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Cboe Resubmits Solana ETF Filings to SEC, Hopes Third Time's a Charm

Coin WorldWednesday, Jan 29, 2025 8:20 am ET

1min read

Cboe Resubmits Solana ETF Filings to SEC After Previous Rejections

Cboe has resubmitted 19b-4 filings with the Securities and Exchange Commission (SEC) to launch a spot Solana exchange-traded fund (ETF) in the US. The filings were submitted on January 28 on behalf of four asset managers.

It marks a crucial step in seeking approval from the SEC, which rejected similar applications in 2024.

Solana ETFs Regain Momentum with New Filing

The exchange has refiled 19b-4 filings for Solana ETFs on behalf of Bitwise, VanEck, 21Shares, and Canary Capital. The SEC’s previous rejection of these applications prompted the resubmission.

“They were denied. So they have to try again by refiling in order to potentially win SEC approval,” Bloomberg’s ETF analyst James Seyffart wrote on X (formerly Twitter).

The next step is for the SEC to review the Solana ETF filing resubmissions to ensure compliance with securities laws. This process includes publishing the proposals in the Federal Register for public comment. The SEC typically has 45 days to assess the filings, though this period can be extended.

Once the public comment period concludes, the SEC will decide whether to approve, disapprove, or modify the proposed rule changes. If approved, the spot Solana ETFs could be launched.

If the SEC rejects the proposal, the exchange can either appeal the decision, attempt to address the SEC’s concerns, or resubmit a revised proposal.

Notably, this time, the filings come under the leadership of Mark Uyeda. The SEC’s new acting chair is considered to be more crypto-friendly than the former chairman, Gary Gensler.

In a recent X post, Fox Business reporter Eleanor Terret shared her thoughts on this shift.

“New admin, new rules. Third times the charm?” the post read.

She clarified, however, that while the SEC’s attitude has changed, the rules themselves have not.

The SEC has also formed a crypto task force led by Commissioner Hester Peirce to establish clearer regulations for digital assets

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