SEC Reportedly in Talks Over Solana Spot ETF

The U.S. Securities and Exchange Commission (SEC) is progressing in talks with prospective issuers to launch a spot Solana exchange-traded fund (ETF), according to Fox News reporter Eleanor Terrett.

Terrett broke the news in an X post, stating that two sources familiar with the matter have confirmed that exchanges representing the issuers will likely make 19b4 fillings on their behalf in the coming days.

Although filing the 19b4 is the next step in an ETF approval process, the SEC’s approval is not always guaranteed.

Solana ETFs: Timeline of Events

There has been a lot of interest in registering Solana ETFs this year following the approval of Bitcoin and Ethereum ETFs.

In June, investment management firms VanEck and 21Shares submitted a Solana ETF application to the SEC. Four months later, in October, Canary Capital also filed one.

All three companies have reportedly filed S-1s for a Solana ETF, pending the SEC’s acknowledgment. Next, exchanges representing them will file 19b4s, appealing to the SEC to let them list the prospective ETFs.

Once that happens, a 240-day window to approve or deny the product opens.

Meanwhile, Bitwise, a popular digital asset manager, recently announced its intention to launch a Solana ETF by registering the “Bitwise Solana ETF” in Delaware. However, it must submit an S-1 and 19b4 to the SEC before officially entering the running.

Bitwise already operates Bitcoin and Ethereum spot ETFs and previously filed for an XRP spot ETF.

Likely Challenges

Unfortunately, filling a 19b4 does not guarantee that the SEC will approve the product. VanEck and 21Shares both had previous 19b4s removed from the website of the exchange that filed them on their behalf.

However, favorable crypto policies under a Trump administration could influence the decision this time.