Why Cboe BZX is Refiling for a Solana ETF – A Sign of Change?
I've been closely following the developments around crypto ETFs, and the latest news about Cboe BZX refiling for a Solana ETF has definitely caught my attention. We’ve already seen Bitcoin ETFs approved and Ethereum ETFs moving forward, so the question arises: Is Solana next?
From my perspective, this filing is a significant step, but I still have mixed feelings about whether the SEC will actually approve it anytime soon. While good reasons exist to be optimistic, the regulatory hurdles remain real.
🏛 Why Was Solana ETF Previously Rejected?
The SEC has rejected Solana ETF applications before, and I don’t think that was just a formality. The main issues regulators have raised include:
Potential Market Manipulation – The SEC believes Solana’s market isn’t as transparent as Bitcoin or Ethereum, making it more susceptible to price manipulation.
Is SOL a Security? – This is the biggest issue. If Solana is classified as a security, it will face much tougher regulations.
A General Lack of Precedent – While Bitcoin ETFs are now mainstream and Ethereum ETFs are gaining traction, the SEC is still hesitant to approve more altcoins.
I personally think the security classification issue is the biggest roadblock. If the SEC decides Solana is a security, then this ETF won’t happen anytime soon.
📑 Why is Cboe BZX Refiling Now?
Despite past rejections, I see a few reasons why Cboe BZX and major asset managers (Bitwise, VanEck, 21Shares, Canary Capital) are pushing for this ETF again:
1️⃣ Gary Gensler is Leaving the SEC
This is huge news. Gary Gensler has been one of the most crypto-skeptical figures in U.S. financial regulation. He is stepping down in January 2025, and I think his departure could open the door for a more favorable regulatory environment.
2️⃣ Ethereum ETF Was Approved
The SEC approved Ethereum ETFs in 2024, which tells me that crypto ETFs beyond Bitcoin are now possible. Solana is arguably the strongest Layer-1 competitor to Ethereum, so why shouldn’t it be next?
3️⃣ Institutional Interest is Skyrocketing
One thing is clear to me: institutional investors want exposure to Solana. The Solana ecosystem has grown far beyond just an "Ethereum alternative"—it's now home to major DeFi platforms, NFT markets, and even some of the fastest-growing meme coins.
The demand is there, and I think the SEC will have a harder time ignoring it as more institutions push for regulated investment options.
🔮 Do I Think the SEC Will Approve It?
Honestly, I’m 50/50 on this. I see good reasons for approval and some major roadblocks that could delay things for another year or two.
✅ Reasons I Think It Could Be Approved:
✔️ New SEC leadership might be more crypto-friendly.
✔️ The SEC has already allowed Ethereum ETFs, setting a precedent.
✔️ Institutional pressure is growing, and ignoring it forever isn't realistic.
❌ Reasons I’m Still Skeptical:
✖️ The "security" question is still unresolved. If the SEC decides SOL is a security, the ETF is dead in the water.
✖️ The SEC is slow. Even if approval is possible, the process could take a long time.
✖️ Ethereum just got approved, and regulators might not want to rush into another crypto ETF so soon.
If I had to make a prediction, I’d say a Solana ETF probably won’t be approved in early 2025, but the chances improve significantly in the second half of the year or in 2026.
💡 Final Thoughts: My Take on Solana’s Future
I personally believe that it’s only a matter of time before a Solana ETF is approved. Maybe not immediately, but the demand is there, the ecosystem matures, and the regulatory environment is slowly shifting.
Even if this ETF isn’t approved immediately, I think the fact that Cboe BZX is refiling shows that the momentum is building. At some point, the SEC will have to accept that crypto ETFs beyond Bitcoin and Ethereum are inevitable.
For now, I’ll be closely examining how the SEC reacts to this filing. If they delay but don’t outright reject it, that’s a bullish sign.
📢 What do you think? Will the SEC approve a Solana ETF in 2025, or are we looking at another delay? Let’s discuss it! 🚀