On February 28, CME Group announced plans to introduce futures contracts for the cryptocurrency Solana on March 17, pending regulatory approval. The exchange intends to launch two contracts – one for 500 Solana coins and a "micro-sized" contract for 25 Solana.
Giovanni Vicioso, CME's global head of cryptocurrency products, stated, "We are addressing the growing demand from clients for a wider range of regulated products to hedge cryptocurrency price fluctuations."
Assuming regulatory clearance, the new product launch could pave the way for approving exchange-traded funds linked to Solana. The first ETF filings related to the spot price of Solana were submitted in June 2024 by a digital assets manager, with Franklin Templeton filing a similar request recently.
According to Sui Chung, CEO of CF Benchmarks, the SEC may require several months of trading data from the new Solana futures contract before considering ETF approvals. Chung noted that this decision notably boosts the chances of approval, as a regulated futures market is a key requirement for the SEC to greenlight a crypto ETF.
Chung emphasized the importance of bringing cryptocurrency trading within U.S. regulatory oversight as a measure to prevent market manipulation. Asset management firms have submitted numerous ETF applications tied to various cryptocurrencies, including XRP and Litecoin, following the last U.S. presidential election. President, viewed as crypto-friendly, has recently endorsed digital asset regulations.