The race for Solana-based ETFs has rekindled thanks to the recent revisions made by the BZX Exchange on Tuesday for four key investment firms.

The change submitted fresh 19b-4 papers for the Coral Solana Trust, Binary Solana ETF, 21Shares Core Solana ETF, and VanEck Solana Trust.

With these programs, the Securities and Exchange Commission may resume its position Solana expense product review process. It comes after the firm’s request last year saw the removal of earlier programs.

If approved, these Stocks could expand access to the modern commodity market and give traditional buyers exposure to Solana without holding the crypto directly.

The most recent papers are a result of the recent bitcoin ETF certifications, with products like Bitcoin and Ethereum receiving SEC approval in early 2024.

But, unlike the country’s two-largest cryptocurrencies, Solana faces special regulation barriers.

The main issue is whether Solana qualifies as a product or safety, a variation that proved crucial in earlier industry-related ETF approvals.

Both the VanEck Solana Trust and the Coral Solana Trust are requesting authorization under commodity-based believe frameworks.

The proposals refute Bitcoin and Ether ETF techniques, arguing that SOL’s distributed construction and proof-of-stakes consensus make it a commodity.

Both ideas, citing trading volume and round-the-clock world markets, support manipulation can be prevented without the surveillance-sharing partnerships typically required by the SEC, based on the documents listed by Cboe BZX and reviewed by .

While making compelling arguments about SOL’s product position and market age, the propositions reveal different ways to approach regulatory issues.

VanEck emphasizes the decline in ownership concentration and validation freedom, which provided data showing that the top budget holdings dropped to 26.5 % last year.

Canary, on the other hand, concentrates on functional safeguards like detailed NAV ( net asset value ) calculations and segregated cold storage, where both partners carefully position their goods within established crypto-commodity ETF systems.

However, Grayscale has individually pursued its own Solana ETF interests. The company filed a document in December to change its previous Solana Trust to an ETF listed on NYSE Arca.

The push comes as Solana maintains its position as the third-largest bitcoin, with a business valuation exceeding$ 111 billion, according to statistics from CoinGecko.

Daily Debrief Newsletter

Start every day with the best news stories right now, plus unique characteristics, a audio, video and more.

Share This Story, Choose Your Platform!