The potential timeline for the US Securities and Exchange Commission (SEC) to make a decision on the approval or denial of a spot Solana exchange-traded fund (ETF) could extend until mid-March 2025, according to analysts. This development follows the submission of two 19b-4 filings by the Chicago Board Options Exchange (Cboe) for the listing of the VanEck and 21Shares spot Solana ETFs. These filings by the two companies, made in the previous month, have now set the SEC in motion to reach a verdict.
The SEC has a stipulation that mandates the commission to either reject or greenlight the Cboe's plea to list Solana ETFs within a 240-day timeframe, positioning the final deadline around March 2025. Consequently, the decision regarding approval rests on the outcome of the November presidential election. Bloomberg Intelligence ETF analyst Eric Balchunas speculated that if Biden emerges victorious, the chances for approval are slim, while a win by Trump could open up various possibilities.
Drawing parallels between Solana and established cryptocurrencies like Bitcoin and Ethereum, the CBOE equates Solana to these renowned digital assets, highlighting its resistance to price manipulation. The filing emphasized Solana's decentralized structure, ensuring that no singular entity wields control over its price performance. Another notable point made by Cboe Global Markets' global head of exchange-traded product listings, Rob Marrocco, is the impressive trading volume of Solana, ranking it as the third most actively traded cryptocurrency after Bitcoin and Ether.
Meanwhile, the value of Solana experienced a modest 1.2% increase over the last 24 hours, reaching a trading price of $142 at 05:28 a.m. EST.
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