Franklin Templeton Files for Solana ETF with the SEC
Big news for crypto investors! Cboe Global Markets just filed a game-changing request with the SEC: exchange-traded funds (ETFs) for Solana! Could this be the next major step for Solana, following the boom of Bitcoin and Ethereum ETFs? The SEC will decide in the coming months, but one thing’s for sure: this filing has the potential to shake up the crypto markets.
Read on to find out what it means for Solana and your investment options.
On July 8, Cboe Global Markets submitted its formal request to the SEC to list ETFs connected to Solana. The exchange operator contends that, similar to Bitcoin and Ethereum, Solana exhibits resistance to price manipulation and has sufficient safeguards to prevent illegal activities.
Cboe emphasized Solana’s decentralization, high throughput, and speed as key factors that protect investors from fraud. This filing comes on the heels of the SEC’s approval of spot Bitcoin and spot Ether ETFs earlier this year.
According to SEC regulations, the agency has 240 days to decide on Cboe’s “19b-4” application to list Solana ETF products from VanEck and digital asset manager 21Shares. If approved, these would be the first ETF products linked to Solana, currently the fifth-largest cryptocurrency by market cap.
VanEck and 21Shares initially applied in June, and the SEC must also approve their “S-1” filings before trading can commence.
Approval of Solana ETFs would represent the third wave of spot cryptocurrency ETFs, following Bitcoin and Ethereum. Senior Bloomberg ETF analyst Eric Balchunas highlighted that the approval likelihood is heavily influenced by the outcome of the upcoming U.S. presidential election in November. Balchunas suggested that a Biden victory might stall the ETFs, whereas a Trump win could pave the way for approval.
Could Solana ETFs be the next big thing? Only time (and the SEC) will tell.
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