Solana ETF: SEC opens 21-day review period – What’s next?

• The SEC opened a 21-day comment period for the proposed Grayscale Solana ETF listing
• Analysts see the SEC’s acknowledgment as a potential turning point for Solana ETF approvals

The U.S. Securities and Exchange Commission has opened a 21-day comment period on a proposal from NYSE Arca to list and trade the Grayscale Solana Trust.

The filing, officially recognized as a 19b-4 submission, is part of efforts to expand crypto-related investment products.

As the comment period unfolds, industry participants are closely watching for developments and implications for the broader crypto market.

SEC acknowledges 19b-4 filing for Grayscale Solana trust

The U.S. SEC has acknowledged a 19b-4 filing from NYSE Arca to list and trade Solana’s[SOL] ETFs. This marks an important step in the two-part process for launching a spot crypto ETF.

The first part involves the exchange proposing the listing, followed by the SEC’s review and a public comment period.

The SEC has opened a 21-day window for public comments after its publication in the Federal Register. Industry stakeholders, investors, and interested parties are invited to submit their views on the proposal.

After the comment period ends, the SEC will decide whether to approve the proposal, reject it, or initiate further proceedings to decide if the proposed rule change should be disapproved.

This process ensures the listing complies with all regulations and addresses potential market concerns.

Solana ETF: Analyst reactions and significance

The SEC’s acknowledgment has garnered attention from analysts, hinting at a potential shift in the Commission’s stance so far on crypto-based ETFs.

Bloomberg analyst James Seyffart highlighted the significance of this development, noting that the SEC had previously refused to consider similar filings for Solana. About this, Seyffart said:

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

Eric Balchunas, another Bloomberg analyst, pointed out the notable shift in the SEC’s approach, particularly as this is the first time the agency has acknowledged an ETF filing tracking a cryptocurrency that had previously been classified as a “security.”

Only six weeks ago, the Genz-led SEC told CBOE to withdraw their Solana 19b-4. So we are now in new territory, albeit just a baby step, but seemingly the direct result of leadership change.

This shift in SEC policy is significant, suggesting a growing openness to reconsider how digital assets, particularly Solana, are viewed within the regulatory framework.

While acknowledging the filing doesn’t guarantee approval, it marks an important milestone in the ongoing dialogue about crypto regulations. This could pave the way for future approvals of spot crypto ETFs.

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Changing regulatory landscape and potential impact

President Donald Trump’s tenure has increased attention to crypto regulation, creating a crypto task force within the SEC.

Led by Commissioner Hester Peirce, the task force aims to clarify the regulatory path for cryptocurrencies, particularly determining which digital assets may be classified as securities.

This initiative could streamline the approval process for crypto products, fostering greater institutional involvement and providing clearer guidance on market compliance.