The Chicago Board Options Exchange (Cboe) has initiated the regulatory process for Solana (CRYPTO:SOL) exchange-traded funds (ETFs) filed by VanEck and 21Shares.

These ETF applications are a significant step towards bringing Solana into the ETF market, following similar approvals for Bitcoin (CRYPTO:BTC) earlier this year.

The SEC has 240 days to review and decide on Cboe’s applications, setting a deadline of March 5, 2025.

Analysts speculate on potential impacts, including considerations around the upcoming US November election, which could influence regulatory attitudes towards crypto-related financial products.