Solana’s prospects for an exchange-traded fund (ETF) have taken a hit as forms for VanEck and 21Shares Solana ETFs were removed from the Chicago Board Options Exchange (CBOE) website. The unexpected removal has led to speculation that these ETFs may face significant delays or outright denial by the U.S. Securities and Exchange Commission (SEC).
Following the July 8 submissions, the Solana ETF filings had garnered attention, suggesting that Solana might join Bitcoin and Ethereum as a tradable crypto asset on traditional financial markets. However, the recent disappearance of the filings has cast doubt on this possibility, with experts suggesting that the SEC may not recognize Solana as a commodity, complicating its approval.
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Industry Reactions and SEC Stance
The removal of the forms has led to industry speculation, with some analysts interpreting this as an indication that Solana ETFs might not proceed under the current regulatory environment. While the SEC has not officially commented on the matter, the lack of progress echoes earlier concerns about the regulatory challenges facing crypto ETFs, particularly for assets like Solana, which have experienced network reliability issues.
Global Context and Future Implications
Despite the setbacks in the U.S., Solana has seen success in other global markets, including Switzerland, Canada, and Brazil. These international successes could potentially strengthen Solana’s case for ETF approval in the U.S., though significant challenges remain. The evolving regulatory landscape will play a crucial role in determining whether Solana can overcome these hurdles and secure a spot in the ETF market.
