As a seasoned crypto investor, I’m keeping a close eye on the developments regarding Solana ETFs. The mid-March 2025 deadline for a decision is significant, but November holds more weight in my opinion. If Democratic nominee Joe Biden wins the presidential election in November, it could be detrimental to the approval of Solana ETFs due to his previously expressed skepticism towards cryptocurrencies. On the other hand, if former President Donald Trump or another pro-crypto candidate wins, there’s a chance that the regulatory climate may become more favorable, potentially paving the way for Solana ETF approvals. The potential price increase of Solana with ETF approvals is also an exciting prospect, as recent research suggests it could surge nine times. I’m excited to see how this unfolds and will be closely following the developments.
Analysts say that Solana ETFs are expected to have a final decision deadline around mid-March 2025.
On Monday, the Chicago Board Options Exchange (CBOE) received filings from both VanEck and 21Shares for their proposed ETFs. This means that the application process has begun for these exchange-traded funds to be listed on CBOE.
Mid-March Decision Deadline
According to Bloomberg ETF analyst Eric Balchunas, the anticipated last date for launching Solana ETFs is around mid-March 2025. Nevertheless, it’s important to highlight that November stands out as a crucial month during this period.
As an analyst, I’ve noticed that Solana Exchange-Traded Funds (ETFs) are projected to have a final deadline of mid-March 2025. However, the most significant date lies in November, which could potentially impact their approval process. If President Biden is reelected, these ETFs might face an uphill battle and may not come to fruition. On the other hand, if former President Trump secures another term, there’s a possibility that these ETFs could still be approved.
— Eric Balchunas (@EricBalchunas) July 8, 2024
On July 8, the CBOE filed two Form 19b-4 applications with the Securities and Exchange Commission (SEC). One application was for the 21Shares Core Solana Exchange-Traded Fund (ETF), while the other was for the VanEck Solana Trust. These proposed funds can be compared to the previously authorized spot Bitcoin and spot Ether ETFs, which received SEC approval in January and May respectively.
Similar to Bitcoin and Ethereum, the exchange holds the view that Solana (SOL) is immune to price manipulation. They believe that there are alternative methods in place to thwart fraudulent and deceitful practices, rendering the mandatory surveillance-sharing agreement unnecessary according to both filings.
Once the Securities and Exchange Commission (SEC) acknowledges the filings, the countdown to a decision begins for us.
According to SEC regulations, the Securities and Exchange Commission has a timeframe of 240 calendar days to make a decision on approving or rejecting CBOE’s application for listing the VanEck and 21Shares ETF products based on Solana’s price. These proposed ETFs represent the first cryptocurrency offerings of this size tied to the fifth-largest digital asset, Solana.
Political Climate Could Be Key to Solana ETF Approval
Eric Balchunas, a senior analyst at Bloomberg ETF, offered additional perspective, implying that the result of the upcoming November presidential election may hold significant implications.
“If Biden wins, these likely DOA. If Trump wins, anything possible,” Balchunas remarked.
As a market analyst, I’ve recently come across some intriguing findings from GSR Markets’ research. They suggest that Solana’s price may experience an impressive ninefold increase if Exchange-Traded Funds (ETFs) are approved for this cryptocurrency. Historically, we’ve observed a significant surge in Bitcoin’s price following ETF approvals.
Based on studies, the involvement of notable figures such as former President Donald Trump in supporting the cryptocurrency sector has lessened Democratic resistance, paving the way for bipartisan agreement on regulatory structures. This development may potentially clear the path for the approval of Solana Exchange-Traded Funds (ETFs).
“Rob Marroco, global head of ETP Listings at CBOE, is speaking about the growing attention from investors towards Solana – a cryptocurrency that sees significant trading activity next to Bitcoin and Ethere.”
In June, VanEck and 21Shares submitted applications to the SEC for introducing new financial products. However, prior to commencing trading, the SEC needs to give its approval on their S-1 filings.
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2024-07-10 02:48