The U.S. Securities and Exchange Commission (SEC) has acknowledged Grayscale's amended application for a spot Solana (SOL) ETF. This marks the first time the SEC is considering a Solana ETF proposal, potentially indicating a change in their approach to cryptocurrencies.
What Grayscale's Application Means for the SEC
Bloomberg analysts James Seyffart and Eric Balchunas see this as a significant development, possibly influenced by changes in SEC leadership. Seyffart noted that the SEC had previously rejected similar filings.
History of Solana ETF Applications
Under former Chairman Gary Gensler, the SEC dismissed attempts for a spot Solana ETF. Finance lawyer Scott Johnsson noted that the misclassification of Solana-related products as commodity trust shares led to rejections.
Future of Solana ETFs in the Market
The SEC now has a 240-day window to decide on Grayscale's proposal, with a deadline of October 11. Commissioner Hester Peirce leads a new task force to create a clear regulatory framework.
Grayscale's application indicates possible shifts in the SEC's stance on cryptocurrency investments, opening new opportunities for market players like 21Shares, Bitwise, and VanEck.
