Canary Capital Group Files for Spot SOL ETF with SEC
This week, Canary Capital Group filed for a spot SOL ETF with the SEC, following VanEck's earlier filing. This development is noteworthy as it reflects ongoing interest in Solana-based investment vehicles.
The filing may be influenced by potential changes in US securities oversight depending on the outcome of next week's election. Republican SEC commissioners believe investors should assess product merits rather than regulators. If Donald Trump wins, current Chair Gary Gensler could face job loss.
However, the SEC's position that SOL is a security remains a major obstacle. Despite this, the agency's efforts to clarify its stance on “crypto asset securities” indicate shifting dynamics in regulation.
Historically, the path for bitcoin ETFs appeared bleak around 2014/2015, yet options for spot bitcoin and ether ETFs have since emerged. This does not ensure success for a Solana ETF but also does not eliminate the possibility.
SEC Commissioner Hester Pearce highlighted the complexities of determining what constitutes a security in the crypto space, emphasizing the need to apply existing precedents to current facts.
The upcoming election will likely play a crucial role in shaping the future of Solana ETF applications.