The United States Securities and Exchange Commission (SEC) has moved closer to approving spot Solana (SOL) ETFs by acknowledging Grayscale’s revised application. Analysts note this is the first time the SEC has acknowledged an ETF filing for a coin previously labeled a “security.”
On February 6, the SEC issued a notice recognizing NYSE Arca’s filing to list and trade the Grayscale Solana Trust shares. This follows NYSE Arca’s submission of a 19b-4 filing last month, the second stage of the process required to propose a spot crypto ETF.
SEC Acknowledges Grayscale’s Solana ETF
In a significant move, the U.S. financial regulator has opened a 21-day public comment period on the spot Solana ETF proposal, starting from its publication in the Federal Register. Following this phase, the SEC may approve, reject, or extend its review to determine whether the proposal should be denied. Meanwhile, the final decision on Grayscale’s Solana ETF application is anticipated around October 11.
Bloomberg analysts James Seyffart and Eric Balchunas see the SEC’s acknowledgment as a possible shift in its stance on Solana ETFs. In an X (formerly Twitter) post, Seyffart emphasized this move’s significance, noting that the SEC rejected past spot Solana ETF filings. Similarly, Balchunas described the acknowledgment as a “notable” development, suggesting it signals a change in SEC leadership.
UPDATE: SEC just acknowledged the @Grayscale Solana 19b-4. This is actually newsworthy because the SEC had refused to do this in recent filing attempts for SOL pic.twitter.com/m2D88GKG5i
— James Seyffart (@JSeyff) February 6, 2025
Are XRP, DOGE, and LTC ETFs on the Way?
A wave of crypto ETF proposals has recently surfaced as issuers gauge how the SEC, now under Commissioner Mark Uyeda’s leadership, might respond. For instance, on January 28, Cboe BZX Exchange refiled 19b-4 applications for 21Shares, Bitwise, VanEck, and Canary Capital to introduce spot Solana ETFs. That same day, Bitwise also proposed launching a spot Dogecoin (DOGE) ETF.
More filings followed on February 6, with Cboe BZX submitting forms for Canary Capital, WisdomTree, 21Shares, and Bitwise to list a spot XRP ETF in the U.S. The SEC also acknowledged Grayscale’s filing for a spot Litecoin (LTC) ETF, which Seyffart believes could be next in line for approval, following Bitcoin and Ethereum.
Bloomberg analysts suggest that a spot Litecoin ETF has a better chance of approval, as Canary Capital’s S-1 registration for the fund is already under SEC review.
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