Cboe BZX Exchange, a US securities exchange, has requested permission to list a proposed Fidelity exchange-traded fund (ETF) holding Solana (SOL), according to March 25 filings.
The request now sits with the US Securities and Exchange Commission, which must approve the filing before trading of the Fidelity Solana Fund can commence on the exchange.
This is the latest in a spate of filings with the federal agency by exchanges and fund sponsors seeking to launch ETFs holding SOL and other cryptocurrencies.
On March 12, Cboe filed to list another spot SOL ETF sponsored by asset manager Franklin Templeton.
Related: Solana CME futures tip impending US ETF approvals — Exec
Numerous filings
Cboe’s filing comes after asset manager Volatility Shares launched an ETF using financial derivatives known as futures to track the performance of spot SOL.
Launched in March, Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT) are the first ETFs providing US investors with exposure to Solana’s native token. The SOLT ETF tracks SOL’s performance with 2x leverage.
Analysts at Bloomberg Intelligence peg the odds at 70% that US regulators approve a spot SOL ETF this year, according to a February post on the X platform.
Other asset managers seeking to list spot SOL ETFs include Grayscale, VanEck, 21Shares, Canary and Bitwise, according to Bloomberg Intelligence.
On March 17, the Chicago Mercantile Exchange (CME), the US’s largest derivatives exchange, launched SOL futures contracts. Experts say this is further indication that spot SOL ETFs will soon be approved in the US.
Roughly a dozen asset managers are seeking the SEC’s approval to launch altcoin ETFs in the US. The proposed ETFs for altcoins range from Litecoin (LTC) and XRP (XRP) to Dogecoin (DOGE) and Official Trump (TRUMP).
Issuers are also asking for the SEC to approve changes to existing ETFs, including allowances for staking, options and in-kind redemptions.
The SEC eased its stance on cryptocurrency after US President Donald Trump began his second term in January.
Under former President Joe Biden, the SEC brought upwards of 100 lawsuits against crypto firms, alleging various securities law violations. In 2024, the regulator greenlighted spot Bitcoin (BTC) and Ether (ETH) ETFs but stymied proposed ETFs tied to other cryptocurrencies.
Magazine: Memecoins are ded — But Solana ‘100x better’ despite revenue plunge
United States cryptocurrency regulations need more clarity on stablecoins and banking relationships before lawmakers prioritize tax reform, according to industry leaders and legal experts.
“In my view, tax isn’t necessarily the priority for upgrading US crypto regulation,” according to Mattan Erder, general counsel at layer-3 decentralized blockchain network Orbs.
A “tailored regulatory approach” for areas including securities laws and removing “obstacles in banking” is a priority for US lawmakers with “more upside” for the industry, Erder told Cointelegraph.
“The new Trump administration is clearly all in on crypto and is taking steps that we could have only dreamed about a few years ago (including during his first term),” he said. “It seems likely that crypto regulation will be able to have it all and get much more clear and rational regulation in all areas, including tax.”
Still, Erder noted there are limits to what President Donald Trump can accomplish through executive orders and regulatory agency action alone. “At some point, the laws themselves will need to change, and for that, he will need Congress,” he said.
Trump’s March 7 executive order, which directed the government to establish a national Bitcoin reserve using crypto assets seized in criminal cases, was seen as a signal of growing federal support for digital assets.
Related: Trump turned crypto from ‘oppressed industry’ to ‘centerpiece’ of US strategy
Debanking concerns remain
Despite the administration’s recent pro-crypto moves, industry experts say crypto firms may continue to face difficulties with banking access until at least January 2026.
“It’s premature to say that debanking is over,” as “Trump won’t have the ability to appoint a new Fed governor until January,” Caitlin Long, founder and CEO of Custodia Bank, said during Cointelegraph’s Chainreaction daily X show.
The Crypto Debanking Crisis: #CHAINREACTION https://t.co/nD4qkkzKnB
— Cointelegraph (@Cointelegraph) March 21, 2025
Industry outrage over alleged debanking reached a crescendo when a June 2024 lawsuit spearheaded by Coinbase resulted in the release of letters showing US banking regulators asked certain financial institutions to “pause” crypto banking activities.
Related: Bitcoin may benefit from US stablecoin dominance push
Stablecoin legislation could unlock new growth
David Pakman, managing partner at crypto investment firm CoinFund, said a stablecoin regulatory framework could encourage more traditional finance institutions to adopt blockchain-based payments.
“Some of the potentially soon-to-pass legislation in the US, like the stablecoin bill, will unlock many of the traditional banks, financial services and payment companies onto crypto rails,” Pakman said during Cointelegraph’s Chainreaction live X show on March 27.
“We hear this firsthand when we talk to them; they want to use crypto rails as a lower-cost, transparent, 24/7, and no middleman-dependent network for transferring money.”
The comments come as the industry awaits progress on US stablecoin legislation, which may come as soon as in the next two months, according to Bo Hines, the executive director of the president’s Council of Advisers on Digital Assets.
The GENIUS Act, an acronym for Guiding and Establishing National Innovation for US Stablecoins, would establish collateralization guidelines for stablecoin issuers while requiring full compliance with Anti-Money Laundering laws.
Magazine: SEC’s U-turn on crypto leaves key questions unanswered
Politics
Gig economy bosses could face jail time if they fail to check employers can legally work in UK
Company bosses hiring in the gig economy could face up to five years in prison if they fail to check if their employees can legally work in the UK, the Home Office has said.
