Part of the crypto community agrees that getting approval for a Solana ETF was never going to be easy.
➡ Solana ETF applications are no longer available on the Cboe website.
➡ “Solana has experienced several severe downtime incidents...”
➡ Solana’s positive performance in other countries may give a glimpse of hope towards a future approval.
Solana ETF applications are no longer listed on the Chicago Board Options Exchange (CBOE) website, sparking speculation that their listing may have been halted.
VanEck and 21Shares are among the firms that had applied for Solana ETFs, which many expected to be the next cryptocurrency-based product to enter the market after Bitcoin and Ethereum. It is now clear that Cboe's action has dented the chances of a Solana ETF. The Solana ETFs Forms 19b-4 submitted on July 8 by VanEck and 21Shares are no longer available on the Cboe website.
Cboe followed the applications of VanEck and 21Shares by filing for the listing of Solana ETFs. As part of this application, the exchange also allowed public comments in which there was a lot of positive sentiment towards Solana joining the ETF market. However, the unannounced disappearance of these applications from the Cboe website has created doubt.
The US SEC has not issued its own release on the applications yet. The agency did not release the Notices of Filing for these Solana ETF applications, an approach that is different from the one taken when handling Ethereum (ETH) ETF applications. When it comes to Ethereum, for example, the SEC started with the 19b-4 process and culminated in full approval. The move at the time was taken as a bull's sign for the crypto market.
In an interview, SEC Commissioner Hester Peirce said that she still needs some convincing to approve a Solana ETF. Solana must meet all SEC demands, including the financial rules, AML laws, and KYC procedures, and have solid proof of market demand, liquidity, and safe storage services.
Some in the crypto community agree that getting approval for a Solana ETF was never going to be easy. Besides the regulatory and market manipulation concerns, there is also the issue of the Solana network’s accuracy. Solana has had multiple major outages, with the full blockchain stopping at times for more than one day. According to Griffin Ardern, Head of Research & Options at BloFin,
“Solana has experienced several severe downtime incidents, and even the entire blockchain network has rolled back transactions or been unavailable for more than 24 hours. SOL issuers may need to prove that the Solana network is mature and stable enough and that the probability of similar incidents is ‘low enough for investors to accept’ to protect investors’ rights and interests better.”
VanEck’s Head of Research, Mathew Sigel, argued that since there is an Ethereum ETF, Solana should also be in the same market because the same qualities that make ETH a commodity are inherent in SOL.
Solana’s positive performance in other countries, such as Switzerland, Canada, and Brazil, may be an advantage. Brazil, for example, gave the green light to the first Solana ETF just weeks back. Success in these markets may help make the case for Solana’s listing of US ETFs. Showing that Solana can operate compliantly worldwide can help the process of getting approval in the United States.
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