SEC Ponders Solana ETF Trading: Crypto Meets Stodgy Stock Rules
Published Date: 5/23/2025
Notice
Summary
The Cboe BZX Exchange wants to start trading shares of the 21Shares Core Solana ETF, a fund tied to the Solana cryptocurrency. The SEC is now deciding whether to approve or reject this plan, with a decision expected by May 19, 2025. If approved, investors will get a new way to invest in Solana through the stock market, potentially impacting trading and investment options.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
Trust Will Hold SOL, Cash Only
The 21Shares Core Solana ETF (the Trust) will hold SOL and value its shares daily based on the CME CF Solana-Dollar Reference Rate; the Trust's assets will consist only of SOL, cash, and cash equivalents. When the Trust sells or redeems Shares, it will do so in cash transactions with authorized participants in blocks of 10,000 Shares.
New Exchange-Traded Solana Option
If the SEC approves the proposal, investors would be able to buy and sell shares of the 21Shares Core Solana ETF on the Cboe BZX Exchange as a way to gain exposure to SOL through the stock market. The Commission is deciding whether to approve or disapprove the listing, with a decision point noted as May 19, 2025.
SEC Proceedings and Comment Deadlines
The SEC instituted proceedings under Section 19(b)(2)(B) on May 19, 2025 to determine whether to approve or disapprove the proposed listing. Interested persons may submit written comments by June 13, 2025 and rebuttals by June 27, 2025.
SEC Requests Comments on Fraud and Manipulation
The Commission is asking commenters to address whether listing an ETF that would hold SOL is designed to prevent fraudulent and manipulative acts and practices and whether it raises any new or novel concerns. Comments are requested by June 13, 2025, with rebuttals due June 27, 2025.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163 — The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-12252 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange Fee Schedule To Establish Fees for the Trade-by-Trade Report
MIAX Pearl Options Exchange is adding new fees for their Trade-by-Trade Report starting now. Traders and firms who want this detailed report will pay a monthly subscription or a fee for one-time historical data requests, with discounts if they also buy related reports. This change helps the Exchange cover costs and keeps data access clear and fair.
2026-12260 — Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend its Rules Related to Market Makers
The Long-Term Stock Exchange (LTSE) wants to update its rules for Market Makers—those who help keep trading smooth and steady. They’re adding clear definitions, setting up a new registration system, and creating fresh responsibilities for Market Makers and their traders. These changes aim to make trading fairer and more organized, with no big cost changes expected, and they’re open for public comments now.
Previous / Next Documents
Previous: 2025-09252 — Submission for OMB Review; Comment Request
The Department of Agriculture is asking for public feedback on a paperwork update related to rural business agreements. This affects folks involved in rural development who might need to fill out forms, but the goal is to make the process easier and clearer. Comments are open until June 23, 2025, so don’t miss your chance to weigh in!
Next: 2025-09254 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the Bitwise Solana ETF Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares
The SEC is deciding whether to approve the Cboe BZX Exchange’s plan to list and trade shares of the Bitwise Solana ETF, a new fund tied to the Solana cryptocurrency. This affects investors interested in crypto ETFs and could open up fresh trading options soon. The decision will be made by May 19, 2025, and could impact how easily people buy and sell these shares.