People familiar with the matter: Negotiations between the US SEC and issuers who want to launch SOL spot ETFs are "making progress"

PANews reported on November 21 that according to Fox Business reporter Eleanor Terrett, two people familiar with the matter revealed that the negotiations between the US Securities and Exchange Commission (SEC) staff and the issuers who want to launch the SOL spot ETF are "making progress" and the SEC is currently processing the S-1 application. The two people said that in the next few days, we will "very likely" see the exchange submit some 19b4 documents on behalf of potential issuers-this is the next step in the ETF approval process.

Currently, VanEck, 21Shares, and Canary Capital have all filed S-1 documents for the Solana ETF, and Bitwise announced its intention to file an S-1 document yesterday. The 19b4 document will be submitted by an exchange (such as CBOE) on behalf of the issuer, requesting the SEC to allow it to list a potential ETF. Once the SEC confirms receipt of the document, a 240-day window will open during which the SEC can approve or reject these products.

Filing a 19b4 does not guarantee SEC approval. In fact, previous 19b4 filings by VanEck and 21Shares were removed from the CBOE website in August, with some industry insiders speculating that the SEC under Gary Gensler was less inclined to approve such listings. Now, issuers say that recent staff engagement, coupled with the upcoming pro-cryptocurrency management, is fueling new optimism that the Solana ETF could be approved sometime in 2025.