SEC Moves Forward on Grayscale’s Spot Solana ETF Bid

The U.S. Securities and Exchange Commission (SEC) has taken an important measurement by acknowledging Grayscale’s revised exertion for a spot Solana (SOL) exchange-traded money (ETF) arsenic the SEC had antecedently rejected applications for a Solana ETF. 

James Seyffart, an ETF expert for Bloomberg, said the erstwhile rejections hinged heavy connected method questions astir however these ETFs would beryllium classified. Eric Balchunas, besides a Bloomberg analyst, said the determination was important and speculated it mightiness reflect new enactment astatine the agency. It remains a preliminary measurement but raises hopes for eventual authorization.

However, regulatory hurdles proceed to exist. The SEC regards Solana as a security, complicating its support nether a commodity-based ETF framework. Ongoing ineligible proceedings against exchanges Binance and Coinbase, some of which see Solana arsenic an unregistered security, could present further delays arsenic well. 

The steadfast had antecedently suggested a last accidental connected a spot Solana ETF might not look earlier 2026. Now the SEC has officially started the process, with an October 11 deadline for Grayscale’s application.

Grayscale is not the sole institution seeking a Solana ETF. Other applications filed via the Cboe BZX Exchange person been submitted by plus managers similar 21Shares, Bitwise, VanEck, and Canary Capital. Bitwise has besides filed for a Dogecoin (DOGE) ETF and applications for an XRP (XRP) ETF were submitted connected February 6. 

Meanwhile, the SEC is besides reviewing Grayscale’s exertion for a spot Litecoin (LTC) ETF, which analysts judge has the highest accidental of support aft Bitcoin and Ethereum ETFs. Experts enactment that Canary’s S-1 filing for Litecoin is already nether review, portion applications for different crypto ETFs person been progressing much slowly.

The SEC’s acknowledgment of Grayscale’s Solana ETF filing doesn’t warrant approval, but it is an encouraging step. 

As the October 11 deadline approaches, investors and manufacture experts volition beryllium intimately watching for updates. The result of ineligible disputes and regulatory decisions volition yet find the aboriginal of Solana and different crypto ETFs successful the U.S. market.

For now, the SEC’s determination to admit Grayscale’s filing is simply a affirmative awesome for crypto ETFs, offering anticipation that clearer regulations and eventual approvals could beryllium connected the way.

Also Read: Cboe Files With SEC for First Spot XRP ETFs successful the U.S.