Canary

Solana

<ul>
 <li>Canary Capital has filed for a Solana ETF with the U.S. Securities and Exchange Commission.&nbsp;, joining VanEck and 21Shares.</li>
 <li>However, regulatory uncertainties persist. In its 2023 case against Binance, the SEC classified Solana as a security, casting doubt on how Solana ETFs would be regulated or even accepted.</li>
</ul>
Canary Capital is doubling down on its bullish bet on ETFs. This comes after the firm <a href="https://x.com/JSeyff/status/1851731703267758108" target="_blank" rel="noopener noreferrer nofollow">applied</a> for a Spot Solana ETF with the U.S. Securities and Exchange Commission.&nbsp;&nbsp;
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 Update: <a href="https://twitter.com/CanaryFunds?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@CanaryFunds</a> just filed for a Solana ETF <a href="https://t.co/3OhdfaKVrw" rel="noopener noreferrer nofollow">pic.twitter.com/3OhdfaKVrw</a>
 — James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1851731703267758108?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 30, 2024</a>
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This isn’t the firm’s first attempt at a crypto ETF this year. Canary Capital has previously <a href="https://www.ethnews.com/canary-capital-files-s-1-for-litecoin-etf-just-days-after-xrp-etf-submission/" target="_blank" rel="noopener noreferrer nofollow">filed</a> for both XRP and <a href="https://www.ethnews.com/litecoin-etf-approval-very-soon-says-founder-amid-canary-capitals-filing/" target="_blank" rel="noopener noreferrer nofollow">Litecoin ETFs.</a>
Leading back to Solana ETF, Canary Capital filed for the SOL ETF through an S-1 registration statement on October 30 but it’s not the first firm to apply. Both VanEck and 21Shares have also submitted applications for their own Solana ETFs.
According to the firm, Canary capital has been drawn by Solana’s strength, in a manner in which it can process thousands of transactions per second (TPS) at a fraction of the cost of other blockchains.&nbsp;
In its filing, Canary noted, “Solana’s robust DeFi ecosystem has led to strong sustained on-chain analytics as measured by transactions per day,”
It is worth mentioning that as<a href="https://www.ethnews.com/ethereum-fud-intensifies-as-solana-bulls-tighten-grip-pressuring-eth-further/" target="_blank" rel="noopener noreferrer nofollow"> earlier reported</a>, the competition between Solana and Ethereum is getting more intense daily. Solana is one of the networks that has proven to be a formidable rival to Ethereum since its launch.
On-chain data shows that the Layer-1 Solana blockchain has surpassed Ethereum in daily transaction fee generation. In the last 24 hours, the popular <a href="https://www.ethnews.com/how-ethereum-maintains-its-lead-in-social-and-development-spheres-over-solana/" target="_blank" rel="noopener noreferrer nofollow">“Ethereum Killer”</a> generated over $2.54 million worth of fees.
<h3 id="b-vaeck-files-for-a-solana-etf-b">VaECk Files for a Solana ETF</h3>
This isn’t the first attempt to launch a Solana ETF. In June, asset management firm VanEck also filed for a Solana ETF. spite the removal of Cboe Global Markets’ regulatory filing to list VanEck’s Solana ETF on its exchange, VanEck’s head of digital assets research, Matthew Sigel, confirmed that their Solana ETF plans are “still in play.”
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 Some have noticed that the 19b-4 for the VanEck Solana ETF has been removed from the CBOE website. Remember that Exchanges like Nasdaq &amp; CBOE file rule changes (19b-4) to list new ETFs. Issuers like VanEck are responsible for the prospectus (S-1). Ours remains in play. <a href="https://t.co/9rbSHciSdy" rel="noopener noreferrer nofollow">https://t.co/9rbSHciSdy</a>
 — matthew sigel, recovering CFA (@matthew_sigel) <a href="https://twitter.com/matthew_sigel/status/1825630561865715912?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 19, 2024</a>
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Sigel explained that while exchanges like Nasdaq and Cboe file rule changes known as 19b-4s to list new ETFs, issuers like VanEck are responsible for the prospectus (S-1) filings. Thus, VanEck’s application remains active and under review.
However, regulatory uncertainties persist. In its 2023 case against Binance, the SEC classified Solana as a security, casting doubt on how SOL ETFs would be regulated. Despite these, some analysts believe that the SEC’s approval of Bitcoin and Ethereum spot ETFs could pave the way for SOL ETFs.
Additionally, the upcoming U.S. presidential election might influence the regulatory environment for crypto ETFs. According to Bloomberg Senior ETF Analyst Eric Balchunas, a Trump administration might favor a more crypto-friendly SEC chair, which could increase the likelihood of Solana ETF approvals.
Meanwhile, SOL is swapping wallets with $173.88 marking a 2.70% decline in the last 24 hours.&nbsp;
The post <a href="https://www.ethnews.com/new-solana-etf-application-filed-by-canary-capital-as-vaneck-still-in-play/" rel="noopener noreferrer nofollow">New Solana ETF Application Filed by Canary Capital as VanEck “still in play”</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

New Solana ETF Application Filed by Canary Capital as VanEck “still in play”

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