The Chicago Board Options BZX Exchange (Cboe) has submitted an application on behalf of asset manager Franklin Templeton to list a Solana (SOL) exchange-traded fund (ETF) in the United States.

The filing, submitted on March 12, marks another push for expanding crypto investment vehicles beyond Bitcoin and Ethereum.

A 19b-4 filing is the second step in proposing a crypto ETF to the SEC.

Once the SEC acknowledges it, the filing is published in the Federal Register, triggering the approval process.

The proposed ETF will hold Solana’s spot and encourage the Securities and Exchange Commission (SEC) to allow the staking of its underlying assets for additional rewards.

Franklin Templeton compared staking rewards to stock dividends, arguing that “not staking the Fund’s SOL would amount to waiving the Fund’s right to free additional SOL.”

Crypto ETF filings under Trump 2.0

Franklin Templeton registered a Solana trust on February 10, joining other firms like Grayscale, Bitwise, VanEck, 21Shares, and Canary Capital in pursuing Solana-based investment products.

The company’s Solana ETF filing follows its March 11 application for a spot XRP ETF, reflecting a broader trend of asset managers exploring altcoin ETFs amid shifting US regulatory attitudes.

Since President Donald Trump took office, crypto-friendly policies have fueled an influx of ETF applications beyond Bitcoin and Ethereum.

The administration’s stance has encouraged asset managers to seek approvals for products linked to a wider range of digital assets.

Franklin Templeton CEO Jenny Johnson remains confident in the long-term integration of blockchain into traditional finance.

In a January 21 interview with Bloomberg, Johnson stated, “I do think that it’s likely that ETFs and mutual funds will ultimately be built on blockchain just because it’s an incredibly efficient technology.”

While the SEC’s decision timeline remains uncertain, the increasing number of ETF filings reflects the growing demand for regulated crypto investment products in the US market.

SEC delays altcoin ETF decisions

Despite increased optimism, the SEC announced on March 11 that it was delaying its decision on several altcoin ETFs, including those for Solana, Litecoin, Dogecoin, and XRP.

The regulator stated that it needed additional time to assess proposed rule changes.

The delay was widely anticipated, with industry observers expecting the SEC to hold off on approving additional crypto ETFs until President Donald Trump’s nominee for SEC chair, Paul Atkins, takes office.

Since Trump’s return to the White House, the SEC has seen a surge of altcoin-based ETF applications.

However, approval depends on several factors, including Atkins’ confirmation and clearer regulatory guidelines from the newly formed crypto task force.

Atkins’ confirmation process, however, has been progressing slowly.

Bloomberg ETF analyst James Seyffart noted that such delays were standard and did not diminish the likelihood of eventual approval.

He pointed out that the final approval deadline for these ETFs extends until October 2025.

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