Solana ETF Approval Could Be Within Reach as SEC Talks Gain Momentum

Efforts to launch a spot Solana (SOL) ETF in the United States are moving ahead with positive momentum.

According to Fox Business journalist Eleanor Terrett, discussions between the Securities and Exchange Commission (SEC) and potential issuers are progressing well, hinting at the possibility of approval as early as 2025.

Recent developments indicate that the SEC has begun engaging with issuers regarding their S-1 registration statements, and sources suggest that exchanges may soon begin submitting 19b-4 filings on behalf of these issuers. These filings are a critical step in the approval process, with exchanges like Cboe playing a key role in pushing for SEC approval.

Once the SEC receives the 19b-4 filings, a 240-day period begins, during which the agency must decide whether to approve or reject the ETF proposals. Currently, companies such as VanEck, 21Shares, and Canary Capital are at the forefront of pushing for a Solana ETF, although earlier filings from VanEck and 21Shares were withdrawn in August, leaving some questions unanswered.

Despite past skepticism surrounding crypto-related ETFs, particularly before the 2024 U.S. presidential election, there has been a shift in market sentiment. The potential appointment of a pro-crypto SEC chairman under a new administration has sparked renewed optimism among asset managers and investors, though the timeline for a final decision remains unclear.