Cboe BZX Exchange Files Proposal for INJ ETF
Cboe BZX Exchange has taken a significant step by filing a proposal with the U.S. Securities and Exchange Commission (SEC) aimed at launching an exchange-traded fund (ETF) centered around INJ, the native cryptocurrency of the Injective Protocol. This application was put forth by Canary Capital Group LLC, which initially floated the idea of the Canary Staked INJ ETF earlier this month.
Invesco Galaxy Solana ETF Filing
In conjunction with this, Cboe BZX also filed for the Invesco Galaxy Solana ETF on the same day, highlighting an increasing interest from various firms seeking the SEC’s endorsement for a spot SOL ETF. Notably, these submissions represent part of a regulatory “two-step process” that must be followed to pitch a crypto ETF to the SEC.
Shifts in U.S. Regulatory Framework
The current U.S. regulatory scene has shifted to a more accommodating framework for cryptocurrencies since President Trump assumed office in January. This has coincided with the SEC’s review of numerous proposals pertaining to digital asset funds, spanning various cryptocurrencies such as DOGE, SOL, and XRP. In a move beneficial to the crypto landscape, the SEC approved both a spot Bitcoin ETF and, subsequently, an Ethereum spot ETF, bolstered by a pivotal court decision.
Discussions on Staking Mechanisms
Additionally, there are ongoing discussions among companies looking to integrate staking mechanisms into these proposed ETFs. Back in May, the SEC’s Division of Corporation Finance clarified that specific blockchain staking activities should not be classified as securities issuance, which has led to optimism that such mechanisms could indeed be allowable within crypto ETFs.
