Catenaa, Tuesday, February 11, 2025 – The US Securities and Exchange Commission (SEC) has formally acknowledged Grayscale’s amended application for a Solana exchange-traded fund, marking a potential shift in the regulator’s approach to crypto investment products.
The February 6 filing opens a 21-day public comment period, allowing stakeholders to submit feedback. The SEC’s acknowledgment is the first for a Solana ETF, raising speculation about its evolving stance under new leadership.
Previously, the US Securities and Exchange Commission rejected Solana ETF applications over classification issues, arguing they were improperly filed as commodity trust shares.
Bloomberg noted that this marks the first time the SEC has considered a cryptocurrency ETF for a token it had previously deemed a security.
Despite the recognition, approval remains uncertain. Predictive markets estimate only a 39% chance that the SEC will approve Grayscale’s Solana ETF before July 31, with an official decision deadline set for October 11.
The regulatory shift comes amid broader efforts to expand crypto investment products. The SEC has also acknowledged applications for a Grayscale Litecoin ETF and has advanced discussions on in-kind transactions for spot Bitcoin ETFs.
Following the departure of former SEC Chair Gary Gensler, crypto ETF filings have surged, with 33 new applications submitted in days. President Donald Trump’s executive order on digital assets has further spurred institutional interest, with major asset managers actively pushing for new approvals.
