tl;dr
The debut of exchange-traded funds (ETFs) based on the price of Solana in the U.S. is uncertain due to pending regulatory review, ongoing enforcement actions, and public comment on multiple filings. Despite favorable odds for approval, nothing has been confirmed yet. The SEC has started considering ...
The debut of exchange-traded funds (ETFs) based on the price of Solana in the U.S. is uncertain due to pending regulatory review, ongoing enforcement actions, and public comment on multiple filings. Despite favorable odds for approval, nothing has been confirmed yet. The SEC has started considering applications for spot Solana ETFs, and the deadline for its decision can be extended as late as October 16.
Several major asset managers have filed applications for spot Solana ETFs, and there is a 70% chance of approval this year, according to Bloomberg Senior ETF Analyst Eric Balchunas. The process may unfold differently under the current SEC leadership, and signals of momentum may come from feedback on proposed rule changes, enforcement actions, and statements from Trump's nominee for SEC Chair, Paul Atkins.
The recent debut of Solana futures contracts by Coinbase's derivatives arm could also impact the approval odds for a Solana ETF. While the SEC has adopted a crypto-friendly stance under President Donald Trump, it’s unclear how the process may unfold under former SEC Chair Gary Gensler's leadership.
If the SEC begins providing feedback on asset managers’ proposed rule changes outlined in 19b-4 filings or registration statements, that would be a “huge” sign of momentum for spot Solana ETFs. Another area to monitor for developments will be enforcement actions initiated under Gensler’s leadership.
Trump’s nominee for SEC Chair, Paul Atkins, could become a factor. Although Atkins hasn’t been confirmed by the Senate yet, if he says anything interpreted as relevant to crypto-focused ETF approvals, it would be another positive signal. With Trump’s crypto-friendly regime, some analysts are wondering whether the conditions under which Solana ETFs could be approved have already been met.