Key Points:
- The SEC has acknowledged Grayscale’s filing to list and trade the Grayscale Solana Trust, marking a shift in its stance on crypto ETFs.
- Analysts note this is the first ETF filing tracking a coin previously labelled a “security” to be recognized by the SEC.
The U.S. Securities and Exchange Commission (SEC) has recently acknowledged the Solana 19b-4 filing submitted by Grayscale.
Read more: Grayscale Solana ETF Was Filed 19b-4 Application to SEC
SEC Acknowledges Grayscale Solana Trust Filing
The filing was made by NYSE Arca last month and proposes to list and trade the Grayscale Solana Trust. The move follows multiple attempts by the SEC to block Solana-related filings in the past, making this development noteworthy.
ETF analysts, including Bloomberg’s James Seyffart and Eric Balchunas, have called this acknowledgement a “milestone.” Seyffart pointed out that this marks a change, as the SEC had previously refused to process Solana filings. Balchunas added that it’s significant because this is the first time an ETF proposal tracking a coin previously labelled as a “security” has been accepted by the SEC.
Firms Optimistic About Crypto ETF Approvals
The filing comes after a period of regulatory uncertainty, particularly during the tenure of former SEC Chair Gary Gensler, who had rejected Solana filings on the grounds that they were incorrectly categorized as commodity trust shares.
The SEC’s notice allows for public comment on the proposal within 21 days of publication in the Federal Register. Following this, the SEC will decide whether to approve, disapprove, or initiate further proceedings.
In addition to the Grayscale Solana Trust, the SEC has acknowledged other crypto ETF filings, including proposals for Litecoin and Bitcoin ETFs.
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