Gensler announces departure date as Solana ETF regulatory filings pour in

a self-regulatory organization such as a financial regulatory body or stock exchange. These filings are different from S-1 registration statements, which were previously submitted by VanEck, 21Shares, and later by Canary Capital for their Solana ETFs. Bitwise also joined the fray by registering a statutory trust in Delaware for a spot Solana ETF and filing its S-1. It’s worth mentioning that these filings coincided with the announcement of the resignation of SEC Chair Gary Gensler.

Gensler’s departure has sparked speculation about a potential shift towards a more favorable regulatory environment for cryptocurrencies. This could lead to an increase in the number of crypto ETF filings, similar to the ones we saw on Nov. 21st. A 21Shares spokesperson expressed optimism about Solana’s inclusion as a commodity in an ETF, citing legal precedents that support this classification.

In addition to Solana, asset managers have also submitted filings for spot XRP and Litecoin ETFs. Franklin Templeton has applied for a crypto index ETF, but the SEC has postponed a decision on this until early January 2025. While some industry analysts anticipate smaller inflows into approved spot Solana ETFs compared to Bitcoin and Ether ETFs, Solana has been a standout performer this bull cycle, with an increase of over 2,500% to $254.71. The current price is just 1.2% below its all-time high set in November 2021.

Overall, the recent flurry of ETF filings indicates a growing interest in cryptocurrencies like Solana, as market participants navigate evolving regulatory landscapes and potential investment opportunities.