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US SEC Acknowledges Filings for Solana-Based ETFs, Signalling Potential Approval
- SEC acknowledges Solana ETFs, suggesting a decision is coming soon.
- Bloomberg experts place the potential approval odds at around 70%, with Litecoin and Dogecoin predicted as more likely.
- Cboe BZX Exchange has filed proposed rule changes to allow the listing of spot Solana ETFs from institutions like 21Shares and VanEck – pending approval.
Who will be next — Solana or XRP?
That’s the question the Securities and Exchange Commission are going to answer in the coming months, as the new-look agencies mull the approval of new spot crypto ETFs.
Since Donald Trump’s inauguration on January 20 earlier this year, financial institutions have been clambering over one another to file crypto funds. Most of the projects represented are heavy-hitters like XRP, Solana and Litecoin…but occasionally filings for Bonk and Trump Coin sneak in.
After a period of deliberation, the SEC seems set to make an announcement on the next coin to be approved in the coming weeks.
Related: XRP and XLM Online Squabble Erupts over Founder’s Comments
Prominent Exchange Cboe BZX Begins Filings for Solana ETFs
The process for Solana ETFs to get off the ground floor is underway.
Cboe BZX Exchange has begun filing rule changes allowing the platform to offer spot SOL ETFs to investors.
So far, the exchange plans to list offerings from 21Shares, Bitwise, Canary Capital and VanEck.
It’s a case of history repeating itself, as stock exchanges filed similar documents upon the launch of spot BTC and Ether ETFs.
With the SEC acknowledging the filings, the world seems destined for Solana ETFs to hit the market sooner rather than later – assuming their approval.
Solana Fund Process Underway, but Litecoin Might be First Anyway, Experts Say
At this stage, Bloomberg ETF experts James Seyffrat and Eric Balchunas are quite bullish on the likelihood of spot Solana fund approval.
The duo put the odds of acceptance at 70% – those are pretty good odds.
The Bloomberg experts have a terrific hit rate when it comes to spot crypto ETFs, so their word is worth its weight in gold.
The approvals likely won’t just be for Solana though, with Seyffart posting to X that the SEC would greenlight filings ‘across the board’.
So hey, maybe there won’t be a winner in the Solana vs XRP ETF race.
Maybe the real winner is the friends we’ve made along the way…
Just kidding. The winner will probably be Solana. Because even though the new US administration is decidedly more pro-crypto than Gensler’s taskforce, there is still the lingering issue of unresolved legal action between the SEC and XRP.
In fact, the Bloomberg analysts believe that Litecoin and Doge might even beat both to the punch.
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
