Cboe Pushes to Launch First SOL Spot ETFs!
Cboe is actively working to favour the approval for a Solana spot ETF product application.
The United States Securities and Exchange Commission (SEC) has received applications for Solana spot ETFs from multiple asset managers, including VanEck and 21Shares. This is part of the broader interest in creating exchange-traded funds (ETFs) based on the Solana cryptocurrency.
In the latest developments, the Chicago Board Options Exchange (Cboe) has asked the U.S. SEC to list ETFs linked to Solana from VanEck and 21Shares. This request starts a timeline where the SEC has 240 days to approve or deny it.
Solana spot ETF approval chances
It is worth noting that currently, the majority of ETF experts are uncertain whether the US SEC will greenlight these applications because Solana’s legal status under the SEC’s purview is not clear enough. In many of its suits against crypto companies, the SEC has mentioned SOL as an unregistered security token.
However, some experts believe that the SEC will reach a decision favourable to the Solana spot ETF applications because next year there will be a new set of rules and laws under the leadership of a new president.
Many ETF experts and crypto enthusiasts have said that the SEC might approve the Solana spot ETF if the new president of the USA is Donald Trump.
Currently, Donald Trump is leading in the US presidential election campaign and is receiving huge support from the American population. There are significant chances that he will secure victory in the election. Trump has already called on people to vote for him if they want crypto adoption under the US.
Sol price action
The current trade price of Sol coin is $139 & this price is 27% up year to date.
In the last 30 days, the trade price of this cryptocurrency faced significant downfall.
Read also: Messi Takes a Dive into Crypto: Promotes Solana’s WaterCoin (WATER) on Instagram!
