The Chicago Board Choices BZX Trade (Cboe) has submitted an software on behalf of asset supervisor Franklin Templeton to checklist a Solana (SOL) exchange-traded fund (ETF) in the US.
In response to the March 12 filing, Franklin Templeton’s proposed ETF will maintain spot SOL, and the submitting inspired the Securities and Trade Fee to permit the fund to stake its underlying crypto for added rewards.
“Not staking the Fund’s SOL would quantity to waiving the Fund’s proper to free extra SOL, an act analogous to an fairness ETP refusing dividends from the businesses it holds,” the submitting learn.
Franklin Templeton registered a Solana trust on Feb. 10, becoming a member of the ranks of Grayscale, Bitwise, VanEck, 21Shares and Canary Capital, who've all utilized to checklist Solana-based funding automobiles.
Solana was one of many digital property US President Donald Trump named for inclusion in the US crypto stockpile earlier than pulling again to include only tokens seized by enforcement actions.
The Solana ETF software filed on behalf of Franklin Templeton. Supply: Cboe
Associated: Franklin Templeton launches US gov’t money fund on Solana
Choices on crypto ETFs delayed
Former SEC Chair Gary Gensler’s resignation in January 2025 sparked a torrent of crypto ETF filings, together with a number of Solana-based merchandise from asset managers anticipating a extra relaxed regulatory local weather.
Nonetheless, on March 11, the SEC introduced it had delayed the decision on a number of altcoin ETFs, together with purposes for Solana, Litecoin (LTC), Dogecoin (DOGE) and XRP (XRP) merchandise.
The monetary regulator mentioned it wanted extra time to judge the rule change approving the proposals.
In response to Bloomberg ETF analyst James Seyffart, this prolonged deliberation was customary process, and he argued that this doesn’t have an effect on the excessive probability of the ETF purposes being permitted.
The analyst added that the ultimate approval deadline for these altcoin ETFs wasn’t till October 2025.
Franklin Templeton CEO Jenny Johnson believes the Trump administration will observe by on the president’s pro-crypto agenda and integrate traditional financial systems with crypto.
“I do suppose that it’s possible that ETFs and mutual funds will finally be constructed on blockchain simply because it’s an extremely environment friendly expertise,” Johnson instructed Bloomberg in a Jan. 21 interview.
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