SEC Moves Forward on Grayscale’s Spot Solana ETF Bid
The U.S. Securities and Trade Fee (SEC) has taken an necessary step by acknowledging Grayscale’s revised utility for a spot Solana (SOL) exchange-traded fund (ETF) because the SEC had beforehand rejected functions for a Solana ETF.
James Seyffart, an ETF analyst for Bloomberg, stated the earlier rejections hinged closely on technical questions on how these ETFs could be categorized. Eric Balchunas, additionally a Bloomberg analyst, stated the choice was important and speculated it’d replicate new management on the company. It stays a preliminary step however raises hopes for eventual authorization.
Nonetheless, regulatory hurdles live on. The SEC regards Solana as a safety, complicating its approval below a commodity-based ETF framework. Ongoing authorized proceedings in opposition to exchanges Binance and Coinbase, each of which embrace Solana as an unregistered safety, might introduce further delays as effectively.
The agency had beforehand urged a last say on a spot Solana ETF would possibly not emerge earlier than 2026. Now the SEC has formally began the method, with an October 11 deadline for Grayscale’s utility.
Grayscale is just not the sole firm in search of a Solana ETF. Different functions filed through the Cboe BZX Trade have been submitted by asset managers like 21Shares, Bitwise, VanEck, and Canary Capital. Bitwise has additionally filed for a Dogecoin (DOGE) ETF and functions for an XRP (XRP) ETF had been submitted on February 6.
In the meantime, the SEC can be reviewing Grayscale’s utility for a spot Litecoin (LTC) ETF, which analysts consider has the best likelihood of approval after Bitcoin and Ethereum ETFs. Specialists notice that Canary’s S-1 submitting for Litecoin is already below overview, whereas functions for different crypto ETFs have been progressing extra slowly.
The SEC’s acknowledgment of Grayscale’s Solana ETF submitting doesn’t assure approval, however it’s an encouraging step.
Because the October 11 deadline approaches, traders and business consultants will probably be intently looking forward to updates. The result of authorized disputes and regulatory choices will finally decide the way forward for Solana and different crypto ETFs within the U.S. market.
For now, the SEC’s resolution to acknowledge Grayscale’s submitting is a constructive sign for crypto ETFs, providing hope that clearer laws and eventual approvals could possibly be on the best way.
Additionally Learn: Cboe Files With SEC for First Spot XRP ETFs in the U.S.
