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The final deadline for the US Securities and Exchange Commission (SEC) to approve or deny a spot Solana exchange-traded fund (ETF) could be mid-March 2025, analysts said.
This came after the Chicago Board Options Exchange (Cboe) submitted two 19b-4 filings to list the VanEck and 21Shares spot Solana ETFs.
The two firms filed for Solana ETF products last month, with the recent Cboe filing now putting the SEC on a clock to make a decision.
Cboe files 19b-4s for both VanEck & 21Shares Solana ETFs…
Once SEC acknowledges these filings, the decision clock starts ticking. https://t.co/JsRBLjudyT pic.twitter.com/94RLLEiwbU
— Nate Geraci (@NateGeraci) July 8, 2024
The SEC’s guidelines require that the commission deny or approve the CBOE’s request to list Solana ETFs within 240 days, which brings the deadline to around March 2025.
That means approval would be in the hands of the political party that wins the November presidential election.
“If Biden wins, these likely [dead on arrival],” said Bloomberg Intelligence ETF analyst Eric Balchunas. “If Trump wins, anything is possible.”
Cboe Likens Solana To Bitcoin And Ether
In its filing, the CBOE said that Solana is similar to Bitcoin and Ethereum and is resistant to price manipulation. It added that Solana’s decentralized nature ensured no single entity could control its price performance.
In a statement, the global head of exchange-traded product listings at Cboe Global Markets, Rob Marrocco, also noted that SOL is the third most actively traded crypto asset after Bitcoin and Ether.
The Solana price rose 1.2% in the past 24 hours to trade at $142 as of 05:28 a.m. EST.
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