The U.S. Securities and Exchange Commission (SEC) is reportedly making progress in discussions with issuers interested in launching a Solana (SOL) spot exchange-traded fund (ETF). According to cryptocurrency journalist Eleanor Terrett, the SEC has begun engaging with issuers on their S-1 registration statements—a key step in the ETF approval process.
Two sources familiar with the matter indicated that there’s a “good chance” exchanges could soon file 19b-4 forms on behalf of prospective issuers, marking the next phase toward approval. Filing these forms would formally request the SEC to allow exchanges to list the proposed Solana ETFs. Once the SEC acknowledges the filings, it triggers a 240-day review period to approve or deny the applications.
Several firms, including VanEck, 21Shares, and Canary Funds, have already submitted S-1 filings for Solana ETFs, while Bitwise Asset Management recently announced its intention to file. The 19b-4 filings would likely come from major exchanges like the Chicago Board Options Exchange (CBOE), representing the interests of the issuers.
While the filing of 19b-4 forms does not guarantee SEC approval, recent developments have sparked optimism within the industry. Previous 19b-4 filings from VanEck and 21Shares were removed from the CBOE’s website earlier this year, leading to speculation that the SEC, under Chair Gary Gensler, was not ready to approve such products.
However, sources indicate that increased engagement from SEC staff, alongside the anticipated arrival of a more crypto-friendly administration, is fueling hopes that a Solana spot ETF could receive approval as early as 2025.
