Canary Solana Trust in SEC Limbo: More Crypto ETF Drama Unfolds
Published Date: 5/23/2025
Notice
Summary
The Cboe BZX Exchange wants to start trading shares of the Canary Solana Trust, a new commodity-based investment. The SEC is now deciding whether to approve or reject this plan, with a decision expected by May 19, 2025. If approved, investors could soon buy and sell these shares, potentially opening new ways to invest in Solana-related assets.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Potential New Solana Investment Shares
You could be able to buy and sell shares of the Canary Solana Trust if the SEC approves the Cboe BZX proposal. The Commission set May 19, 2025 as the date by which it would approve or disapprove the listing of these commodity-based trust shares.
Trust Structure, Pricing, and Creation Rules
If you invest in the Trust, its assets will consist only of SOL, cash, and cash equivalents and it will seek to track SOL using the CME CF Solana‑Dollar Reference Rate—New York Variant. The Trust will value its shares daily as of 4 p.m. ET, and when the Trust sells or redeems shares it will do so in cash transactions with authorized participants in blocks of 500 Shares.
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Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
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!
2026-05635, Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets
Starting March 23, 2026, the SEC and CFTC are making it clear that some crypto assets and transactions must follow federal securities laws. This means crypto companies and investors need to play by new rules to keep things fair and safe. Expect more transparency and possible costs for compliance as the government steps up oversight in the crypto world.
Previous / Next Documents
Previous: 2025-09255, 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 VanEck Solana Trust 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 VanEck Solana Trust, a new commodity-based investment. This affects investors interested in Solana-related assets and could open up fresh trading opportunities soon. The decision is expected by May 19, 2025, and could impact how easily people buy and sell these shares.
Next: 2025-09257, Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Amendment No. 3, and Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 3, To Amend Rules Regarding Position and Exercise Limits for Options on the Grayscale Bitcoin Trust and To Permit Flexible Exchange Options on the Grayscale Bitcoin Trust
NYSE Arca wants to change the rules for trading options on the Grayscale Bitcoin Trust, including how many options traders can hold and allowing more flexible trading choices. This affects investors and traders who deal with Bitcoin Trust options, potentially making trading easier and more flexible. The SEC is reviewing these changes now and will decide soon if they’re a go or no-go.