TechFlow reports that on November 21, according to Fox Business journalist Eleanor Terrett, two sources indicated discussions between U.S. Securities and Exchange Commission (SEC) staff and issuers seeking to launch a SOL spot ETF are "making progress," with the SEC currently reviewing S-1 filings. The individuals said it is "very likely" that in the coming days, exchanges will file certain 19b-4 documents on behalf of potential issuers—the next step in the ETF approval process.
Currently, VanEck, 21Shares, and Canary Capital have all submitted S-1 forms for Solana ETFs, while Bitwise yesterday announced its intention to file an S-1. The 19b-4 forms will be filed by exchanges (such as CBOE) on behalf of the issuers, requesting SEC approval to list the potential ETFs. Once the SEC acknowledges receipt of these filings, a 240-day review window will begin, during which the SEC may approve or reject the products.
Filing a 19b-4 does not guarantee SEC approval. In fact, previously submitted 19b-4 filings from VanEck and 21Shares were removed from the CBOE website in August, leading some industry observers to speculate that the SEC under Gary Gensler was reluctant to approve such listings. Now, however, issuers say recent engagement from SEC staff—combined with an incoming administration perceived as more supportive of cryptocurrency—is generating renewed optimism that a Solana ETF could be approved at some point in 2025.
