In a significant development for Solana (SOL) enthusiasts, the U.S. Securities and Exchange Commission (SEC) has made strides in advancing the approval process for a Solana spot ETF. The SEC recently acknowledged the amended 19b-4 filing for the Grayscale Solana ETF by NYSE Arca, a major step that brings the potential approval back on track after several months of regulatory challenges.
Earlier in the year, the SEC halted progress on a similar Solana spot ETF filed by asset manager VanEck through the CBOE exchange. Citing concerns over the classification of Solana as a security, the SEC demanded that the filing be withdrawn. This marked a critical moment in the regulatory landscape, as Solana was considered an asset that fell under the jurisdiction of securities regulations.
However, the SEC’s recent shift in stance highlights the evolving nature of cryptocurrency regulation under Chairman Gary Gensler’s leadership. Bloomberg’s ETF analyst James Seyffart emphasized the significance of the latest development, noting how the approval process has rapidly evolved over the past few months. Seyffart pointed out that the SEC had previously rejected similar filings, but the acknowledgment of NYSE Arca’s Grayscale Solana ETF marks a pivotal change.
Notable bc this is the first time an ETF filing tracking a coin that had prev been called a "security" has been acknowledged by SEC. Only six weeks ago the Genz-led SEC told CBOE to withdrawal their Solana 19b-4. So we are now in new territory, albeit just a baby step, but… https://t.co/XiRyA8g3R7
— Eric Balchunas (@EricBalchunas) February 6, 2025
ETF analyst Eric Balchunas also recognized this turning point, calling it the first time an ETF filing for an asset previously considered a security was seriously considered for approval. This shift reflects a larger market trend, driven by evolving regulatory clarity and increasing crypto adoption.
The SEC has opened a 21-day public comment period for NYSE Arca’s filing, with a final decision expected by October 11. Meanwhile, a surge in ETF filings across the market, particularly for XRP ETFs, indicates a loosening regulatory environment that could lead to more crypto-related ETF approvals in the future.
Also Read: Solana’s Real Economic Value Surges 319%: What It Means for SOL Price and TVL Growth
As the SEC continues to review Solana’s potential for ETF approval, the cryptocurrency landscape looks poised for continued growth and adoption under the evolving regulatory framework.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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