The employers could also be banned from operating as company directors, have their business closed down, or be hit with fines of up to £60,000 for every worker who isn’t checked as part of the government crackdown.
The announcement comes as Home Secretary Yvette Cooper prepares to speak to Sky News breakfast show Sunday Morning with Trevor Phillips today.
Her department has said “thousands” of companies which hire gig economy and zero-hour contract workers are not legally required to check whether they have the right to work in the UK.
Politics latest: Follow live updates
The gig economy refers to an employment arrangement where work is assigned on a short-term or job-by-job basis in sectors such as construction, food delivery, beauty salons and courier services.
Food delivery firms Deliveroo, Just Eat and Uber Eats all use this approach to employment.
However, all three of those employers already voluntarily carry out checks to ensure their delivery riders are eligible to work in the UK.
The Home Office has now announced that all employers who hire gig economy or zero-hour contract workers will have to carry out these “vital checks” which take “just minutes to complete”.
This amendment to the Border Security, Asylum and Immigration Bill will help “level the playing field for the majority of honest companies who do the right thing”, the government department added.
The Home Office said it will provide the checks free of charge and that “clamping down” on illegal working forms a “critical part of the government’s plan to strengthen the entire immigration system”.
The move is also intended to “undermine people smugglers using the false promise of jobs for migrants”, it added.
Watch Yvette Cooper on Sky News’ Sunday Morning with Trevor Phillips show from 8.30am
Ms Cooper said: “Turning a blind eye to illegal working plays into the hands of callous people smugglers trying to sell spaces on flimsy, overcrowded boats with the promise of work and a life in the UK.
“These exploitative practices are often an attempt to undercut competitors who are doing the right thing. But we are clear that the rules need to be respected and enforced.”
Read more politics news:
What Labour is doing to keep welfare rebels quiet
The ‘horrific’ content teens are being exposed to online
PM says national interest ‘must come first’ amid Trump tariffs
Meanwhile the government is preparing to host the first international summit in the UK on how to tackle people-smuggling gangs.
Ministers and enforcement staff from 40 countries will meet in London on Monday and Tuesday to discuss international cooperation, supply routes, criminal finances and online adverts for dangerous journeys.
Countries including Albania, Vietnam and Iraq – where migrants have travelled from to the UK – will join the talks as well as France, the US and China.
The government will also hand counter-terror style powers to police and enforcement agencies to crack down on people-smuggling gangs as part of amendments to the bill.
Institutional adoption of Bitcoin in the European Union remains sluggish, even as the United States moves forward with landmark cryptocurrency regulations that seek to establish BTC as a national reserve asset.
More than three weeks after President Donald Trump’s March 7 executive order outlined plans to use cryptocurrency seized in criminal cases to create a federal Bitcoin (BTC) reserve, European companies have largely remained silent on the issue.
The stagnation may stem from Europe’s complex regulatory regime, according to Elisenda Fabrega, general counsel at Brickken, a European real-world asset (RWA) tokenization platform.
“European corporate adoption remains limited,” Fabrega told Cointelegraph, adding:
“This hesitation reflects a deeper structural divide, rooted in regulation, institutional signaling and market maturity. Europe has yet to take a definitive stance on Bitcoin as a reserve asset.”
Bitcoin’s economic model favors early adopters, which may pressure more investment firms to consider gaining exposure to BTC. The asset has outperformed most major global assets since Trump’s election despite a recent correction.
Asset performance since Trump’s election victory. Source: Thomas Fahrer
Despite Trump’s executive order, only a small number of European companies have publicly disclosed Bitcoin holdings or crypto services. These include French banking giant BNP Paribas, Swiss firm 21Shares AG, VanEck Europe, Malta-based Jacobi Asset Management and Austrian fintech firm Bitpanda.
A recent Bitpanda survey suggests that European financial institutions may be underestimating crypto investor demand by as much as 30%.
Related: Friday’s US inflation report may catalyze a Bitcoin April rally
Europe’s “fragmented” regulatory landscape lacks clarity
The EU’s slower adoption appears tied to its patchwork of regulations and more conservative investment mandates, analysts at Bitfinex told Cointelegraph. “Europe’s institutional landscape is more fragmented, with regulatory hurdles and conservative investment mandates limiting Bitcoin allocations.”
“Additionally, European pension funds and large asset managers have been slower to adopt Bitcoin exposure due to unclear guidelines and risk aversion,” they added.
Related: Bitcoin ‘more likely’ to hit $110K before $76.5K — Arthur Hayes
Beyond the fragmented regulations, European retail investor appetite and retail participation are generally lower than in the US, according to Iliya Kalchev, dispatch analyst at digital asset investment platform Nexo.
Europe is “generally more conservative in adopting new financial instruments,” the analyst told Cointelegraph, adding:
“This stands in stark contrast to the deep, liquid, and relatively unified US capital market, where the spot Bitcoin ETF rollout was buoyed by strong retail demand and a clear regulatory green light.”
iShares Bitcoin ETP listings. Source: BlackRock
BlackRock, the world’s largest asset manager, launched a Bitcoin exchange-traded product (ETP) in Europe on March 25, a development that may boost institutional confidence among European investors.
Magazine: Bitcoiner sex trap extortion? BTS firm’s blockchain disaster: Asia Express
-
Sports2 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports12 months agoStory injured on diving stop, exits Red Sox game
-
Sports1 year agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike
-
Business3 years agoBank of England’s extraordinary response to government policy is almost unthinkable | Ed Conway