Cboe BZX Resubmits Solana ETF Filings After 2024 SEC Rejection Setback

The Cboe BZX exchange has refiled for four Solana (SOL) exchange-traded funds (ETFs), marking a significant turnaround from last year's debacle, when the U.S. Securities and Exchange Commission (SEC) reportedly rejected the exchange's applications.

In August, it was reported that the SEC has rejected Cboe BZX's 19b-4 filings for two potential spot Solana ETFs following discussions between the regulator and applying issuers over concerns that SOL was a security.

Cboe BZX Regroups Under New SEC Leadership

The exchange's 19b-4 filings were supposedly denied under former SEC Chair Gary Gensler, who is deemed as a nemesis of the cryptocurrency industry for his leadership that prompted the regulatory agency to implement an enforcement-first approach toward digital assets.

On Tuesday, Cboe BZX resubmitted 19b-4 forms to list and trade shares for the following products:

• VanEck's Solana ETF
• Canary Capital's Solana ETF
• 21Shares' Solana ETF
• Bitwise Solana ETF

It is worth noting that to issue a crypto ETF, the SEC needs to approve 19b-4 filings (exchange's proposed rule changes), and S-1 filings (issuer's registration statement). Unless the regulator approves both forms, a proposed cryptocurrency ETF cannot go live.

Once approved, the ETFs will allow traditional investors to get exposure to SOL without directly holding the crypto – a scenario that blew up significantly with the approval of spot Bitcoin ETFs and Ethereum ETFs.

With Gensler gone from the SEC leadership, hopes are rising that a SOL ETF may be approved this year. Commissioner Mark Uyeda has been designated as the Acting Chair while the regulator waits for news on whether Donald Trump-nominated Paul Atkins will be confirmed by Congress.

On Polymarket, crypto bettors believe there is a staggering 86% chance a Solana ETF will be approved this year, representing a 28% rise in the last 24 hours. The figures from early Wednesday are still down from the peak of 96% last week.

A New Era of Crypto ETFs

Last year was the catalyst for crypto ETFs after BTC ETFs were approved in January, followed by the ETH ETFs approval a few months later. In 2025, things could get more interesting.

Since Trump secured the presidency in the 2024 elections, there have been multiple filings for crypto ETFs beyond Bitcoin and Ethereum. Most filings were around major altcoins such as XRP and SOL, but in recent weeks, a meme coin frenzy hit the issuer pool.

As of this week, there have been ETF filings for the following meme tokens: Official Trump (TRUM), Melania Meme (MELANIA), Dogecoin (DOGE), BONK, and POLKADOT.

It appears issuers are trying to gauge how the new SEC will react to the outpouring of crypto ETF applications. While meme coin ETFs may need more time for assessment, it remains to be seen whether the new SEC under pro-innovation leaders will be more open to discussing the matter with industry players.