Cboe Submits Canaray Bitcoin ETF and Invesco Galaxy Solana ETF Applications to SEC

On July 29th, the Cboe BZX Exchange submitted an application to the U.S. Securities and Exchange Commission (SEC) for the launch of an exchange-traded fund (ETF) tracking the native asset INJ of the Injective Protocol. The exchange-traded fund sponsor, Canary Capital Group LLC, submitted this application. Earlier this month, Canary first proposed the concept of the Canary Staked INJ ETF. On the same day, Cboe BZX also filed an application for the Invesco Galaxy Solana ETF as more and more companies are hoping for SEC approval for a spot SOL ETF. Both of these filings are part of the "two-step process" required when submitting a crypto ETF proposal to the SEC. Since President Trump took office in January, the U.S. regulatory environment has become more crypto-friendly. The SEC is reviewing dozens of proposals for digital asset funds, covering a wide range of tokens from DOGE and SOL to XRP. During the Biden administration, the SEC has approved a spot Bitcoin ETF and subsequently approved an Ethereum spot ETF thanks to a key court ruling. Some companies are trying to introduce staking mechanisms in these proposed ETFs. In May, the SEC's Division of Corporation Finance stated that certain blockchain staking activities do not fall within the category of securities issuance, leading many to believe that staking mechanisms may be permitted in crypto ETFs.