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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Jul 09, 2024 06:14 UTC
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Cboe Pushes for Solana ETFs: First-Ever Listing Awaits SEC Approval!
Cboe Global Markets filed a request with SEC to list the first ever ETFs tied to Solana cryptocurrency.
SEC has 240 days to decide and approval would depend on the upcoming US presidential election.
Solana price increased 6.67% in the last 24 hours and analysts see potential for further growth.
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.
A New Dawn – Solana ETFs Are Here!
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.
The Countdown Begins!
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.
Political Influence Weighs Heavy
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.
SOL Market Performance
Could Solana ETFs be the next big thing? Only time (and the SEC) will tell.
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