Cboe Global Markets has filed a request with the US Securities and Exchange Commission (SEC) to list exchange-traded funds (ETFs) tied to the cryptocurrency Solana. This move could mark a significant step for Solana, following in the footsteps of Bitcoin and Ethereum ETFs. The SEC has until March to make a decision.
Cboe’s Filing for Solana ETFs
On July 8, Cboe Global Markets submitted a request to the SEC to list ETFs linked to Solana. The exchange operator argued that, like Bitcoin and Ethereum, Solana is resistant to price manipulation and that enough measures are in place to prevent illegal activities.
They further cited Solana’s decentralization, throughput, and speed as factors that help protect investors from fraudulent activities. This filing follows the SEC’s approval of spot Bitcoin and spot Ether ETFs earlier this year.
SEC’s Deadline for Approval
Under SEC rules, the agency has 240 days to decide on Cboe’s “19b-4” application to list the Solana ETF products from VanEck and digital asset manager 21Shares. These would be the first ETF products tied to Solana, currently the fifth-largest crypto by market cap.
VanEck and 21Shares applied in June, and the SEC must also approve their “S-1” filings before trading can begin.
Potential Impact of the Presidential Election
The approval of Solana ETFs would represent a third wave of spot cryptocurrency ETFs, following Bitcoin and Ethereum. Senior Bloomberg ETF analyst Eric Balchunas noted that the approval likelihood heavily depends on the outcome of the upcoming U.S. presidential election in November.
According to Balchunas, if Biden wins, the ETFs might not move forward, but a Trump victory could change the scenario.
SOL Price Surge
As of now, Solana is trading at $141.80, experiencing a 6.67% increase in the last 24 hours. Despite recent market volatility, Solana has shown resilience, bouncing back and aiming for further growth. Crypto analyst Ali Martinez observed that Solana’s current price action resembles its 2021 trajectory, indicating potential for further upside.
Read Also: Solana ETF Filing Boosts SOL Price: These Solana-Based Altcoins Might See Massive Rally
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