Solana Spot ETF Approval Edges Closer Amid SEC Engagement

The approval of a Solana ($SOL) spot ETF is gaining traction as the U.S. Securities and Exchange Commission (SEC) has begun engaging with issuers on S-1 applications, according to Fox Business reporter Eleanor Terrett. Terrett shared on her X page that talks between SEC staff and prospective issuers, including VanEck, 21Shares, and Canary Funds, are “progressing,” with 19b4 filings expected from exchanges soon.

Bitwise also recently signaled its intent to join the race by filing a Solana ETF Trust registration in Delaware, per state department filings.

Once the 19b4 forms are filed, the SEC will have 240 days to approve or deny the applications. While prior attempts to list Solana ETFs were withdrawn in August amid regulatory pushback, the current discussions suggest a shift in the SEC’s stance.

Back in September, Bitwise Head of Product Chanchal Samadder spoke exclusively to Solanafloor about the challenges of gaining approval for a Solana ETF. “One of the critical factors was that it [Ethereum] had a regulated futures, CFTC-regulated futures on the CME. I think for a Solana ETF in the U.S., you're probably going to need that, or some kind of change in regulation in terms of how you file these products with the regulator,” he said.

However, Bitwise’s entry into the Solana ETF race suggests this hurdle may no longer be an obstacle. Adding to the momentum, NYSE Arca filed on November 15 to list the Bitwise 10 Crypto Index Fund (BITW) as an exchange-traded product (ETP), further indicating a shift toward broader crypto product acceptance in traditional markets.

Anticipation builds after the U.S. election

This development comes in the wake of Donald Trump’s re-election, which has fueled optimism for pro-crypto policy changes. Trump has criticized current SEC Chair Gary Gensler’s stringent approach to crypto and pledged to replace him to make the U.S. a global leader in blockchain innovation.

Bloomberg analysts Matthew Sigel and Eric Balchunas previously speculated that a Trump presidency could streamline the regulatory process, predicting a Solana ETF approval as early as 2025.

A path forward for Solana?

The SEC had previously categorized Solana as a security in its lawsuit against major crypto exchanges. However, recent reports suggest that agency staff are now engaging more constructively with issuers. This shift, combined with a potential administrative overhaul, is boosting confidence that a Solana ETF could become a reality.

While optimism is rising, the SEC’s ultimate decision remains uncertain. The 19b4 filings will mark a critical step in the process, signaling whether regulatory hurdles can finally be overcome.