It is another development that demonstrates a shift in the US Securities and Exchange Commission’s stance toward cryptocurrency.
Summary
The US Securities and Exchange Commission (SEC) has acknowledged Grayscale’s amended application for a spot Solana ETF, marking a significant shift in the agency’s stance towards cryptocurrency. This is the first for SOL ETFs, and the final deadline for Grayscale’s Solana ETF application location is October 11. The SEC has received numerous crypto ETF filings, with Litecoin being the next in line to receive approval.
The US Securities and Exchange Commission has taken a “significant” step toward the approval of spot Solana exchange-traded funds in the United States by acknowledging Grayscale’s amended application. This is a first for SOL ETFs, according to analysts.
Bloomberg ETF analyst James Seyffart stated that Grayscale’s amended 19b-4 filing for a spot Solana ETF on February 6 is actually newsworthy due to the SEC’s refusal to do so in recent filing attempts for SOL.
Eric Balchunas, a fellow Bloomberg ETF analyst, described it as a “significant” development, stating, “We are now in new territory, albeit just a first step, but presumably the direct consequence of leadership transition.”
Scott Johnsson, a finance litigator, stated that the SEC rejected these spot Solana ETFs under Gensler’s supervision due to their inaccurate classification as commodity trust shares.
Seyffart stated in January that the SEC may not authorize a spot Solana ETF until 2026. He also noted that the review process was further complicated by ongoing litigation against companies such as Binance and Coinbase, which allege that SOL is an unregistered security.
According to Seyffart, the final deadline for Grayscale’s Solana ETF application location is approximately October 11.
SEC and ETF listings
In recent weeks, the SEC has received an unprecedented number of crypto ETF filings as ETF issuers evaluate which products are eligible for approval under the SEC’s leadership under Mark Uyeda.
After the Cboe BZX Exchange refiled 19b-4s on their behalf on Jan. 28, 21Shares, Bitwise, VanEck, and Canary Capital are also in the running to list a spot Solana ETF. Bitwise has even proposed the listing of a spot Dogecoin DOGE ETF on the same day.
On February 6, Cboe BZX submitted forms for Canary Capital, WisdomTree, 21Shares, and Bitwise to list a spot XRP ETF in the United States.
Litecoin seems to be next
Seyffart is of the opinion that Grayscale’s 19b-4 filing to list a spot Litecoin ETF is the next in line to receive SEC approval, following Bitcoin and Ethereum. The SEC acknowledged the filing on February 6.
The Bloomberg ETF analysts maintain this perspective due to the fact that the regulator is currently conducting an active review of Canary’s S-1 filing for a spot Litecoin ETF, whereas petitioners for other crypto ETFs have been more tardy in submitting their S-1s.
JPMorgan, a financial services firm, predicted that an approved spot Solana ETF could attract between $3 billion and $6 billion in net assets over the first year. Balchunas described this prediction as a “legitimate assumption.”
According to Polymarket, prediction market platform, there is a 39% likelihood that the SEC will approve a spot Solana ETF before July 31.
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