an ETF following the precedent set by Grayscale’s bitcoin trust last year.
A potential obstacle for the approval of Solana-based ETFs is the ongoing debate on whether to classify the cryptocurrency as a commodity or a security.
Despite this, signs indicate that the SEC, now under new leadership, may be more receptive to approving such products compared to their stance on Bitcoin and Ethereum in the past.
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