FameEX Hot Topics | Surge in Solana ETF Filings as Gensler Confirms Departure Date

Cboe BZX Exchange recently submitted four 19b-4 filings for asset managers Bitwise, VanEck, 21Shares, and Canary Capital to list spot Solana exchange-traded funds (ETFs). This significant move coincided with SEC Chair Gary Gensler’s announcement that he will resign in January, aligning with the inauguration of President-elect Donald Trump. If approved, these Solana ETFs will be listed on Cboe's BZX Exchange, marking a milestone for the U.S. cryptocurrency market.

A 19b-4 filing serves as a formal notification to the SEC about a proposed rule change by a self-regulatory organization, such as a financial regulator or stock exchange. This type of filing differs from S-1 registration statements, which VanEck and 21Shares had already submitted for their Solana ETFs earlier in June. Canary Capital followed suit with its S-1 on October 30. Bitwise, a crypto-focused asset manager, took its first steps by registering a statutory trust in Delaware on November 20 before filing its S-1 on November 21, confirming its intent to pursue regulatory approval.

The timing of these filings has generated considerable industry attention, particularly due to their coincidence with Gensler’s resignation announcement. Known for his critical stance on cryptocurrencies, Gensler originally intended to serve as SEC Chair until 2026. His early resignation fulfills a key promise made by President-elect Trump, who had pledged to replace Gensler immediately upon taking office. This change has sparked optimism within the crypto community, with many anticipating a more supportive regulatory environment and a potential surge in ETF applications under the new administration.

Supporters of the Solana ETF filings argue that Solana’s native token, SOL, meets the criteria of a commodity and is thus eligible for inclusion in an ETF. Legal experts note that no court has classified SOL as a security, a fact consistent with multiple legal precedents cited in the filings. This legal clarity is expected to strengthen the case for regulatory approval of these ETFs, which could significantly impact the market.

Solana’s performance during the ongoing bull market has been remarkable. Its token price has skyrocketed over 2,500% to $254.71, just 1.2% shy of its all-time high of $259.96 set in November 2021. Approval of these ETFs could further enhance Solana’s standing and appeal among investors.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.