Bloomberg's senior ETF analyst, James Seyffart, announced that the SEC has accepted Grayscale's application for a Solana ETF. This development has drawn attention from analysts and investors, as the SEC has previously rejected similar applications.
SEC Accepts New Grayscale Application
After accepting Grayscale's 19b-4 application for a Solana ETF, the SEC will begin a review process that may take up to 240 days. This process includes stages such as preliminary review, possible extension of the period, and finally, approval or rejection of the application.
Other Cryptocurrency ETFs in Progress
In addition to the Solana ETF application, the SEC has also approved the conversion of the Litecoin (LTC) trust to an ETF. Several funds like BlackRock and Cboe have submitted their applications to create and trade various crypto-ETFs, including Bitcoin and XRP. These steps could significantly impact the expansion of cryptocurrency instruments in the market.
SOL Price Drops Amid News
Despite the positive news of the application acceptance, Solana (SOL) price has fallen below $200, reaching $187.4. At the time of writing, SOL traded at $194.9, down about 2.7% over the last 24 hours.
The SEC's acceptance of the Solana ETF application and the active steps by other funds create prospects for wider adoption of cryptocurrency ETFs. However, market fluctuations continue to impact the current prices of cryptocurrencies, including SOL.
