The U.S. Securities and Exchange Commission (SEC) has officially acknowledged the application for Grayscale Solana ETF.
The U.S. Securities and Exchange Commission (SEC) has officially acknowledged the application for Grayscale Solana ETF.
| Key Takeaways: – The SEC has officially engaged with Grayscale Solana ETF proposal, marking a shift in its approach to crypto-related investment products. – Analysts view this as significant, as the SEC previously rejected Solana ETF applications due to concerns over its classification as a security. |
The filing, confirmed on February 6, marks the first time the SEC has engaged with an ETF proposal tied to a cryptocurrency previously considered a security. The move comes after the regulator had consistently rejected similar applications and ordered the withdrawal of previous Solana ETF filings.
Industry analysts view this development as significant. ETF expert James Seyffart highlighted the importance of the SEC’s engagement. He suggested this acknowledgement might be a positive indicator for crypto firms facing regulatory challenges over the classification of Solana.
Seyffart had previously estimated that a spot Solana ETF approval might not occur until 2026 due to legal uncertainties. Ongoing litigation involving major crypto exchanges, such as Binance and Coinbase, has added to the complexity, with allegations that Solana constitutes an unregistered security.
Grayscale, the world’s largest digital asset manager, initially applied to convert Grayscale Solana Trust into Grayscale Solana ETF in late 2024. The trust, launched over three years ago, had more than seven million shares outstanding as of early February.
| Disclaimer: The information on this website is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and investing involves risk. Always do your own research and consult a financial advisor. |
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