Cboe Submits Solana ETF Applications to SEC Again Following Earlier Rejections
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Exciting News: Cboe Resubmits Filings for Solana ETF with SEC

In a groundbreaking move, Cboe has resubmitted 19-b4 filings to the Securities and Exchange Commission (SEC) for the launch of a spot Solana exchange-traded fund (ETF) in the US. The filings, submitted on January 28, are championed by four prominent asset managers.

This resubmission signifies a pivotal moment in the pursuit of SEC approval, following the rejection of similar applications back in 2024.

Under the banner of Bitwise, VanEck, 21Shares, and Canary Capital, the refiled 19b-4 forms seek to reignite the momentum for Solana ETFs, after facing previous setbacks with the SEC.

According to insights from Bloomberg's ETF analyst James Seyffart, the refiling effort aims to rectify past denials and position the ETFs for potential approval by the SEC.

The next phase involves the SEC's thorough review of the Solana ETF filings to ensure alignment with securities regulations. This step includes publicizing the proposals in the Federal Register for feedback from the public. Typically, the SEC has 45 days to evaluate the filings before making a decision, with the option to extend this period as needed.

Following the conclusion of the public comment period, the SEC will deliberate on whether to approve, reject, or modify the proposed rule changes, paving the way for the launch of spot Solana ETFs.

In the event of rejection, the exchange retains options to appeal, address concerns raised by the SEC, or submit a revised proposal, indicating a commitment to seeing the ETFs through to approval.

The latest filings bear the mark of Mark Uyeda's leadership, against the backdrop of a perceived shift in crypto-friendliness within the SEC's new administration, headed by Acting Chair Mark Uyeda. Notably, this change in leadership may influence the outcome of the Solana ETF review process.

Meanwhile, in a forward-looking move, the SEC has established a crypto task force under the guidance of Commissioner Hester Peirce, with the objective of crafting clearer regulations for digital assets. This initiative holds potential implications for expediting the approval process for Solana ETFs.

While the US regulatory landscape evolves, Canada has emerged as a frontrunner in the Solana ETF space, with 3iQ Digital Asset Management and Purpose Investments making significant strides in this arena.

According to Bloomberg's senior ETF analyst Eric Balchunas, Canada's progressive regulatory environment may lead to earlier launches of Solana ETFs compared to the US, reflecting a trend where Canada precedes the US in introducing innovative financial products.

Despite the anticipation surrounding potential ETF approvals, the Solana token faced price challenges, with SOL trading at $234.99 at the time of reporting, showcasing a 1.29% decrease in the last 24 hours, mirroring broader market fluctuations.

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