Swiss-based investment firm 21Shares has submitted an application to list a Solana exchange-traded fund (ETF) in the United States. This move comes just a day after VanEck, a major competitor, filed a similar application.

The race for Solana ETF approval is intensifying, with 21Shares joining the growing list of applicants. The firm's filing hinges on the premise that Solana is not considered a security under US laws. However, if the SEC deems Solana a security, 21Shares may withdraw its application to avoid additional registration requirements.

The prospect of a Solana ETF gained momentum after the SEC approved spot Bitcoin ETF trading. The approval of eight Ethereum ETFs last month further fueled the altcoin's case for an ETF. 21Shares and VanEck remain optimistic that Solana may also receive ETF approval, given the factors that led to the SEC's approval of Ethereum ETFs.

21Shares plans to list the potential Solana ETF on the Cboe BEZX exchange. Like other recently approved crypto ETFs, the Solana ETF aims to provide investors with a convenient and cost-effective way to gain exposure to SOL without directly holding the cryptocurrency, thereby mitigating certain risks associated with direct ownership.

VanEck's head of Digital Assets Research, Matt Sigel, believes that the regulatory landscape is shifting, and 21Shares' move suggests agreement with this view. In the coming weeks, more asset managers may follow suit and submit Solana ETF applications.

The Supreme Court's recent decision to overturn a ruling that granted broad regulatory power to federal authorities, including the SEC, has added a new dimension to the crypto regulatory landscape. This development may

pave the way for more crypto firms and products, such as Solana ETFs, to navigate the regulatory framework more effectively.