Franklin Templeton Files 19b-4 via Cboe for $SOL ETF: What Happens Next?

TradFi powerhouse Franklin Templeton continues its valiant efforts to bring Solana to Wall Street.

Mere weeks after making its S-1 Solana ETF filing, the Cboe BZX Exchange has filed a 19b-4 form on behalf of trillion-dollar asset manager Franklin Templeton.

With both critical filings in the hands of the SEC, what happens next?

$1.3T Asset Manager Files 19b-4 via CBOE

On March 12, Cboe BZX Exchange filed form 19b-4 for a proposed Solana ETF on behalf of Franklin Templeton. The 19b-4 filing follows Franklin Templeton’s earlier S-1 registration statement, which was made on February 21st.

The TradFi heavyweight has been one of Solana’s staunchest supporters over the past two years. As early as 2023, Franklin Templeton has kept a keen eye on Solana’s network activity, publishing numerous reports highlighting its flourishing AI sector, emerging DePIN ecosystem, and undervalued DeFi market.

What Are the Next Steps?

Now that Franklin Templeton’s S-1 registration statement and 19b-4 filing have been handed over to the SEC, the ball is very much in the federal agency’s court. 

To continue proceedings, the SEC will publish a notice of the 19b-4 filing in the Federal Register. This publication initiates an official clock, marking the beginning of a specified review period.

In the 45 days following the publication, the SEC will solicit feedback from industry experts, stakeholders, and the general public regarding the proposed ETF. At the end of the 45-day period, the SEC can either approve or deny the ETF, or extend the review period for an additional 45 days.

Consequent extensions cannot exceed a 240-day period from the filing's publication in the Federal Register.

While nothing is certain, the industry anticipates a smoother approval process under Donald Trump’s SEC. Since President Trump has taken office, the SEC has dismissed a litany of crypto-related lawsuits against companies in the United States, including Coinbase, Uniswap, and Robinhood.

According to Polymarket, traders believe there is an 84% chance that a Solana ETF will be approved in the United States before the end of the year.

Crypto markets witnessed a muted reaction to the latest filing, no doubt due to Franklin Templeton’s long-standing interest in Solana and previous ETF filings for the asset. At press time, $SOL is trading hands at $125.18, up 1.87% on a daily timeframe.

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